Jun. 13, 2024 |
FAIRPORT, N.Y. June 13, 2024 -- 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.
Paul Palmby, President and Chief Executive Officer of Seneca Foods stated,
“Fiscal year 2024 represented another strong year, coming in as our historically third best on an operating basis. 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.”