Feb. 8, 2024 |
FAIRPORT, N.Y. February 8, 2024 -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the third quarter and nine months ended December 30, 2023.
Executive Summary (vs. year-ago, year-to-date results):
- Net sales for the nine months ended December 30, 2023 totaled $1,150.6 million compared to $1,178.3 million for the nine months ended December 31, 2022. The year-over-year decrease of $27.7 million was mainly due to lower sales volumes partially offset by higher selling prices.
- Gross margin as a percentage of net sales for the nine months ended December 30, 2023 is 14.6% as compared to 10.0% for the nine months ended December 31, 2022.
- Reported net earnings were $65.6 million and $42.3 million for the nine months ended December 30, 2023 and December 31, 2022, respectively.
Paul Palmby, President and Chief Executive Officer of Seneca Foods stated,
“Third quarter results continued a strong fiscal 2024 for the Company. Decreasing LIFO charges compared to last year as a result of moderating inflation had a positive impact on reported net earnings. Additionally, we are well along with the integration of the Green Giant shelf stable business that we acquired during the quarter and remain pleased with the positive impact the business is delivering; we are excited about the potential for this iconic brand.”