Seneca Foods Reports Sales and Earnings for the Quarter and Six Months Ended September 28, 2024

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Seneca Foods Corp.
Seneca Foods Corp.

FAIRPORT, N.Y., Nov. 06, 2024 (GLOBE NEWSWIRE) --  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.”

Executive Summary (vs. year-ago, second quarter results):

  • Net sales for the second quarter of fiscal 2025 totaled $425.5 million compared to $407.5 million for the second quarter of fiscal 2024. The year-over-year increase of $18.0 million was due to higher sales volumes, coupled with product mix and increased selling prices.

  • Gross margin as a percentage of net sales is 10.1% for the three months ended September 28, 2024, as compared to 14.3% for the three months ended September 30, 2023.

About Seneca Foods Corporation

Seneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from more than 1,200 American farms and are distributed to approximately 55 countries. Seneca holds a large share of the market for retail private label, food service, restaurant chains, international, contracting packaging, industrial, chips and cherry products.  Products are also sold under the highly regarded brands of Libby’s®, Green Giant®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips.  Seneca’s common stock is traded on the Nasdaq Global Select Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices.