Feb. 10, 2022 | Earnings Reports
MARION, N.Y. February 10, 2022 -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the third quarter and nine months ended January 1, 2022.
Executive Summary (vs. year-ago, third quarter results):
- Net sales for the third quarter of fiscal 2022 totaled $445.6 million compared to $484.4 million in the third quarter of fiscal 2021.
- Gross margin as a percentage of net sales for the third quarter is 10.1% in 2022 as compared to 16.0% in 2021.
Paul Palmby, President and Chief Executive Officer of Seneca Foods stated,
“The Company delivered a solid performance in the third quarter of fiscal 2022 despite a large LIFO charge to the quarter and year to date being caused by higher input costs. Total net sales are down compared to prior year, which was expected given the 2020 COVID-19 related pantry loading and the Truitt divesture that happened during fiscal 2021. We remain focused on mitigating supply chain, labor and inflation related impacts.”