Seneca Foods Shares Q3 Results

Canned fruit and vegetable company Seneca Foods has shared the results from the most recent quarter in which net sales increased year-over-year.

Net sales for the third quarter of fiscal 2023, ended Dec. 31, 2022, totaled $473.3 million compared to $445.6 million for the third quarter of fiscal 2022. The year-over-year increase of $27.7 million is mostly from higher selling prices/improved sales mix, according to the company.

Gross margin as a percentage of net sales for the three months ended Dec. 31, 2022 was 11.4% as compared to 10.1% in the prior year.

“Third quarter results delivered solid sales and earnings growth despite persistent inflationary pressures that led to another large non-cash LIFO charge." stated Paul Palmby, president and CEOO of Seneca Foods. "Cost increases, particularly for raw materials and labor, have necessitated pricing actions to minimize the impact of inflation on our results. Additionally, our team has worked diligently to mitigate the supply chain challenges we have faced.”

Net sales for the nine month period totaled $1.178 billion compared to $1.052 billion for the nine months ended January 1, 2022. Seneca Foods said the year-over-year increase of $125.4 million was mainly due to higher selling prices partially offset by lower sales volumes.

The producer of branded and private label items distributes its products to over 80 countries.