Seneca Foods Reports Sales and Earnings for the Quarter and Six Months Ended September 26, 2026

Six-month earnings increased even as gross margins narrowed in both reporting periods.

Rhea-AI Summary

Seneca Foods (NASDAQ: SENEA, SENEB) reported second-quarter net sales of $492.6 million, with earnings below the prior-year quarter. For the three months ended September 26, 2026, sales increased from $460.0 million, while net earnings fell to $29.230 million from $29.739 million. Diluted earnings per share fell to $4.27 from $4.29, and gross margin narrowed to 12.5% from 13.4%.

For the six months ended September 26, 2026, sales rose to $897.8 million from $757.5 million. Net earnings increased to $48.737 million from $44.624 million, and diluted earnings per share rose to $7.12 from $6.43. Six-month gross margin declined to 12.2% from 13.7%. Adjusted net earnings, excluding inventory-accounting effects, rose in both periods. The company reported supply-chain and pricing adjustments affecting its newly acquired Green Giant Frozen business.

12 points · 0 major

MixediHow this balance works

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 11 points

How the balance works

Positive

• Moderate pointSix-month sales rose to $897.8 million from $757.5 million, driven by volume, selling prices and product mix.
• Moderate pointSix-month net earnings increased to $48.737 million from $44.624 million year over year.
• Moderate pointSix-month adjusted net earnings increased to $51.872 million from $29.981 million, excluding inventory-accounting effects.
• Moderate pointSix-month FIFO EBITDA increased to $97.764 million from $73.170 million, excluding inventory-accounting effects.
• Minor pointSecond-quarter sales rose to $492.6 million from $460.0 million, reflecting pricing, product mix and higher volume.

7 minor points

• Minor pointSix-month diluted earnings per share rose to $7.12 from $6.43; basic earnings rose to $7.19 from $6.49.
• Minor pointSix-month pretax earnings increased to $64.546 million from $58.405 million year over year.
• Minor pointSecond-quarter adjusted net earnings increased to $34.660 million from $23.968 million, excluding inventory-accounting effects.
• Minor pointSecond-quarter FIFO EBITDA increased to $59.802 million from $47.979 million, excluding inventory-accounting effects.
• Minor pointSix-month EBITDA increased to $93.600 million from $92.642 million year over year.
• Minor pointNet interest expense fell to $2.101 million from $4.684 million quarterly and $5.245 million from $10.094 million year-to-date.
• Minor pointCore-business sales unit volumes grew by mid-single digits across most operations, the company said.

Negative

• Moderate pointSix-month gross margin narrowed to 12.2% from 13.7% year over year.
• Moderate pointSecond-quarter operating income fell to $37.652 million from $41.472 million year over year.
• Moderate pointSecond-quarter EBITDA declined to $52.591 million from $55.653 million year over year.
• Moderate pointQuarterly inventory accounting produced a $7.211 million charge, versus a $7.674 million credit a year earlier.
• Minor pointSecond-quarter net earnings declined to $29.230 million from $29.739 million year over year.

6 minor points

• Minor pointSecond-quarter diluted earnings per share fell to $4.27 from $4.29; basic earnings fell to $4.31 from $4.33.
• Minor pointSecond-quarter gross margin narrowed to 12.5% from 13.4% year over year.
• Minor pointSix-month operating income fell to $63.881 million from $64.687 million year over year.
• Minor pointSecond-quarter pretax earnings declined to $38.506 million from $38.694 million year over year.
• Minor pointSix-month inventory accounting produced a $4.164 million charge, versus a $19.472 million credit a year earlier.
• Minor pointGreen Giant Frozen faced supply-chain and pricing adjustments; the company also cited copack timing anomalies.

Key Figures

Six-month net sales: $897.8 million vs. $757.5 million Six-month gross margin: 12.2% vs. 13.7% FIFO pre-tax earnings: $45.7 million, up 47.4% +2 more

Six-month net sales

$897.8 million vs. $757.5 million

Six months ended September 26, 2026, vs. September 27, 2025

Six-month gross margin

12.2% vs. 13.7%

Six months ended September 26, 2026, vs. September 27, 2025

FIFO pre-tax earnings

$45.7 million, up 47.4%

Second quarter, compared with the year-ago quarter

Second-quarter net sales

$492.6 million vs. $460.0 million

Second quarter of fiscal 2027 vs. fiscal 2026

Second-quarter gross margin

12.5% vs. 13.4%

Three months ended September 26, 2026, vs. September 27, 2025

Historical Context

2 past events · Latest: Aug 06

2 events

1. Aug 06

   quarterly earnings

   24h Move

   +7.3%

   Quarterly sales and earnings increased, while reported gross margin declined.

