Welcome to our dedicated page for Seneca Foods news (Ticker: SENEA), a resource for investors and traders seeking the latest updates and insights on Seneca Foods stock.
Seneca Foods Corporation (NASDAQ: SENEA), a leader in North American packaged fruit and vegetable production, maintains this dedicated news hub for investors and industry stakeholders. Our curated collection provides direct access to official press releases, financial disclosures, and strategic updates from the company that sources produce from over 2,000 U.S. farms.
This resource serves as your primary source for tracking SENEA's operational developments, including earnings announcements, supply chain initiatives, and private-label partnerships with major retailers. Discover updates on agricultural sourcing practices, production facility expansions, and new product launches across canned, frozen, and snack categories.
With coverage spanning retail market strategies to food service sector developments, this page consolidates critical information for assessing Seneca Foods' position in the packaged foods sector. Bookmark this page to monitor how the company's farm-to-table network and brands like Libby’s® influence its performance in evolving consumer markets.
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.
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) reported strong financial results for the third quarter and nine months ended December 31, 2022. The company achieved net sales of $473.3 million for Q3 FY2023, up from $445.6 million in Q3 FY2022, attributing a $27.7 million increase to higher selling prices and an improved sales mix.
For the nine months, net sales were $1,178.3 million, a $125.4 million rise from the previous year, driven mostly by increased prices despite lower sales volumes. Gross margins for Q3 improved to 11.4%, although year-to-date margins decreased to 10.0% due to a significant increase in LIFO charges.
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) reported its financial results for the second quarter and six months ending October 1, 2022. Net sales for Q2 reached $439.8 million, up from $372.3 million in the prior year, largely driven by higher prices and an improved sales mix. However, gross margin fell to 9.5% from 11.5% due to a $20.4 million increase in LIFO charges. For the year-to-date, net sales increased to $705.0 million from $607.3 million, with a gross margin decline to 9.2% from 12.6%.
Seneca Foods Corporation reported Q1 fiscal 2023 net sales of $265.2 million, up from $235.0 million year-over-year. The $30.2 million increase was attributed to $21.2 million from higher prices and $9.0 million from increased volume. However, gross margin fell to 8.6% from 14.3% due to a $16.4 million rise in LIFO charges. FIFO EBITDA grew by 18.4% to $37.1 million. CEO Paul Palmby noted that while sales growth is strong, historic inflation led to a significant non-cash LIFO expense of $19.2 million.
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) reported a decline in financial performance for the fiscal year ended March 31, 2022. Net sales dropped to $1,385.3 million from $1,467.6 million, a decrease of $82.3 million due to the divesture of its prepared foods business. The gross margin fell significantly to 10.7% from 15.8%. Net earnings were $51.0 million ($5.79 per diluted share), down from $126.1 million ($13.72 per diluted share). In Q4, net sales increased to $332.4 million, but net earnings fell to $6.6 million ($0.77 per diluted share) compared to $14.8 million ($1.62 per diluted share) the previous year.
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) reported financial results for the third quarter and nine months ended January 1, 2022. Q3 net sales decreased to $445.6 million from $484.4 million in Q3 FY2021, with a gross margin of 10.1% compared to 16.0% last year. Year-to-date sales also fell to $1,052.9 million from $1,162.9 million, with gross margin at 11.5% versus 15.1%. CEO Paul Palmby noted challenges due to supply chain and input cost increases, while attributing the sales decline to prior COVID-19 pantry loading and the Truitt divestiture.
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) has appointed Kraig H. Kayser as a Board member and non-executive Chairman following the passing of founder Arthur S. Wolcott. The Board remains at nine members, with Kayser serving a term expiring in 2023. Kayser, who previously held the CEO position from 1993 to 2020, brings extensive industry knowledge. Seneca Foods is a leading provider of packaged fruits and vegetables, sourcing from over 1,600 farms, and distributing products under several well-known brands across 90 countries.
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) reported its financial results for the second quarter and six months ending October 2, 2021. Net sales for Q2 2022 were $372.3 million, a decline from $390.3 million in Q2 2021. The gross margin percentage decreased to 11.5% from 12.5% year-over-year. Year-to-date net sales totaled $607.3 million, down from $678.5 million in the same period last year, with a gross margin percentage of 12.6%, compared to 14.4%. Despite challenges from COVID-19 and a prior divestiture, earnings remained strong amid rising input costs.
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) reported a net sales decline to $235.0 million for Q1 FY2022, down from $288.2 million year-over-year, primarily due to divestiture and volume variances. The gross margin decreased to 14.3% from 16.9% in FY2021. However, earnings per share reached $1.56, the highest in several years except for the previous year when COVID-induced panic buying skewed comparisons. The company emphasizes risk factors in its forward-looking statements, including market conditions and COVID-19 impacts.
Seneca Foods Corporation (NASDAQ: SENEA, SENEB) reported a significant increase in net sales, totaling $1,467.6 million for the fiscal year 2021, up from $1,335.8 million in 2020, driven by higher sales volume and improved pricing strategies. Gross margin rose from 10.6% to 15.8% due to favorable pricing impacts. However, the fourth quarter revealed a slight decline in net sales to $304.8 million, down $3.1 million from the previous year, attributed to a decrease in sales volume. The gross margin percentage improved from 15.1% to 18.7%.
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