Seneca Foods reports record FY2023 sales of $1.51B; gross margin falls to 9.0% on $100M LIFO charge

Seneca Foods Corp

Full-year net sales $1,509.4M (+$124.1M vs FY2022) driven by higher selling prices, partially offset by lower volumes.
Gross margin declined to 9.0% from 10.7% due to a $64.2M increase in the LIFO charge; Q4 margin 5.3% vs 8.0%.
CEO cites unprecedented non-cash LIFO charge of $100M; company achieved record FIFO EBITDA despite cost pressures.
Fourth-quarter net sales $331.1M, essentially flat vs $332.4M prior year; lower volumes mostly offset by higher prices.
Inventory levels replenished entering fiscal 2024; management positioned to meet customer demand.

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 0.95

Seneca Foods Corp reported the fourth quarter ended March 31, 2023 results: revenue $331.1 million.

Period: the fourth quarter ended March 31, 2023
Revenue: $331.1 million
Result: reported results

Exact text from the filing

pandemic, and are in position to serve our customers’ needs.” Executive Summary (vs. year-ago, fourth quarter results): ■ Net sales for the fourth quarter of fiscal 2023 totaled $331.1 million compared to $332.4 million for the fourth quarter of fiscal 2022. The year-over-year decrease of $1.3 million was mainly due to lower sales volumes mostly offset by higher

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Seneca Foods Corp reported the twelve months ended March 31, 2023 results: revenue $1,509.4 million.

Period: the twelve months ended March 31, 2023
Revenue: $1,509.4 million
Result: reported results

Exact text from the filing

the fourth quarter and twelve months ended March 31, 2023. Executive Summary (vs. year-ago, year-to-date results): ■ Net sales for the twelve months ended March 31, 2023 totaled $1,509.4 million compared to $1,385.3 million for the twelve months ended March 31, 2022. The year-over-year increase of $124.1 million was mainly due to higher selling prices partially offset by

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Source: SEC EDGAR

accession 0001437749-23-017257

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