Seneca Foods Reports Sales and Earnings for the Nine Months Ended December 31, 2022

About this update from Seneca Foods Corp.

[{"type":"text","content":"FAIRPORT, N.Y., Feb. 08, 2023 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the third quarter and nine months ended December 31, 2022. Executive Summary (vs. year-ago, second quarter results): Net sales for the third quarter of fiscal 2023 totaled $473.3 million compared to $445.6 million for the third quarter of fiscal 2022. The year-over-year increase of $27.7 million is mostly from higher selling prices/improved sales mix.Gross margin as a percentage of net sales for the three months ended December 31, 2022 was 11.4% as compared to 10.1% in the prior year. The year-over-year increase was due primarily to an increase in selling prices and favorable sales mix. “Third quarter results delivered solid sales and earnings growth despite persistent inflationary pressures that led to another large non-cash LIFO charge.\" stated Paul Palmby, President and Chief Executive Officer of Seneca Foods. \"Cost increases, particularly for raw materials and labor, have necessitated pricing actions to minimize the impact of inflation on our results. Additionally, our team has worked diligently to mitigate the supply chain challenges we have faced.” Executive Summary (vs. year-ago, year-to-date results): Net sales for the nine months ended December 31, 2022 totaled $1,178.3 million compared to $1,052.9 million for the nine months ended January 1, 2022. The year-over-year increase of $125.4 million was mainly due to higher selling prices partially offset by lower sales volumes.Gross margin as a percentage of net sales for the nine months ended December 31, 2022 was 10.0% as compared to 11.5% in the prior year. The year-over-year decrease is mainly due to a $48.7 million increase in the LIFO charge. About Seneca Foods Corporation Seneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from over 1,400 American farms and are distributed to over 80 countries. Seneca holds a large share of the market for retail private label, food service, restaurant chains, international, contracting packaging, industrial, chips and cherry products. Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Sene...

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