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Press Release

Aug. 11, 2022 | Earnings Reports

FAIRPORT, N.Y. August 11, 2022 -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the three months ended July 2, 2022.

Executive Summary (vs. year-ago, year-to-date results):

  • Net sales for the first quarter of fiscal 2023 totaled $265.2 million compared to $235.0 million for the prior year. Of the $30.2 million year-over-year increase in net sales, $21.2 million resulted from higher selling prices/improved sales mix and $9.0 million from increased sales volume.
  • Gross margin as a percentage of net sales for the three months ended July 2, 2022 was 8.6% as compared to 14.3% in the prior year. The year-over-year decrease is mainly due to a $16.4 million increase in the LIFO charge.
  • FIFO EBITDA for the three months ended July 2, 2022 increased compared to the prior year by 18.4% from $31.3 million to $37.1 million.

Commenting on the results, Paul Palmby, President and Chief Executive Officer of Seneca Foods, stated:

“First quarter results delivered strong sales growth mostly driven by pricing actions. However, historic inflation has created a significant non-cash LIFO charge of $19.2 million in this quarter.”

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