Seneca Foods Q1 Sales Rise

Seneca Foods reported a rise in sales for its fiscal year first quarter as higher volumes were cited as a key driver for the increase. 

For the quarter ended June 29, net sales were $304.7 million, up from net sales of $298.7 million in the prior fiscal year’s first quarter. The year-over-year increase of $6.0 million was due to higher sales volumes. Net earnings in the quarter were $12.7 million, down from net earnings of $23.1 million in the comparable quarter the previous year.

“The company recorded a solid first quarter, as our core vegetable business exhibited very positive volume momentum despite category headwinds,” stated Paul Palmby, president and CEO of Seneca Foods. “Contract manufacturing volumes came in below forecast due to timing; we expect to make those sales later in the fiscal year than initially planned. In addition, margins remain pressured compared to last year due to higher cost inventory and the competitive pricing environment.”