Seneca Foods Q1 net sales up 12.6% to $298.7M; gross margin expands to 18.5%

Seneca Foods Corp

2024-Q1 EPS reported $3.01 revenue$298,664,000

Net sales $298.7M vs $265.2M YoY, driven by higher selling prices partially offset by lower volumes.
Gross margin improved to 18.5% from 8.6% year-over-year.
CEO Paul Palmby cites strong Q1, FIFO EBITDA growth, and absence of non-cash LIFO charge.
No net income or EPS figures disclosed in the press release.
Harvest season underway with good crop so far; inflation stabilizing.

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 0.9

Seneca Foods Corp reported three months ended July 1, 2023 results: revenue $298.7 million.

Period: three months ended July 1, 2023
Revenue: $298.7 million
Result: reported results

Exact text from the filing

financial results for the three months ended July 1, 2023. Executive Summary (vs. year-ago, year-to-date results): ■ Net sales for the first quarter of fiscal 2024 totaled $298.7 million compared to $265.2 for the first quarter of fiscal 2023. The year-over-year increase of $33.5 million was mainly due to higher selling prices partially offset by lower sales

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Source: SEC EDGAR

accession 0001437749-23-022801

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