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Jul 03, 2021
Seneca Foods Q1 2022 Earnings Report
Reported sales and earnings decrease due to divestiture and volume variance, but achieved respectable earnings per share.
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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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