Seneca Foods Corp. on Wednesday reported an increase in fourth-quarter profit and revenues.
The Marion, Wayne County-based food processor posted a profit of $13.8 million, or $1.38 a diluted share, compared with net income of $2.8 million, or 26 cents a diluted share, during the prior year’s fourth quarter.
Excluding a non-cash after-tax last in first out credit of $7.5 million, net earnings per diluted share were 63 cents, versus earnings per diluted share of 25 cents during the previous year’s quarter, which included after-tax LIFO credit of $100,000.
Fourth-quarter sales were up 9 percent to $303.7 million, from $277.9 million a year earlier.
Company officials said the increase in sales was due to increased sales volume of $52.4 million partially offset by lower selling prices/less favorable sales mix of $26.7 million.
For the fiscal year ending March 31, Seneca Foods reported net earnings of $54.5 million, or $5.42 a diluted share, versus $9.9 million, or 90 cents a diluted share, the previous year.
Excluding a non-cash after-tax LIFO credit of $16.1 million, net earnings per diluted share were $3.82 during the year, versus $1.54 a diluted share during the previous year, which included a non-cash after-tax LIFO charge of $6.9 million.
Sales were down less than 1 percent to $1.28 billion, from $1.29 billion the prior year. The decrease is attributable to decreased sales volume of $11.1 million partially offset by higher selling prices/more favorable sales mix of $0.1 million, the company reported.
“Our full-year performance was also strong even after excluding onetime events as a good growing season last summer and fall led to a better than anticipated cost of goods sold,” said Kraig Kayser, Seneca Foods’ president and CEO in a statement. “We are pleased that fiscal year 2016 finished on a strong note as holiday sales drove both sales and earnings in the fourth quarter.”
Seneca shares (NasdaqGS: SENEA) were up nearly 3 percent Thursday midday at $33.54. The company reported its results after the market closed Wednesday.
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