|PRINT | CLOSE WINDOW|
Seneca Foods Corp. reported a drop in second-quarter profit, despite an increase in sales.
The Marion, Wayne County-based food processor reported a profit of $6.6 million, or 59 cents a diluted share, compared with net income of $14.5 million, or $1.22 a diluted share, a year ago.
Excluding a non-cash, after-tax last in first out charge of $5.6 million, net earnings per diluted share were $1.09, up from $1.02, which included a non-cash LIFO credit of $2.4 million.
Net sales increased by 6 percent to $336.6 million. The company said the increase was attributable to a sales volume increase of $26.9 million partially offset by a less favorable sales mix and lower selling prices of $7.9 million.
Seneca Foods employs nearly 400 local workers.
(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail email@example.com.