Aug. 5, 2020 | Earnings Reports
MARION, N.Y. August 5, 2020 -- Seneca Foods today announced financial results for the first quarter ended June 27, 2020.
Highlights (vs. year-ago, first quarter results):
- Net sales increased 8.8% to $288.2 million.
- Gross margin percentage increased from 7.2% to 16.9% as compared to the prior year three months due to higher selling prices in the first quarter of 2021.
“During the first quarter, we continued to see improved results from our extensive restructuring undertaken over the last few years. In addition, pantry loading due to the COVID-19 pandemic helped drive our sales.”
-Kraig Kayser, President and CEO
About Seneca Foods Corporation
Seneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from over 2,000 American farms. Seneca holds the largest share of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries. Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips. Seneca’s common stock is traded on the Nasdaq Global Stock Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices.