Nov. 9, 2023 |
FAIRPORT, N.Y. November 9, 2023 -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the second quarter and six months ended September 30, 2023.
Executive Summary (vs. year-ago, year-to-date results):
- Net sales for the six months ended September 30, 2023 totaled $706.1 million compared to $705.0 for the six months ended October 1, 2022. The year-over-year increase of $1.1 million was mainly due to higher selling prices partially offset by lower sales volumes.
- Gross margin as a percentage of net sales for the six months ended September 30, 2023 is 16.1% as compared to 9.2% for the six months ended October 1, 2022.
“The Company continued its strong performance through the first half of fiscal 2024 with net sales and FIFO EBITDA exceeding fiscal 2023 results for the same period. Net earnings continue to reflect non-cash LIFO charges driven by higher costs but have significantly moderated from the same period in fiscal 2023”, stated Paul Palmby, President and Chief Executive Officer of Seneca Foods Corporation. “With a strong processing season winding down and adequate inventory to satisfy customer needs we turn toward planning for next year. Heavy investment in our facilities over the past few years has resulted in reduced current needs and allowed continuation of our share repurchase program which we feel continues to be an attractive allocation of capital.”