Seneca Foods Reports Softening Sales in Q4

Fourth quarter sales at Seneca Foods were down year-over-year as the company pinned the decrease mainly on lower sales volume, which was partially offset by higher selling prices.

For the quarter ended March 31, net sales were $308 million compared to net sales of $331.1 million for the fourth quarter of fiscal 2023. Net loss in the quarter was $2.2 million, or ($0.32) per diluted share, an improvement from the net loss of $33.1 million, or ($4.34) per diluted share, in the comparable quarter in the previous year. 

For the full fiscal year that ended March 31, net sales were $1.46 billion compared to net sales of $1.51 billion in the prior fiscal year. The year-over-year decrease was mainly due to lower sales volumes partially offset by higher selling prices, company officials said. Net earnings for the year were $63.3 million, or $8.56 per diluted share, compared to net earnings of $9.2 million, or $1.16 per diluted share, in the prior fiscal year.

“Fiscal year 2024 represented another strong year, coming in as our historically third best on an operating basis,” said Paul Palmby, president and CEO of Seneca Foods. “Sales and earnings trended lower in our seasonally weak fourth quarter, but this was primarily attributable to the timing of certain contract manufacturing sales, without which our business in the fourth quarter was up 11% in units year-over-year. We remain pleased with our results in a very competitive environment.”