Oct. 26, 2017 | Earnings Reports
MARION, N.Y. October 26, 2017 -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the second quarter and six months ended September 30, 2017.
Highlights (vs. year-ago, second quarter results):
- Net sales increased $19.1 million, or 5.3% to $376.3 million.
- The increase in sales attributed to a favorable sales volume variance of $15.9 million and a favorable sales mix and higher selling price variance of $3.2 million.
- Results for the quarter include the Truitt Bros., Inc. acquisition which contributed $19.4 million in net sales.
- Net earnings decreased to a loss of $(1.1) million or $(0.11) per diluted share.
“Due to a significant LIFO charge for the quarter and six month periods, we are reporting a slight loss. However, on a FIFO basis we continue to perform as we expected. FIFO net earnings and sales are up compared to the prior year. Overall, operating earnings, excluding LIFO and plant restructuring charges, are marginally ahead of the prior year,” stated Kraig Kayser, President and Chief Executive Officer.