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Jul 01, 2023
Seneca Foods Q1 2024 Earnings Report
Seneca Foods reported increased sales and gross margin due to higher selling prices and the absence of a LIFO charge.
Key Takeaways
Seneca Foods reported a strong first quarter with increased sales driven by higher selling prices, and a significantly improved gross margin due to the absence of a non-cash LIFO charge.
Net sales for the first quarter of fiscal 2024 increased to $298.7 million compared to $265.2 million in the same quarter last year.
The year-over-year increase in net sales was primarily due to higher selling prices, partially offset by lower sales volumes.
Gross margin improved significantly to 18.5% for the quarter, compared to 8.6% for the same period last year.
The company had net other operating income of $0.2 million during the three months ended July 1, 2023, which was driven primarily by the sale of a non-operational plant in the Midwest.
Seneca Foods
Seneca Foods
Forward Guidance
This release contains forward-looking statements that address future events, developments, and results and do not relate strictly to historical facts. These statements are subject to known and unknown risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed.