Nov. 12, 2021 | Earnings Reports
MARION, N.Y. November 12, 2021 -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the second quarter and six months ended October 2, 2021.
Executive Summary (vs. year-ago, second quarter results):
- Net sales for the second quarter of fiscal 2022 totaled $372.3 million compared to $390.3 million in the second quarter of fiscal 2021.
- Gross margin as a percentage of net sales for the second quarter is 11.5% in 2022 as compared to 12.5% in 2021.
Commenting on the results, Paul Palmby, President and Chief Executive Officer of Seneca Foods, stated,
“We are pleased with the Company’s performance in the second quarter. A comparative perspective to the prior year remains a challenge given the 2020 COVID-19 pantry loading and the Truitt divestiture that happened in fiscal year 2021. However, as expected, our net sales performance has remained on level to pre-pandemic levels. Quarterly and year-to-date reported earnings were strong even considering a large LIFO charge that is being driven by higher input costs. ”