Jun. 11, 2021 | Earnings Reports
MARION, N.Y. -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the fourth quarter and twelve months ended March 31, 2021.
Highlights (vs. year-ago, year-to-date results):
- Net sales for 2021 totaled $1,467.6 million compared to $1,335.8 million for the prior year, an increase of $131.8 million. The overall increase in sales was attributable to increased sales volume of $74.2 million and higher selling prices/ favorable sales mix of $57.6 million, both predominantly due to canned vegetables.
- Gross margin as a percentage of net sales increased from 10.6% in 2020 to 15.8% in 2021 due to the favorable impact of higher selling prices and an improved selling mix outweighing the negative impact of a smaller than planned pack and incremental expenditures incurred for precautionary and safety measures taken for COVID-19.
“Fiscal 2021 was a year of contrasts. While increased pandemic demand for our products led to record financial performance, it was overshadowed by the suffering and loss from the virus by many of our employees, their families and our communities. Our results speak for themselves but it was the dedication and hard work of our plant employees who truly made the difference through these difficult times.”
- Paul Palmby, Chief Executive Officer
Highlights (vs. year-ago, fourth quarter results):
- Net sales for the quarter were $304.8 million and $307.9 million for the prior year quarter. The overall decrease in sales of $3.1 million was attributable to decreased sales volume of $15.9 million offset by higher selling prices/favorable sales mix of $12.8 million.
- Gross margin percentage increased from 15.1% for the quarter in 2020 to 18.7% for the quarter in 2021.
About Seneca Foods Corporation
Seneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from over 1,600 American farms. Seneca holds the largest share of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries. Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips. Seneca’s common stock is traded on the Nasdaq Global Stock Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices.