Jul. 31, 2018 | Earnings Reports
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the first quarter ended June 30, 2018.
Highlights (vs. year-ago, first quarter results):
- Net sales increased $62.7 million, or 22.4% to $343.4 million.
- The increase in sales attributed to a favorable sales volume variance of $56.8 million and a favorable sales mix and higher selling price variance of $5.9 million.
- Net earnings decreased to a loss of $(8.8) million or $(0.90) per diluted share.
- The Company finalized an agreement to sell the majority of its Modesto fruit inventory to Pacific Coast Producers, Inc. The completion of the sale of inventory happened during the three months ended June 30, 2018 and resulted in an increase to net sales of approximately $55.8 million.
- The loss in the first quarter of fiscal 2019 was largely attributable to the Modesto fruit business, which the Company is exiting.
“We were pleased to complete the sale of the canned fruit inventories to Pacific Coast Producers near the end of the quarter, we expect to complete the winding up of this business before the end of the fiscal year," stated Kraig H. Kayser, President and Chief Executive Officer.