Welcome to our dedicated page for Seneca Foods news (Ticker: SENEB), a resource for investors and traders seeking the latest updates and insights on Seneca Foods stock.
Seneca Foods Corporation (SENEB) generates a steady flow of news tied to its role as a manufacturer of packaged fruits, vegetables, and snack chips. As a Nasdaq Global Select Market issuer with both Class A (SENEA) and Class B (SENEB) shares, the company regularly releases detailed updates on its financial performance and operating conditions.
Most of Seneca Foods’ news coverage centers on quarterly and annual earnings reports. These releases typically discuss net sales trends, gross margin percentages, and the effects of factors such as crop conditions, input costs, and tariffs. They also provide reconciliations for non-GAAP measures like Adjusted net earnings, EBITDA, and FIFO EBITDA, with particular attention to the impact of LIFO inventory accounting on reported results.
News items also highlight operational developments that affect the packaged fruit and vegetable business. Examples in recent periods include commentary on growing seasons, harvest quality, and inventory levels, as well as updates on contract manufacturing volumes and integration of acquired product lines. Management often discusses how weather, category demand, and cost inflation influence volumes and margins across its vegetable and fruit/snack segments.
Investors and industry observers will also find risk and outlook commentary embedded in Seneca Foods’ releases. The company outlines key risks related to raw material availability, labor, energy, transportation, competition, and regulatory compliance, providing context for how these factors may affect future performance.
Occasionally, the news flow includes product quality and regulatory announcements, such as the 2023 voluntary recall of a mislabeled gravy product due to a potential undeclared allergen. These items illustrate the food safety and labeling environment in which the company operates.
For anyone tracking SENEB, this news page offers a centralized view of Seneca Foods’ earnings, operational updates, risk disclosures, and select product-related announcements over time.
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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.
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) reported financial results for the third quarter and nine months ended January 1, 2022. Q3 net sales decreased to $445.6 million from $484.4 million in Q3 FY2021, with a gross margin of 10.1% compared to 16.0% last year. Year-to-date sales also fell to $1,052.9 million from $1,162.9 million, with gross margin at 11.5% versus 15.1%. CEO Paul Palmby noted challenges due to supply chain and input cost increases, while attributing the sales decline to prior COVID-19 pantry loading and the Truitt divestiture.