Nov. 6, 2024 |
FAIRPORT, N.Y. November 6, 2024 -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the second quarter and six months ended September 28, 2024.
Executive Summary (vs. year-ago, year-to-date results):
- Net sales for the six months ended September 28, 2024 totaled $730.2 million compared to $706.1 million for the six months ended September 30, 2023. The year-over-year increase of $24.1 million was due primarily to higher sales volumes.
- Gross margin as a percentage of net sales is 11.7% for the six months ended September 28, 2024, as compared to 16.1% for the six months ended September 30, 2023.
“Second quarter results reflect continued positive volume momentum in our core business, as case volumes were up 9.9% in the first six months year-over-year when excluding co-pack business, which has been negatively impacted by the timing of purchases compared to last year,” stated Paul Palmby, President and Chief Executive Officer of Seneca Foods. “Inventory reductions associated with a smaller planned pack and unfavorable growing weather in the Midwest are leading to increased unit costs in F25, but total cash outlays are significantly down. As a result, working capital trends and operating cash flow are favorable compared to the prior year.”