Nov. 6, 2019 | Earnings Reports
MARION, N.Y. November 6, 2019 -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the second quarter and six months ended September 28, 2019.
Highlights (vs. year-ago, second quarter results):
- Net continuing sales increased $49.3 million or 15.4% as compared to the prior year quarter. An increase in sales volume of $25.7 million and by higher selling prices/sales mix of $23.6 million. The sales volume increase is primarily from an increase in B&G Foods Inc. sales and an increase in canned vegetable sales.
- Gross margin percentage from continuing operations income increased from 3.4% to 6.5% as compared to the prior year quarter. Higher sales volume, lower cost increases and a decrease in the LIFO charge all contributed to the higher gross margin percentage.
“Our financials continue to show improvement compared to the prior year. I am pleased with our year-to-date results and that our restructuring efforts from the prior year are having a favorable impact,” stated Kraig Kayser, President and Chief Executive Officer.
Highlights (vs. year-ago, year-to-date results):
- Net continuing sales increased $70.2 million or 12.4% during the first six months of fiscal 2020. An increase in sales volume of $36.2 million and by higher selling prices/sales mix of $34.0 million. The sales volume increase is primarily from an increase in canned vegetable sales and an increase in B&G Foods Inc. sales.
- Gross margin percentage from continuing operations income increased from 4.9% to 6.8% as compared to the prior year first six months. Higher sales volume, lower cost increases and a decrease in the LIFO charge all contributed to the higher gross margin percentage.