Seneca Foods Corp. reported increases in second-quarter sales and earnings due to higher selling prices and an improved sales mix.
Net earnings were $12.4 million, or $1.02 a diluted share, versus a profit of $4.4 million, or 36 cents a diluted share, a year ago. The Marion, Wayne County-based food processor logged sales of $323.2 million, up 2.5 percent over a year ago.
Excluding a non-cash after-tax inventory charges, net earnings were $15.5 million, or $1.27 a share, compared with $13.7 million, or $1.11 a share.
“Our retail store brands business remains one of the key drivers in earnings growth as consumers stretch their food budgets through the purchase of our products,” said Kraig Kayser, president and CEO, in a statement. “Nevertheless, sales of store brand canned fruits and vegetables show signs of slowing as the leading brands are becoming more aggressive in their promotional activities.”
The company, which has processing facilities in Geneva, Marion and Leicester, sells products under Libby’s, Aunt Nellie’s Farm Kitchen, Stokely’s, Read and Seneca labels. It is the country’s largest processor of canned fruits and vegetables, and it ranked 22nd on the Rochester Business Journal’s most recent list of manufacturers with 397 local employees.
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