Jun. 10, 2022 |
MARION, N.Y. June 10, 2022 -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the fourth quarter and twelve months ended March 31, 2022.
Executive Summary (vs. year-ago, year-to-date results):
- Net sales for the twelve months ended March 31, 2022 totaled $1,385.3 million as compared to $1,467.6 million for the twelve months ended March 31, 2021. Of the $82.3 million year-over-year decrease in net sales, $71.9 million resulted from the divesture of the prepared foods business in fiscal year 2021. Excluding this divesture the remaining decrease was primarily due to lower sales volume of $93.0 million partially offset by higher selling prices/improved sales mix of $82.6 million.
- Gross margin as a percentage of net sales for the twelve months ended March 31, 2022 was 10.7% as compared to 15.8% for the twelve months ended March 31, 2021.
- Net earnings for the twelve months ended March 31, 2022 were $51.0 million or $5.79 per diluted share as compared to $126.1 million or $13.72 per diluted share for the twelve months ended March 31, 2021.
- Adjusted net earnings for the twelve months ended March 31, 2022 were $84.6 million or $9.60 per diluted share as compared to $95.4 million or $10.38 per diluted share for the twelve months ended March 31, 2021.
Paul Palmby, President and Chief Executive Officer of Seneca Foods stated:
“Despite persistent and historic inflation and resulting higher costs leading to significant non cash LIFO impacts on reported earnings as well as an additional non cash impairment for our remaining investment in the hemp business, our operating results continue to be very strong,”