Exhibit 99.1

 

PRESS RELEASE

REPORT OF EARNINGS AND DIVIDEND DECLARATION

 

February 21, 2018 

Merriam, Kansas

 

The following is a report of earnings for Seaboard Corporation (NYSE American symbol: SEB) with offices at 9000 West 67th Street, Merriam, Kansas, for the three and twelve months ended December 31, 2017 and December 31, 2016, in millions of dollars except share and per share amounts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

December 31,

 

December 31,

 

 

    

2017

    

2016

    

2017

    

2016

 

Net sales

 

$

1,586

 

$

1,373

 

$

5,809

 

$

5,379

 

Net earnings attributable to Seaboard

 

$

23

 

$

103

 

$

247

 

$

312

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share

 

$

19.38

 

$

87.83

 

$

211.01

 

$

266.50

 

Average number of shares outstanding

 

 

1,170,550

 

 

1,170,550

 

 

1,170,550

 

 

1,170,550

 

Dividends declared per common share

 

$

1.50

 

$

 —

 

$

6.00

 

$

 —

 

Notes to Report of Earnings and Dividend Declaration:

In the fourth quarter of 2017, Seaboard Corporation recorded  $65 million of additional income tax expense, or $55.31 per common share, as a result of the December 22, 2017 enactment of the Tax Cuts and Job Act. The additional income tax expense includes a provisional $112 million of additional federal tax, payable over eight years, associated with the mandatory deemed repatriation of permanently invested foreign profits, offset by an estimated reduction in deferred taxes resulting from the rate decrease from 35% to 21%.

Also, Seaboard Corporation announced today that its Board of Directors has authorized and declared a quarterly cash dividend of $1.50 per share of its common stock. The dividend is payable on March 15, 2018, to stockholders of record at the close of business on March 5, 2018.

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.


The following information was filed by Seaboard Corp (SEB) on Wednesday, February 21, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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