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Press Release

Feb. 8, 2023 |

FAIRPORT, N.Y. February 8, 2023 -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the third quarter and nine months ended December 31, 2022.

Executive Summary (vs. year-ago, second quarter results):

  • Net sales for the third quarter of fiscal 2023 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.
  • Gross margin as a percentage of net sales for the three months ended December 31, 2022 was 11.4% as compared to 10.1% in the prior year. The year-over-year increase was due primarily to an increase in selling prices and favorable sales mix.

Paul Palmby, President and Chief Executive Officer of Seneca Foods stated,

“Third quarter results delivered solid sales and earnings growth despite persistent inflationary pressures that led to another large non-cash LIFO charge. 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.”

View full press release here.