Seneca Foods Reports Sales and Earnings for the Six Months Ended October 2, 2021

About this update from Seneca Foods Corp.

[{"type":"text","content":"MARION, N.Y., Nov. 12, 2021 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the second quarter and six months ended October 2, 2021. Executive Summary (vs. year-ago, second quarter results): Net sales for the second quarter of fiscal 2022 totaled $372.3 million compared to $390.3 million in the second quarter of fiscal 2021.Gross margin as a percentage of net sales for the second quarter is 11.5% in 2022 as compared to 12.5% in 2021. Commenting on the results, Paul Palmby, President and Chief Executive Officer of Seneca Foods, stated, “We are pleased with the Company’s performance in the second quarter. A comparative perspective to the prior year remains a challenge given the 2020 COVID-19 pantry loading and the Truitt divestiture that happened in fiscal year 2021. However, as expected, our net sales performance has remained on level to pre-pandemic levels. Quarterly and year-to-date reported earnings were strong even considering a large LIFO charge that is being driven by higher input costs.” Executive Summary (vs. year-ago, year-to-date results): Net sales for the six months ended October 2, 2021 totaled $607.3 million compared to $678.5 million for the six months ended September 26, 2020.Gross margin as a percentage of net sales for the six months ended October 2, 2021 is 12.6% as compared to 14.4% for the six months ended September 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 FI...

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