Seneca Foods Reports Sales and Earnings for the Nine Months Ended January 1, 2022

About this update from Seneca Foods Corp.

[{"type":"text","content":"MARION, N.Y., Feb. 10, 2022 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the third quarter and nine months ended January 1, 2022. Executive Summary (vs. year-ago, third quarter results): Net sales for the third quarter of fiscal 2022 totaled $445.6 million compared to $484.4 million in the third quarter of fiscal 2021.Gross margin as a percentage of net sales for the third quarter is 10.1% in 2022 as compared to 16.0% in 2021. Paul Palmby, President and Chief Executive Officer of Seneca Foods stated, “The Company delivered a solid performance in the third quarter of fiscal 2022 despite a large LIFO charge to the quarter and year to date being caused by higher input costs. Total net sales are down compared to prior year, which was expected given the 2020 COVID-19 related pantry loading and the Truitt divesture that happened during fiscal 2021. We remain focused on mitigating supply chain, labor and inflation related impacts.” Executive Summary (vs. year-ago, year-to-date results): Net sales for the nine months ended January 1, 2022 totaled $1,052.9 million compared to $1,162.9 million for the nine months ended December 26, 2020.Gross margin as a percentage of net sales for the nine months ended January 1, 2022 is 11.5% as compared to 15.1% for the nine months ended December 26, 2020. 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 1,600 American farms. Seneca holds the largest share of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries. Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips. Seneca’s common stock is traded on the Nasdaq Global Select Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices. Non-GAAP Financial Measures Operating Income Excluding LIFO and Plant Restructuring Impact, EBITDA and FIFO EBITDA Operating income excluding LIFO and plant restructuring, EBITDA and FIFO EBITDA are non-GAAP financial measures. The Company believ...

More updates from Seneca Foods Corp.