Seneca Foods Corp. reported a drop in its fiscal 2017 third-quarter sales and profit.
The Marion, Wayne County food processor reported net income of $8.2 million, or 82 cents a dilutes share, compared with net income of $31.1 million, or $3.10 a diluted share, during the same period a year prior. The company reported its results after markets closed Wednesday.
The company logged sales of $369.7 million, down 14.5 percent from $432.2 million.
The company said the decline in revenue was due to a sales volume decrease of $48.5 million and an unfavorable sales mix and lower selling prices of $14 million. The drop in sales mostly was related to a timing difference due to a change in contract terms with Green Giant, Seneca Foods said.
Shares of Seneca Foods (NasdaqGS:Senea) were trading midday Thursday at $39.50, down nearly 3 percent from Wednesday’s close of $40.55.
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