Welcome to our dedicated page for Seneca Foods news (Ticker: SENEA), a resource for investors and traders seeking the latest updates and insights on Seneca Foods stock.
Seneca Foods Corporation reports news about its packaged fruit and vegetable business, including quarterly sales and earnings, unit volumes, selling prices, product mix, gross margin, inventory costs, and pack-season conditions tied to agricultural supply. The company sells canned, frozen, and bottled produce, snack chips, cherry products, private-label and food-service products, and branded items under names including Libby’s, Green Giant, Aunt Nellie’s, Green Valley, CherryMan, READ, and Seneca.
Company updates also cover portfolio actions such as the completed Green Giant frozen business purchase, manufacturing operations, supply arrangements, co-pack activity, customer demand, working-capital trends, and debt reduction. Seneca’s common stock trades on Nasdaq under SENEA and SENEB.
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Seneca Foods Corporation (NASDAQ: SENEA, SENEB) has appointed Michael Wolcott as Senior Vice President of Finance and Chief Financial Officer, effective April 1, 2023. Wolcott, who rejoined Seneca in July 2022, succeeds Tim Benjamin, the current CFO, who will retire on March 31, 2023. Wolcott will lead the finance organization, managing tax, treasury, internal audit, and investor relations, while contributing to corporate strategy, including mergers and acquisitions. He holds an MBA from Stanford and previously worked at Barclays PLC. Seneca Foods is a leading provider of packaged fruits and vegetables, sourcing from over 1,400 American farms.
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) reported strong financial results for the third quarter and nine months ended December 31, 2022. The company achieved net sales of $473.3 million for Q3 FY2023, up from $445.6 million in Q3 FY2022, attributing a $27.7 million increase to higher selling prices and an improved sales mix.
For the nine months, net sales were $1,178.3 million, a $125.4 million rise from the previous year, driven mostly by increased prices despite lower sales volumes. Gross margins for Q3 improved to 11.4%, although year-to-date margins decreased to 10.0% due to a significant increase in LIFO charges.
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) reported its financial results for the second quarter and six months ending October 1, 2022. Net sales for Q2 reached $439.8 million, up from $372.3 million in the prior year, largely driven by higher prices and an improved sales mix. However, gross margin fell to 9.5% from 11.5% due to a $20.4 million increase in LIFO charges. For the year-to-date, net sales increased to $705.0 million from $607.3 million, with a gross margin decline to 9.2% from 12.6%.
Seneca Foods Corporation reported Q1 fiscal 2023 net sales of $265.2 million, up from $235.0 million year-over-year. The $30.2 million increase was attributed to $21.2 million from higher prices and $9.0 million from increased volume. However, gross margin fell to 8.6% from 14.3% due to a $16.4 million rise in LIFO charges. FIFO EBITDA grew by 18.4% to $37.1 million. CEO Paul Palmby noted that while sales growth is strong, historic inflation led to a significant non-cash LIFO expense of $19.2 million.
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) reported a decline in financial performance for the fiscal year ended March 31, 2022. Net sales dropped to $1,385.3 million from $1,467.6 million, a decrease of $82.3 million due to the divesture of its prepared foods business. The gross margin fell significantly to 10.7% from 15.8%. Net earnings were $51.0 million ($5.79 per diluted share), down from $126.1 million ($13.72 per diluted share). In Q4, net sales increased to $332.4 million, but net earnings fell to $6.6 million ($0.77 per diluted share) compared to $14.8 million ($1.62 per diluted share) the previous year.