2. Jun 11

   annual earnings

   24h Move

   +17.5%

   Full-year sales and gross margin increased, and the company completed the Green Giant Frozen acquisition.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

fifo, lifo, ebitda, gaap

4 terms

fifo financial

"FIFO pre-tax earnings increased by 47.4% to $45.7 million"

FIFO (first-in, first-out) is an accounting and inventory rule that treats the oldest acquired items or shares as the ones sold first, like taking the oldest milk from the front of a fridge before newer cartons. For investors, FIFO matters because it changes reported profits, inventory values and tax bills — in rising-price environments it usually shows higher profits and higher taxes than alternative methods, affecting how company performance and cash flow are interpreted.

lifo financial

"last-in, first-out (LIFO) inventory valuation method"

An accounting method that assumes the most recently acquired inventory items are sold first, so the newest costs flow into cost of goods sold while older costs stay on the balance sheet. Imagine a stack of boxes where you take from the top; when prices are rising, that top-first approach produces higher reported costs and lower reported profits, which can reduce taxes and change profit margins. Investors watch LIFO because it affects reported earnings, tax liabilities, and how comparable a company’s performance is to peers.

ebitda financial

"FIFO EBITDA (earnings before interest, income taxes, depreciation, amortization"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

gaap financial

"measures prepared in accordance with GAAP"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAIRPORT, N.Y., Nov. 04, 2026 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the second quarter and six months ended September 26, 2026.

Executive Summary (vs. year-ago, year-to-date results):

• Net sales for the six months ended September 26, 2026 totaled $897.8 million compared to $757.5 million for the six months ended September 27, 2025. The year-over-year increase of $140.3 million was driven by higher sales volume, along with the impact of selling prices and product mix.
  
• Gross margin as a percentage of net sales is 12.2% for the six months ended September 26, 2026, as compared to 13.7% for the six months ended September 27, 2025.
  
  

“Our second quarter continued a very strong start to fiscal 2027, as FIFO pre-tax earnings increased by 47.4% to $45.7 million, compared to last year. Sales unit volumes grew by mid-single digits across most of our core business despite copack timing anomalies as well as headwinds as we work through supply chain and pricing adjustments with our newly acquired Green Giant Frozen business,” stated Paul Palmby, President and Chief Executive Officer of Seneca Foods. “We are experiencing a near-budget pack for most crops this season, positioning us well to support the 52-week needs of our customers. Additionally, we are very pleased by the level of holiday promotional activity that we are already seeing from our retail partners, which demonstrates the continued strong consumer demand for our products.”

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

• Net sales for the second quarter of fiscal 2027 totaled $492.6 million compared to $460.0 million for the second quarter of fiscal 2026. The year-over-year increase of $32.6 million was driven by higher selling prices and the impact of product mix, along with higher sales volume.
  
• Gross margin as a percentage of net sales is 12.5% for the three months ended September 26, 2026, as compared to 13.4% for the three months ended September 27, 2025.
  
  

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 1,100 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 Aunt Nellie’s®, CherryMan®, Green Giant®, Green Valley®, Libby’s®, 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 Russell 2000 and Russell 3000 indices.

Non-GAAP Financial Measures

Adjusted net earnings excludes the non-cash charges related to the last-in, first-out (LIFO) inventory valuation method, net of applicable income taxes. The Company believes this non-GAAP financial measure provides for a better comparison of year over year operating performance. The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP. Set forth below is a reconciliation of reported earnings before income taxes to adjusted net earnings (in thousands).

	Three Months Ended							Six Months Ended
	September 26,			September 27,				September 26,			September 27,
	2026			2025				2026			2025
Earnings before income taxes, as reported	$	38,506		$	38,694			$	64,546		$	58,405
LIFO charge (credit)		7,211			(7,674	)			4,164			(19,472	)
Adjusted earnings before income taxes		45,717			31,020				68,710			38,933
Income taxes		11,057			7,052				16,838			8,952
Adjusted net earnings	$	34,660		$	23,968			$	51,872		$	29,981

Set forth below is a reconciliation of reported net earnings to EBITDA and FIFO EBITDA (earnings before interest, income taxes, depreciation, amortization and non-cash charges related to the LIFO inventory valuation method). The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP (in thousands).

	Three Months Ended								Six Months Ended
	September 26,				September 27,				September 26,				September 27,
	2026				2025				2026				2025
Net earnings	$	29,230			$	29,739			$	48,737			$	44,624
Income taxes		9,276				8,955				15,809				13,781
Interest expense, net		2,101				4,684				5,245				10,094
Depreciation and amortization		12,132				12,423				24,106				24,445
Interest amortization		(148	)			(148	)			(297	)			(302	)
EBITDA		52,591				55,653				93,600				92,642
LIFO charge (credit)		7,211				(7,674	)			4,164				(19,472	)
FIFO EBITDA	$	59,802			$	47,979			$	97,764			$	73,170

Forward-Looking Information 

This release contains “forward-looking statements” as that term is used in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they address future events, developments, and results and do not relate strictly to historical facts. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and may contain the words "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "seeks," "should," "likely," "targets," "may," "can” and variations thereof and similar expressions. Forward-looking statements are subject to known and unknown risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed. We believe important factors that could cause actual results to differ materially from our expectations include, but are not limited to, the following:

