National Beef parent company releases Q3 results
Leucadia National Corporation announced its operating results for the three month period ended September 30, 2014. Net income attributable to Leucadia National Corporation common shareholders was $54.7 million ($.14 per diluted share) for the three month period and $214.1 million ($.56 per diluted share) for the nine month period ended September 30, 2014.
Rich Handler, CEO of Leucadia, and Brian Friedman, President of Leucadia, said, “Leucadia continues to make progress building value across many of our businesses, and we expanded our portfolio in a meaningful way, with investments in asset management, gold and silver mining, and oil and gas exploration and production.”
National Beef and the U.S. packing industry continue to be challenged by insufficient cattle supply. National Beef’s pre-tax income was $26.3 million for the three month period and $4.8 million for the nine month period ended September 30, 2014. Third quarter results improved compared to earlier quarters in the year due to steps taken to mitigate the cattle shortage, such as the May closure of the Brawley, California facility, and a modestly more favorable margin environment, reflecting the seasonal benefit of the summer months.
Source: Leucadia National Corp.