earnings
confidence high
sentiment positive
materiality 0.65
Seneca Foods Q1 sales up 12.8% to $265.2M; FIFO EBITDA up 18.4%
Seneca Foods Corp
2022-Q1 EPS reported
$0.62
revenue$265,193,000
- Net sales $265.2M vs $235.0M (+12.8%); driven by higher prices/improved mix ($21.2M) and increased volume ($9.0M).
- Gross margin fell to 8.6% from 14.3% due to $16.4M increase in LIFO charge; FIFO EBITDA rose 18.4% to $37.1M.
- CEO reports adjusted net earnings up ~20% vs robust prior year; strong start to raw product pack increased inventory levels.
- LIFO charge of $19.2M in the quarter creates non-cash impact; inflation cited as primary driver.