Seneca Foods Reports Sales and Earnings for the Quarter and Twelve Months Ended March 31, 2023

About this update from Seneca Foods Corp.

[{"type":"text","content":"FAIRPORT, N.Y., June 13, 2023 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the fourth quarter and twelve months ended March 31, 2023. Executive Summary (vs. year-ago, year-to-date results): Net sales for the twelve months ended March 31, 2023 totaled $1,509.4 million compared to $1,385.3 million for the twelve months ended March 31, 2022. The year-over-year increase of $124.1 million was mainly due to higher selling prices partially offset by lower sales volumes. Gross margin as a percentage of net sales for the twelve months ended March 31, 2023 was 9.0% as compared to 10.7% in the prior year. The year-over-year decrease is mainly due to a $64.2 million increase in the LIFO charge. “Seneca Foods had an excellent fiscal 2023, delivering record sales and FIFO EBITDA, despite continued cost pressures for labor and raw materials which led to an unprecedented non-cash LIFO charge of $100M,” stated Paul Palmby, President and Chief Executive Officer of Seneca Foods. “Significant past investments in our operating facilities paid off as our supply chain operated admirably this year amid a challenging environment. Entering fiscal 2024, we have replenished our inventory levels, which were depleted during the pandemic, and are in position to serve our customers’ needs.” Executive Summary (vs. year-ago, fourth quarter results): Net sales for the fourth quarter of fiscal 2023 totaled $331.1 million compared to $332.4 million for the fourth quarter of fiscal 2022. The year-over-year decrease of $1.3 million was mainly due to lower sales volumes mostly offset by higher selling prices. Gross margin as a percentage of net sales for the three months ended March 31, 2023 was 5.3% as compared to 8.0% in the prior year. The year-over-year decrease was mainly due to the $15.6 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 approximately 1,400 American farms and are distributed to approximately 60 countries. Seneca holds a large share of the market for retail private label, food service, restaurant chains, international, contracting packaging, industrial, chips and cherry prod...

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