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Jul 02, 2022
Seneca Foods Q1 2023 Earnings Report
Reported strong sales growth driven by pricing actions, but impacted by a significant non-cash LIFO charge.
Key Takeaways
Seneca Foods reported a net sales increase for the first quarter of fiscal 2023, driven by higher selling prices and increased sales volume. However, the gross margin decreased due to a substantial LIFO charge resulting from historic inflation.
Net sales increased to $265.2 million compared to $235.0 million in the prior year.
Higher selling prices and improved sales mix contributed $21.2 million to the net sales increase.
Increased sales volume accounted for $9.0 million of the net sales increase.
Gross margin decreased to 8.6% compared to 14.3% in the prior year, mainly due to a $16.4 million increase in the LIFO charge.
Forward Guidance
This release contains forward-looking statements that address future events, developments, and results and do not relate strictly to historical facts.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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