Jun. 29, 2018 | Earnings Reports
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the fourth quarter and year ended March 31, 2018.
Highlights (vs. year-ago, year-to-date results):
- Net sales increased 4.2% to $1,314.8 million.
- The increase in sales attributed to favorable sales mix and higher selling price variance of $50.5 million and favorable sales volume variance of $2.1 million.
- The favorable sales volume variance was primarily due to the Truitt acquisition in the first quarter of 2018.
- Net earnings decreased to a loss of $(13.8) million or $(1.41) per diluted share.
- A significant portion of the net earnings comparative decline was attributable to a non-recurring plant restructuring charge of $10.0 million in the current year.
- The previously reported financial statements have been restated to reflect the change in when revenue is recognized under the Green Giant contract.