MERRIAM, Kan., Feb. 21, 2017 /PRNewswire/ -- The following is a
report of earnings for Seaboard Corporation (NYSE MKT symbol: SEB)
with offices at 9000 West 67th Street, Merriam, Kansas, for the three and twelve
months ended December 31, 2016 and
December 31, 2015, in millions of dollars except share
and per share amounts.
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Net sales
|
|
$
|
1,373
|
|
$
|
1,303
|
|
$
|
5,379
|
|
$
|
5,594
|
|
Net earnings
attributable to Seaboard
|
|
$
|
103
|
|
$
|
103
|
|
$
|
312
|
|
$
|
171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
common share
|
|
$
|
87.83
|
|
$
|
88.70
|
|
$
|
266.50
|
|
$
|
146.44
|
|
Average number of
shares outstanding
|
|
|
1,170,550
|
|
|
1,170,550
|
|
|
1,170,550
|
|
|
1,170,550
|
|
Notes to Report of Earnings:
In the fourth quarter of 2015, Seaboard recorded interest income
of $23 million, net of taxes
($31 million before taxes), or
$19.49 per common share, for interest
recognized on certain outstanding customer receivable balances in
its Power segment. This interest income related to amounts
determined to be collectible as of December
31, 2015, but previously had been considered uncollectable
in prior years. This amount was fully collected by Seaboard in
January 2016.
On December 18, 2015, the
Protecting Americans from Tax Hikes Act of 2015 (the "2015 Tax
Act") was signed into law. The 2015 Tax Act reinstated and made
permanent certain expired corporate income tax provisions that
impact current and deferred taxes for financial reporting purposes.
The annual effects of the provisions in this law on current and
deferred tax assets and liabilities for Seaboard were recorded in
the fourth quarter of 2015. The impact was a tax benefit of
$13 million, or $10.92 per common share, for each of the three
and twelve months ended December 31,
2015, primarily related to certain income tax credits. In
addition to this amount was a credit of $17
million, or $14.88 per common
share, for each of the three and twelve months ended December 31, 2015, for the 2015 Federal blender's
credits that was recognized as revenues in the fourth quarter of
2015. There was no tax expense on these transactions. Since the
2015 Tax Act extended the provisions through December 31, 2016, revenue was recognized ratably
throughout 2016. The Federal blender's credits have not been
renewed for 2017.
Seaboard Corporation today filed its Annual Report on Form 10-K
with the United States Securities and Exchange Commission. Seaboard
has provided access to the Annual Report on Form 10-K on its
website at https://www.seaboardcorp.com/investors.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/seaboard-corporation-report-of-earnings-300411199.html
SOURCE Seaboard Corporation