Aug. 7, 2019 | Earnings Reports
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the first quarter ended June 29, 2019. Highlights (vs. year-ago, first quarter results):
- Net sales increased 8.5% to $264.9 million.
- Gross margin percentage from continuing operations increased from 6.9% to 7.2% as compared to the prior year three months due to higher selling prices in the first quarter of 2020.
- The Company has applied discontinued operations treatment as related to its Modesto operations.
- Net loss from discontinued operations was $6.6 million in the prior quarter.
“During the first quarter, we began to see improved results from our extensive restructuring undertaken last year. We expect the improvements to continue as the year progresses.” stated Kraig Kayser, President and Chief Executive Officer.