May. 25, 2017 | Earnings Reports
Seneca Foods Corporation reported net earnings for the fiscal year ended March 31, 2017, of $12.6 million, or $1.27 per diluted share, compared to $54.5 million, or $5.42 per diluted share, in the fiscal year ended March 31, 2016. A significant portion of the net earnings decrease was attributable to a non-recurring pre-tax gain of $24.3 million which occurred in the prior year. Net sales for the fiscal year ended March 31, 2017, decreased from the fiscal year ended March 31, 2016 by 2.3%, to $1,245.7 million. The decrease is attributable to lower selling prices/less favorable sales mix of $86.9 million partially offset by increased sales volume of $57.2 million which is primarily due to the Gray acquisition in the third quarter of 2016.