Seneca Foods Reports Sales and Earnings for the Quarter and Twelve Months Ended March 31, 2022

About this update from Seneca Foods Corp.

[{"type":"text","content":"MARION, N.Y., June 10, 2022 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the fourth quarter and twelve months ended March 31, 2022. Executive Summary (vs. year-ago, year-to-date results): Net sales for the twelve months ended March 31, 2022 totaled $1,385.3 million as compared to $1,467.6 million for the twelve months ended March 31, 2021. Of the $82.3 million year-over-year decrease in net sales, $71.9 million resulted from the divesture of the prepared foods business in fiscal year 2021. Excluding this divesture the remaining decrease was primarily due to lower sales volume of $93.0 million partially offset by higher selling prices/improved sales mix of $82.6 million.Gross margin as a percentage of net sales for the twelve months ended March 31, 2022 was 10.7% as compared to 15.8% for the twelve months ended March 31, 2021.Net earnings for the twelve months ended March 31, 2022 were $51.0 million or $5.79 per diluted share as compared to $126.1 million or $13.72 per diluted share for the twelve months ended March 31, 2021.Adjusted net earnings for the twelve months ended March 31, 2022 were $84.6 million or $9.60 per diluted share as compared to $95.4 million or $10.38 per diluted share for the twelve months ended March 31, 2021. “Despite persistent and historic inflation and resulting higher costs leading to significant non cash LIFO impacts on reported earnings as well as an additional non cash impairment for our remaining investment in the hemp business, our operating results continue to be very strong,” said Paul Palmby, President and Chief Executive Officer of Seneca Foods. “Further, I could not be prouder of how our employees and management team have responded to unprecedented challenges ranging from the pandemic to supply chain and inflation pressures.” Executive Summary (vs. year-ago, fourth quarter results): Net sales for the fourth quarter of fiscal 2022 totaled $332.4 million as compared to $304.8 million in the fourth quarter of fiscal 2021.Gross margin as a percentage of net sales for the fourth quarter was 8.0% in fiscal 2022 as compared to 18.7% in the fourth quarter of fiscal 2021.Net earnings for the fourth quarter of fiscal 2022 were $6.6 million or $0.77 per diluted share as compared to $14.8 million or $1.62 per diluted share in the fourth quarter...

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