Q2 results for National Beef parent company reflect tough beef market
Leucadia National Corporation announced its financial results for the three and six month periods ended June 30, 2015. Adjusted net income attributable to Leucadia National Corporation common shareholders, which excludes the operating results of Jefferies' Bache business, was $42.3 million, or $0.11 per diluted share, for the second quarter, and $430.1 million, or $1.12 per diluted share, for the six months ended June 30, 2015. Including the results of the Bache business, net income attributable to Leucadia National Corporation common shareholders was $16.4 million, or $0.04 per diluted share, for the second quarter, and $397.2 million, or $1.04 per diluted share, for the six months ended June 30, 2015.
Rich Handler, CEO of Leucadia, and Brian Friedman, President of Leucadia, said: “During the second quarter we made steady progress across many of our businesses in building value and positioning them for future growth. We are pleased to have recorded good results at Jefferies and look forward to finalizing its transfer of Bache. In addition, HRG completed its $1.4 billion acquisition of Armored AutoGroup, Folger Hill reached $1.1 billion in assets under management, and Berkadia and Garcadia delivered solid growth and profits.”
National Beef continued to struggle with difficult market conditions during the first half of 2015, as the slow rebuilding of the domestic cattle herd continued to limit cattle available for processing. The relatively high price of beef was not sufficient to offset the costs of cattle and a decline in the “drop credit,” the amount received for non-core products such as offal, hides and rendering.
Source: Leucadia Corp.