Aug. 8, 2024 |
FAIRPORT, N.Y. August 8, 2024 -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results
for the three months ended June 29, 2024.
Executive Summary (vs. year-ago, year-to-date results):
- Net sales for the first quarter of fiscal 2025 totaled $304.7 million compared to $298.7 million for the first quarter of fiscal
2024. The year-over-year increase of $6.0 million was due to higher sales volumes. - Gross margin as a percentage of net sales is 14.0% for the three months ended June 29, 2024, as compared to 18.5% for the
three months ended July 1, 2023.
Paul Palmby, President and Chief Executive Officer of Seneca Foods stated:
“The Company recorded a solid first quarter, as our core vegetable business exhibited very positive volume momentum despite category headwinds. Contract manufacturing volumes came in below forecast due to timing; we expect to make those sales later in the fiscal year than initially planned. In addition, margins remain pressured compared to last year due to higher cost inventory and the competitive pricing environment.”