Seneca Foods Q1 2022 Earnings Report
Key Takeaways
Seneca Foods reported a decrease in net sales for the first quarter of fiscal 2022 compared to the prior year, primarily due to the divestiture of the prepared foods business and a volume variance. However, the company achieved a respectable earnings per common share of $1.56, the highest in many years excluding the prior year.
Net sales totaled $235.0 million compared to $288.2 million for the prior year.
The decrease in sales resulted from a $24.2 million decrease due to the divesture of our prepared foods business, a $28.5 million decrease from a volume variance and a $0.5 million decrease from a pricing/mix variance.
Gross margin as a percentage of net sales is 14.3% as compared to 16.9% in the prior year.
Earnings per common share of $1.56.
Seneca Foods
Seneca Foods
Forward Guidance
The information contained in this release contains, or may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.