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Seneca Foods see Q3 sales edge up, profit drop

Rochester Business Journal
February 1, 2013

Seneca Foods Corp. reported Friday an increase in third-quarter sales, but a drop in profit.

The Marion, Wayne County, food processor reported net earnings of $14.8 million, or $1.32 a diluted share, compared with net earnings of $18.5 million, or $1.52 a diluted share, a year earlier. Excluding special charges, net earnings per diluted share were $1.39.

Sales were up 1.3 percent to $452.7 million, up from $446.9 million. The increase was due to a sales volume increase of $28.1 million, partially offset by a less favorable sales mix and lower selling prices of $22.3 million, company leaders said.

Part of the sales volume increase can be attributed to stronger promotional activity than in the prior year, they added.

Seneca Foods ranked 19th on the most recent Rochester Business Journal list of manufacturers with 397 workers.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 


 


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