Seneca Foods Reports Sales and Earnings for the Six Months Ended October 1, 2022

About this update from Seneca Foods Corp.

[{"type":"text","content":"FAIRPORT, N.Y., Nov. 09, 2022 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the second quarter and six months ended October 1, 2022. Executive Summary (vs. year-ago, second quarter results): Net sales for the second quarter of fiscal 2023 totaled $439.8 million compared to $372.3 million for the second quarter of fiscal 2022. The year-over-year increase of $67.5 million is mostly from higher selling prices/improved sales mix. Gross margin as a percentage of net sales for the three months ended October 1, 2022 was 9.5% as compared to 11.5% in the prior year. The year-over-year decrease is mainly due to a $20.4 million increase in the LIFO charge. “Inflation continues to have an impact on our reported earnings as a non-cash pre-tax LIFO charge of $29.2 million was incurred in the 3 months ended October 1, 2022,” said Paul Palmby, President and Chief Executive Officer of Seneca Foods. “However, through cost mitigation and needed pricing advances reflecting the reality of persistent inflationary pressure, we have been able to minimize the impact on our results. In addition, with a successful raw product pack season, inventory levels are sufficient to fully support customer needs.” Executive Summary (vs. year-ago, year-to-date results): Net sales for the six months ended October 1, 2022 totaled $705.0 million compared to $607.3 million for the six months ended October 2, 2021. Of the $97.7 million year-over-year increase in net sales, $88.6 million resulted from higher selling prices/improved sales mix and $9.1 million from increased sales volume. Gross margin as a percentage of net sales for the six months ended October 1, 2022 was 9.2% as compared to 12.6% in the prior year. The year-over-year decrease is mainly due to a $36.8 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 rega...

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