Seneca Foods Reports Sales and Earnings for the Quarter and Twelve Months Ended March 31, 2024

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[{"type":"text","content":"FAIRPORT, N.Y., June 13, 2024 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the fourth quarter and twelve months ended March 31, 2024. Executive Summary (vs. year-ago, year-to-date results): Net sales for the twelve months ended March 31, 2024 totaled $1,458.6 million compared to $1,509.4 million for the twelve months ended March 31, 2023. The year-over-year decrease of $50.8 million was mainly due to lower sales volumes partially offset by higher selling prices. Gross margin as a percentage of net sales for the twelve months ended March 31, 2024 is 12.9% as compared to 6.9% for the twelve months ended March 31, 2023. “Fiscal year 2024 represented another strong year, coming in as our historically third best on an operating basis,” stated Paul Palmby, President and Chief Executive Officer. “Sales and earnings trended lower in our seasonally weak fourth quarter, but this was primarily attributable to timing of certain contract manufacturing sales, without which our business in the fourth quarter was up 11% in units year-over-year. We remain pleased with our results in a very competitive environment.” Executive Summary (vs. year-ago, fourth quarter results): Net sales for the fourth quarter of fiscal 2024 totaled $308.0 million compared to $331.1 million for the fourth quarter of fiscal 2023. The year-over-year decrease of $23.1 million was mainly due to lower sales volumes partially offset by higher selling prices. Gross margin as a percentage of net sales is 6.7% for the three months ended March 31, 2024 as compared to (4.3%) for the three months ended March 31, 2023. 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 more than 1,200 American farms and are distributed to approximately 55 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®, Green Giant®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips. Seneca’s common stock is traded on the Nasda...

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