Seneca Foods reports big Q4
Seneca Foods, a supplier of packaged fruits and vegetables, with the largest share of store brand and food service canned vegetables, distributing to more than 90 countries, reported a fruitful fourth quarter.
The company’s net sales increased by 17.2% to $45.3 million for the fourth quarter, compared to the prior year quarter. The annual comparison reflected a bump in net sales by 11.4% to $136.2 million.
Gross margin percentage from continuing operations increased from 5.3% to 15.1% as compared to the prior fourth quarter. Gross margin percentage from continuing operations increased from 3.3% to 10.6% as compared to the prior year twelve months.
“During Fiscal 2020 we completed two years of restructuring that included plant consolidations, divestitures including exiting the canned fruit business,” said Kraig Kayser, president and CEO, Seneca Foods. “As expected, the company improved its margins when compared to the prior year. In addition, we had an unexpected sales lift in the last month of the fiscal year as consumers pantry-loaded as a result of the coronavirus pandemic.”
The financial results reflected a period for the fourth quarter and twelve months ended March 31.