Seneca Foods Q2 sales rise 18% to $439.8M; gross margin contracts on LIFO charge

Seneca Foods Corp

2022-Q2 EPS reported $2.62 revenue$705,035,000

Q2 net sales $439.8M vs $372.3M last year, driven by higher selling prices and improved mix.
Gross margin fell to 9.5% from 11.5% due to $20.4M increase in non-cash LIFO charge.
YTD net sales $705.0M vs $607.3M; gross margin 9.2% vs 12.6% largely from LIFO.
CEO cites inflation impact but notes sufficient inventory to support customers.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Seneca Foods Corp reported second quarter ended October 1, 2022 results: revenue $439.8 million.

Period: second quarter ended October 1, 2022
Revenue: $439.8 million
Result: reported results

Exact text from the filing

for the second quarter and six months ended October 1, 2022. Executive Summary (vs. year-ago, second quarter results): ■ Net sales for the second quarter of fiscal 2023 totaled $439.8 million compared to $372.3 million for the second quarter of fiscal 2022. The year-over-year increase of $67.5 million is mostly from higher selling prices/improved sales mix. ■ Gross

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Source: SEC EDGAR

accession 0001437749-22-026599

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