Seneca Foods Q3 Sales Slow

Third quarter sales at Seneca Foods Corporation were down as the company also reported a decrease in net earnings.

For the quarter ended December 30, net sales were $444.5 million, down from net sales of $473.3 million in the comparable quarter the previous year. According to the company, the year-over-year decrease of $28.8 million was mainly due to lower sales volumes partially offset by higher selling prices. Net earnings in the quarter were $17.7 million, down from net earnings of $21.1 million in the same quarter the previous year.

Net sales for the nine months ended December 30 were totaled $1.15 billion compared to net sales of $1.18 billion for the nine months of the previous fiscal year. The year-over-year decrease of $27.7 million was mainly due to lower sales volumes partially offset by higher selling prices.
Reported net earnings were $65.6 million and $42.3 million for the nine months ended December 30, 2023 and December 31, 2022, respectively.

“Third quarter results continued a strong fiscal 2024 for the company. Decreasing LIFO charges compared to last year as a result of moderating inflation had a positive impact on reported net earnings,” said Paul Palmby, president and chief executive officer of Seneca Foods. “Additionally, we are well along with the integration of the Green Giant shelf stable business that we acquired during the quarter and remain pleased with the positive impact the business is delivering; we are excited about the potential for this iconic brand.”