Feb. 6, 2025 |
FAIRPORT, N.Y. February 6, 2025 -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the third quarter and nine months ended December 28, 2024.
Executive Summary (vs. year-ago, year-to-date results):
- Net sales for the nine months ended December 28, 2024 totaled $1,233.0 million compared to $1,150.6 million for the nine months ended December 30, 2023. The year-over-year increase of $82.4 million was due mainly to higher sales volumes.
- Gross margin as a percentage of net sales is 10.9%
Paul Palmby, President and Chief Executive Officer of Seneca Foods stated,
“We are pleased with the continued unit volume sales growth experienced in the third quarter, up over 16% compared to last year. However, margins remain pressured versus last year due to the poor 2024 pack season, driven by historic rainy weather in our primary growing areas. The short pack combined with robust sales momentum have contributed to significant working capital reductions, strong operating cash flow, and debt paydown in the quarter.”