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Seneca Foods Corp - SENEB STOCK NEWS

Welcome to our dedicated page for Seneca Foods news (Ticker: SENEB), a resource for investors and traders seeking the latest updates and insights on Seneca Foods stock.

Seneca Foods Corporation is an American food processor and distributor headquartered in Marion, New York, USA. The company specializes in food packaging, with 98% of its fiscal year net sales in 2017 coming from this segment. Seneca Foods Corp offers a range of packaged fruits and vegetables, including canned, frozen, and bottled produce, as well as snack chips. Its revenue is primarily derived from the Vegetable segment. The company aims to provide high-quality food products to its customers while maintaining a strong financial position.

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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.

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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%.

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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.

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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.

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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.

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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.

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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.

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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.

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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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Seneca Foods Corporation (NASDAQ: SENEA, SENEB) completed its modified Dutch auction tender offer, which ended on March 9, 2021. The company accepted 531 shares of Class A common stock at $46.00 each, totaling $24,426 in purchases. This undersubscribed tender offer underscores management's belief that their shares are undervalued, as stated by CEO Paul Palmby. With all properly tendered shares accepted and no proration, the company will utilize available cash for payment. Seneca is a leading provider of packaged fruits and vegetables, sourcing from over 1,600 farms across the U.S.

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FAQ

What is the current stock price of Seneca Foods (SENEB)?

The current stock price of Seneca Foods (SENEB) is $79.41 as of December 23, 2024.

What is the market cap of Seneca Foods (SENEB)?

The market cap of Seneca Foods (SENEB) is approximately 550.0M.

Where is Seneca Foods Corporation headquartered?

Seneca Foods Corporation is headquartered in Marion, New York, USA.

What is the primary business focus of Seneca Foods Corp?

Seneca Foods Corp primarily operates in food packaging, with canned, frozen, and bottled produce being key product offerings.

What percentage of revenue is generated from the Vegetable segment of Seneca Foods Corporation?

The company generates the highest revenue from the Vegetable segment.

What types of products does Seneca Foods Corp offer?

Seneca Foods Corp offers a variety of packaged fruits and vegetables, including canned, frozen, and bottled produce, as well as snack chips.

How does Seneca Foods Corporation aim to serve its customers?

Seneca Foods Corporation aims to provide high-quality food products to its customers.

What was the company's fiscal year net sales in 2017?

98% of the company's fiscal year net sales in 2017 came from food packaging.

Who is the CEO of Seneca Foods Corporation?

The CEO of Seneca Foods Corporation is Paul Palmby.

How can consumers contact Seneca Foods Corporation for more information?

Consumers can contact Seneca Foods Corporation Consumer Affairs at 1-800-872-1110.

What are the recent financial results of Seneca Foods Corporation?

Seneca Foods Corporation announced its financial results for the latest quarter, showing strong performance in a competitive environment.

What should consumers do if they have a recalled product from Seneca Foods Corporation?

Consumers with recalled products should return them to the retail outlet for a full refund.

Seneca Foods Corp

Nasdaq:SENEB

SENEB Rankings

SENEB Stock Data

549.96M
4.77M
85.81%
5.08%
0.01%
Packaged Foods
Canned, Fruits, Veg, Preserves, Jams & Jellies
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United States of America
MARION