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Mar 31, 2022
Seneca Foods Q4 2022 Earnings Report
Seneca Foods' financial performance increased in net sales but decreased in gross margin and net earnings compared to the same quarter last year.
Key Takeaways
Seneca Foods Corporation reported an increase in net sales but a decrease in gross margin and net earnings for the fourth quarter of fiscal year 2022 compared to the fourth quarter of fiscal year 2021. Net sales totaled $332.4 million, while net earnings were $6.6 million or $0.77 per diluted share.
Net sales for Q4 2022 totaled $332.4 million, compared to $304.8 million in Q4 2021.
Gross margin for Q4 2022 was 8.0%, compared to 18.7% in Q4 2021.
Net earnings for Q4 2022 were $6.6 million, or $0.77 per diluted share, compared to $14.8 million, or $1.62 per diluted share, in Q4 2021.
The company faced persistent and historic inflation, leading to higher costs and significant non-cash LIFO impacts.
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.
Challenges Ahead
- the effects of rising costs and availability of raw fruit and vegetables, steel, ingredients, packaging, other raw materials, distribution and labor
- crude oil prices and their impact on distribution, packaging and energy costs
- an overall labor shortage, ability to retain a sufficient seasonal workforce, lack of skilled labor, labor inflation or increased turnover impacting our ability to recruit and retain employees
- climate and weather affecting growing conditions and crop yields
- our ability to successfully implement sales price increases and cost saving measures to offset cost increases