• the effects of rising costs and availability of raw fruit and vegetables, steel, ingredients, packaging, other raw materials, distribution and labor;
• crude oil prices and their impact on distribution, packaging and energy costs;
• the impact of tariffs and other governmental trade restrictions;
• an overall labor shortage, ability to retain a sufficient seasonal workforce, lack of skilled labor, labor inflation or increased turnover impacting our ability to recruit and retain employees;
• climate and weather affecting growing conditions and crop yields;
• our ability to successfully implement sales price increases and cost saving measures to offset cost increases;
• the loss of significant customers or a substantial reduction in orders from these customers;
• effectiveness of our marketing and trade promotion programs;
• competition, changes in consumer preferences, demand for our products and local economic and market conditions;
• the impact of a pandemic on our business, suppliers, customers, consumers and employees;
• unanticipated expenses, including, without limitation, litigation or legal settlement expenses;
• product liability claims;
• the anticipated needs for, and the availability of, cash;
• the availability of financing;
• leverage and the ability to service and reduce debt;
• foreign currency exchange and interest rate fluctuations;
• the risks associated with the expansion of our business;
• the ability to successfully integrate acquisitions into our operations;
• our ability to protect information systems against, or effectively respond to, a cybersecurity incident or other disruption;
• other factors that affect the food industry generally, including:
  • recalls if products become adulterated or misbranded, liability if product consumption causes injury, ingredient disclosure including labeling laws and regulations, and the possibility that consumers could lose confidence in the safety and quality of certain food products;
  • competitors’ pricing practices and promotional spending levels;
  • fluctuations in the level of our customers’ inventories and credit and other business risks related to our customers operating in a challenging economic and competitive environment; and
  • the risks associated with third-party suppliers, including the risk that any failure by one or more of our third-party suppliers to comply with food safety or other laws and regulations may disrupt our supply of raw materials or certain finished goods products or injure our reputation; and
• changes in, or the failure or inability to comply with, U.S., foreign and local governmental regulations, including health, environmental, and safety regulations.
  
  

Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of the filing of this report or to reflect the occurrence of unanticipated events.

Contact:
Michael Wolcott, Chief Financial Officer
585-495-4100

Seneca Foods Corporation
Unaudited Selected Financial Data
For the Periods Ended September 26, 2026 and September 27, 2025
(In thousands of dollars, except share data)
	Three Months Ended								Six Months Ended
	September 26,				September 27,				September 26,				September 27,
	2026				2025				2026				2025
Net sales	$	492,590			$	460,022			$	897,764			$	757,480
Operating income (note 1)		37,652				41,472				63,881				64,687
Other non-operating income		(2,955	)			(1,906	)			(5,910	)			(3,812	)
Interest expense, net		2,101				4,684				5,245				10,094
Earnings before income taxes	$	38,506			$	38,694			$	64,546			$	58,405
Income taxes		9,276				8,955				15,809				13,781
Net earnings	$	29,230			$	29,739			$	48,737			$	44,624
Basic earnings per common share (note 2)	$	4.31			$	4.33			$	7.19			$	6.49
Diluted earnings per common share	$	4.27			$	4.29			$	7.12			$	6.43

Note 1:								The effect of the LIFO inventory valuation method on the second quarter pre-tax results decreased operating income by $7.2 million and increased operating income by $7.7 million for the three months ended September 26, 2026 and September 27, 2025, respectively. The effect of the LIFO inventory valuation method on YTD six month pre-tax results decreased operating income by $4.2 million and increased operating income by $19.5 million for the six months ended September 26, 2026 and September 27, 2025, respectively.
Note 2:								The Company used the “two-class” method for basic earnings per share by dividing the earning attributable to common shareholders by the weighted average of common shares outstanding during the period.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Seneca Foods' second-quarter fiscal 2027 sales and earnings?

Seneca Foods reported $492.6 million in sales and $29.230 million in net earnings for the three months ended September 26, 2026. Sales increased from $460.0 million a year earlier, while net earnings declined from $29.739 million. Diluted earnings per share were $4.27, compared with $4.29.

How did Seneca Foods perform in the first six months of fiscal 2027?

Seneca Foods reported six-month sales of $897.8 million and net earnings of $48.737 million, up from $757.5 million and $44.624 million a year earlier. Diluted earnings per share increased to $7.12 from $6.43, while gross margin declined to 12.2% from 13.7%.

How does Seneca Foods calculate adjusted net earnings?

Seneca Foods excludes noncash charges related to last-in, first-out (LIFO) inventory valuation, net of applicable income taxes, from adjusted net earnings. LIFO is an inventory-accounting method. This non-GAAP measure is not intended to replace financial measures prepared under generally accepted accounting principles.