Loading...
•
Dec 31, 2022
Seneca Foods Q3 2023 Earnings Report
Reported solid sales and earnings growth despite inflationary pressures.
Key Takeaways
Seneca Foods reported a net sales increase for the third quarter of fiscal year 2023, totaling $473.3 million compared to $445.6 million in the previous year, driven by higher selling prices and improved sales mix. The gross margin also increased to 11.4% from 10.1% due to higher selling prices and favorable sales mix.
Net sales for the third quarter reached $473.3 million, up from $445.6 million year-over-year.
The increase in sales was primarily due to higher selling prices and an improved sales mix.
Gross margin improved to 11.4% compared to 10.1% in the prior year.
The company faced persistent inflationary pressures that led to a large non-cash LIFO charge.
Seneca Foods
Seneca Foods
Forward Guidance
This release contains forward-looking statements that address future events and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed.
Challenges Ahead
- Rising costs and availability of raw materials.
- Crude oil prices impacting distribution, packaging and energy costs.
- Overall labor shortage and ability to retain workforce.
- Climate and weather affecting growing conditions and crop yields.
- Competition and changes in consumer preferences.