Jun. 13, 2023 |
FAIRPORT, N.Y. June 13, 2023 -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the fourth quarter and twelve months ended March 31, 2023.
Executive Summary (vs. year-ago, year-to-date results):
- Net sales for the twelve months ended March 31, 2023 totaled $1,509.4 million compared to $1,385.3 million for the twelve months ended March 31, 2022. The year-over-year increase of $124.1 million was mainly due to higher selling prices partially offset by lower sales volumes.
- Gross margin as a percentage of net sales for the twelve months ended March 31, 2023 was 9.0% as compared to 10.7% in the prior year. The year-over-year decrease is mainly due to a $64.2 million increase in the LIFO charge.
Paul Palmby, President and Chief Executive Officer of Seneca Foods stated:
“Seneca Foods had an excellent fiscal 2023, delivering record sales and FIFO EBITDA, despite continued cost pressures for labor and raw materials which led to an unprecedented non-cash LIFO charge of $100M,”