Seaboard Foods: 2019 Marked by "Uncertainty and Volatility" in Pork Division
In a letter to stockholders in Seaboard Corporation's annual report (see below), President and CEO Steven Bresky highlighted that 2019 was a year marked by uncertainty and volatility for the pork division, oversupply coupled with flat domestic consumption and modest export growth generally kept commodity prices at bay in the turkey segment, and the grain milling segment achieved its highest revenue year ever. See the full annual report here.
Dear Fellow Stockholders,
Despite a solid year of net earnings, 2019 was a mixed bag with disappointing operating income but excellent investment income. We began the year with a $34 million first-quarter operating loss, our worst quarterly operating loss ever. In fact, over the last twenty-five years, there have only been...
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