Turkey gains
In addition to its pork segment, Seaboard has a 52.5% non-controlling interest in Butterball, and as such included details on the processor’s 2022 performance.
For 2022, Butterball reported an income of $103 million, after losses of $20 million and $10 million in 2021 and 2020, respectively.
Seaboard stated the positive performance was “primarily the result of higher selling prices, partially offset by lower volumes of turkey products sold and higher feed and plant production costs.” The negative performance of the previous two years, it added, were the result of lower sales volume, increased feed costs, and labor expenses.
Seaboard concluded that it expects Butterball’s business to remain profitable in 2023.
