Seneca Foods Q1 FY2022 EPS $1.56; net sales $235M, down 18.5% YoY

Seneca Foods Corp

2022-Q1 EPS reported $1.55 revenue$235,042,000

Net sales $235.0M vs $288.2M year-ago; decline driven by $24.2M from prepared foods divestiture and $28.5M volume variance.
Gross margin 14.3% vs 16.9% in prior year quarter.
Earnings per common share $1.56, described as very respectable and highest Q1 in many years excluding last year.
CEO notes prior-year comparison difficult due to COVID panic buying; Q1 performance was in line with expectations.

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