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Seneca Foods improves Q2 bottom line
Seneca Foods improves Q2 bottom line
Listen to this articleWayne County’s Seneca Foods Corp. this week reported an improvement in its second-quarter bottom line and an increase in its gross margin.
For the quarter ended Sept. 26, the manufacturer reported sales of $390.3 million, up from $370 million in the same quarter last year. Net income increased to $18.1 million from $4.6 million in the year-ago quarter. On a per-share basis, earnings improved to $1.97 from 49 cents a year ago.
“The second quarter showed solid results when compared to the prior year. Strong demand driven by our customers anticipated consumer pantry loading due to COVID-19 continues to help drive sales and net income,” President and CEO Paul Palmby said in a statement.
Gross margin for the quarter increased from 6.5 percent to 12.5 percent, compared with the prior year. Company officials said the increase was due to higher selling prices and higher sales volume in the second quarter of fiscal 2021.
Seneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States, including its headquarters and manufacturing facility in Marion. Its products are primarily sourced from more than 1,600 American farms.
The company holds the largest share of the retail private label, food service and export canned vegetable markets, distributing to more than 90 countries. Products also are sold under the brands of Libby’s, Aunt Nellie’s, Green Valley, CherryMan, READ and Seneca labels, including Seneca snack chips.
Shares of company stock (Nasdaq: SENEB) ranged from $37.50 to $38.42 this week.
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