Mon, Apr 28, 8:12 PM (19 days ago)
**Seaboard Corporation (SEB) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** $2,316 million (up 5.7% YoY) - **Net Income:** $32 million (up 45.5% YoY) - **Operating Income:** $38 million (up 190% YoY) - **Gross Margin:** 6.1% (up from 4% YoY) - **Cash Flow from Operations:** -$20 million (down from $19 million YoY) - **Cash Flow from Investing:** -$55 million (improved from -$113 million YoY) - **Cash Flow from Financing:** $62 million (down from $119 million YoY) **Key Metrics & Trends:** - **Revenue Growth:** Driven by higher sales in Marine (21% increase), CT&M (3% increase), and Liquid Fuels (39% increase) segments. - **Profitability:** Improved operating income due to higher margins in Marine, CT&M, and Liquid Fuels segments. - **Cash Flow:** Negative operating cash flow due to inventory-related working capital fluctuations. - **Capital Expenditures:** $109 million (down from $104 million YoY), with significant investments in the Marine segment. - **Debt:** $987 million in long-term debt, with no significant changes in the quarter. - **Liquidity:** $1.1 billion in cash and short-term investments, with $827 million in available borrowing capacity. **Segment Performance:** - **Pork:** Revenue down 3%, operating loss of $31 million due to lower margins and increased legal claims expense. - **CT&M:** Revenue up 3%, operating income up 128% due to mark-to-market gains on derivative contracts. - **Marine:** Revenue up 21%, operating income up 280% due to higher voyage revenue. - **Liquid Fuels:** Revenue up 39%, operating loss reduced by 47% due to increased sales and production. - **Power:** Revenue up 10%, operating income flat due to higher fuel costs. - **Turkey:** Income from affiliates down 100% due to increased production and plant costs. **Uncertainties & Future Operations:** - **Tariffs & Trade Restrictions:** Potential adverse impact on financial condition and results of operations. - **Commodity Prices:** Volatile commodity markets and uncertain global economic conditions. - **Capital Expenditures:** $451 million budgeted for the remainder of 2025, primarily for Marine and Pork segments. - **Legal Proceedings:** Ongoing litigation with uncertain outcomes that could result in material liabilities. **Forward-Looking Statements:** - Seaboard expects to maintain adequate liquidity and meet all short-term and long-term commitments. - The company anticipates continued profitability in most segments, despite uncertainties in commodity prices and global economic conditions. - Seaboard will continue to evaluate opportunities to access efficient financing and support its operations.