Seneca Foods Reports Sales and Earnings for the Three Months Ended July 1, 2023

About this update from Seneca Foods Corp.

[{"type":"text","content":"FAIRPORT, N.Y., Aug. 09, 2023 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the three months ended July 1, 2023. Executive Summary (vs. year-ago, year-to-date results): Net sales for the first quarter of fiscal 2024 totaled $298.7 million compared to $265.2 for the first quarter of fiscal 2023. The year-over-year increase of $33.5 million was mainly due to higher selling prices partially offset by lower sales volumes.Gross margin as a percentage of net sales is 18.5% for the three months ended July 1, 2023 as compared to 8.6% for the three months ended July 2, 2022. “The Company had a strong first quarter of fiscal 2024, with sales and FIFO EBITDA increasing compared to first quarter of fiscal 2023,” stated Paul Palmby, President and Chief Executive Officer of Seneca Foods. “Net earnings reflect the continued performance of the business but without the non-cash LIFO charge that has impacted reported numbers for the past couple of years. As inflation stabilizes and with the 2023 harvest season well underway with a good crop so far, we are very pleased with where we are.” 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 products. 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 Adjusted net earnings is calculated on a FIFO basis and excludes the impact of the Company’s loss on equity investment. The Company believes this non-GAAP financial measure provides for a better comparison of year over year operating performance. The Company does not intend for this information to be considered in isolation or as a substitute f...

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