Seneca Foods Corporation announced its financial results for the third quarter and the first nine months ending December 30, 2023. The company reported a slight decrease in net sales, totaling $1,150.6 million, down from $1,178.3 million in the same period the previous year. This decrease of $27.7 million was attributed mainly to lower sales volumes, which were somewhat offset by increased selling prices.
Despite the dip in sales, Seneca Foods experienced a notable improvement in its earnings. The company’s gross margin as a percentage of net sales rose to 14.6%, compared to 10% in the prior year. Furthermore, net earnings increased to $65.6 million from $42.3 million for the nine months ending December 30, 2023, and December 31, 2022, respectively. This growth in earnings was positively impacted by decreasing LIFO charges due to moderating inflation.
President and CEO Paul Palmby expressed optimism about the company’s performance and the acquisition of the Green Giant shelf stable business during the quarter. Palmby highlighted the successful integration of the business and its promising contribution to the company’s portfolio. Seneca Foods, known for distributing its products to approximately 60 countries, continues to be a key player in the market with its extensive range of brands and products.
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