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Seneca Foods Corp is North America’s leading provider of packaged fruits and vegetables, with facilities located throughout the United States. Their high-quality products are sourced from over 2,000 American farms. Seneca holds a significant share of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries. They offer products under renowned brands like Libby’s®, Aunt Nellie’s®, READ®, Seneca Farms®, and Seneca Labels, including Seneca snack chips. Seneca also provides vegetable products under an alliance with General Mills Operations, LLC, under the Green Giant label. Their mission is to provide safe and nutritious products that are valued and enjoyed by families worldwide.
Seneca Foods reported financial results for Q2 and first half of fiscal 2025. Net sales reached $730.2 million for the six months ended September 28, 2024, up from $706.1 million in the same period last year, primarily due to higher sales volumes. However, gross margin decreased to 11.7% from 16.1% year-over-year. Q2 net sales were $425.5 million, up from $407.5 million, with gross margin declining to 10.1% from 14.3%. Core business case volumes increased 9.9% in the first six months, excluding co-pack business. The company noted increased unit costs due to inventory reductions and unfavorable growing weather, though working capital trends and operating cash flow improved.
Seneca Foods (NASDAQ: SENEA, SENEB) reported financial results for Q1 fiscal 2025 ended June 29, 2024. Net sales increased to $304.7 million, up from $298.7 million in Q1 fiscal 2024, driven by higher sales volumes. However, gross margin decreased to 14.0% from 18.5% in the same period last year. CEO Paul Palmby noted a solid first quarter with positive volume momentum in the core vegetable business, despite category headwinds. Contract manufacturing volumes were below forecast due to timing, but are expected to recover later in the fiscal year. Margins remain pressured compared to last year due to higher cost inventory and a competitive pricing environment.
Seneca Foods (NASDAQ: SENEA, SENEB) announced its financial results for Q4 and the fiscal year ending March 31, 2024. Annual net sales were $1,458.6M, a decrease from $1,509.4M in the previous year due to lower sales volumes, partially offset by higher selling prices. The gross margin percentage increased to 12.9% from 6.9%. For Q4, net sales were $308.0M, down from $331.1M the previous year, again due to lower sales volumes but higher prices. Q4 gross margin improved to 6.7% from -4.3%.
CEO Paul Palmby noted that despite a year-over-year decline in sales and earnings in the seasonally weak Q4, fiscal 2024 was historically the third best on an operating basis for Seneca Foods.
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) has appointed Michael Wolcott as Senior Vice President of Finance and Chief Financial Officer, effective April 1, 2023. Wolcott, who rejoined Seneca in July 2022, succeeds Tim Benjamin, the current CFO, who will retire on March 31, 2023. Wolcott will lead the finance organization, managing tax, treasury, internal audit, and investor relations, while contributing to corporate strategy, including mergers and acquisitions. He holds an MBA from Stanford and previously worked at Barclays PLC. Seneca Foods is a leading provider of packaged fruits and vegetables, sourcing from over 1,400 American farms.
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