Seneca Foods Reports Sales and Earnings for the Quarter and Nine Months Ended December 28, 2024

Core Viewpoint - Seneca Foods Corporation reported strong unit volume sales growth of over 16% in the third quarter, but faced margin pressures due to a poor 2024 pack season caused by adverse weather conditions [2][6]. Financial Performance - For the third quarter of fiscal 2025, net sales reached $502.9 million, an increase of $58.4 million from $444.5 million in the same quarter last year, driven by higher sales volumes but offset by lower selling prices [7][13]. - For the nine months ended December 28, 2024, net sales totaled $1,233.0 million, up from $1,150.6 million in the prior year, reflecting a year-over-year increase of $82.4 million primarily due to higher sales volumes [6][13]. - Gross margin for the third quarter was 9.8%, down from 12.2% in the previous year, while for the nine months, it was 10.9%, compared to 14.6% in the same period last year [6][7]. Earnings and Adjustments - Adjusted net earnings for the third quarter were $22.9 million, compared to $26.7 million in the prior year, while for the nine months, adjusted net earnings were $58.0 million, down from $80.3 million [4][13]. - Earnings before income taxes for the third quarter were reported at $19.3 million, down from $23.2 million year-over-year, and for the nine months, it was $52.9 million compared to $86.0 million in the previous year [5][13]. Company Overview - Seneca Foods Corporation is a leading provider of packaged fruits and vegetables in North America, sourcing products from over 1,200 American farms and distributing to approximately 55 countries [3]. - The company holds a significant market share in various segments, including retail private label, food service, and industrial products, and is known for brands such as Libby's®, Green Giant®, and Aunt Nellie's® [3].