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Oct 02, 2021
Seneca Foods Q2 2022 Earnings Report
Seneca Foods' Q2 2022 performance showed a decrease in net sales compared to the previous year, while maintaining pre-pandemic levels, with strong earnings despite LIFO charges.
Key Takeaways
Seneca Foods reported net sales of $372.3 million for Q2 2022, a decrease from $390.3 million in Q2 2021. The gross margin was 11.5% compared to 12.5% in the previous year. The company's performance remained on par with pre-pandemic levels, and earnings were strong despite a significant LIFO charge.
Net sales for the second quarter of fiscal 2022 totaled $372.3 million, down from $390.3 million in the second quarter of fiscal 2021.
Gross margin for the second quarter was 11.5% in 2022, compared to 12.5% in 2021.
Net sales performance has remained on level to pre-pandemic levels.
Reported earnings were strong even considering a large LIFO charge driven by higher input costs.
Seneca Foods
Seneca Foods
Forward Guidance
This release contains forward-looking statements with risks and uncertainties, and actual results may differ materially from those expressed or implied. Investors are cautioned not to place undue reliance on such statements.
Challenges Ahead
- General economic and business conditions.
- Cost and availability of commodities and other raw materials.
- Transportation costs.
- Climate and weather affecting growing conditions and crop yields.
- Availability of financing.