Core Insights - Seneca Foods Corporation reported financial results for the three months ended June 28, 2025, indicating a decrease in net sales compared to the previous year, attributed to lower sales volumes despite higher selling prices [2][7][12] - The company is optimistic about future performance, expecting improved inventory levels and costs due to a better growing season [2][7] Financial Performance - Net sales for Q1 fiscal 2026 were $297.5 million, down from $304.7 million in Q1 fiscal 2025, a decrease of $7.2 million [7][12] - Adjusted net earnings for the quarter were $6.0 million, compared to $10.5 million in the same period last year, reflecting a decline in operating performance [5][12] - Gross margin as a percentage of net sales increased slightly to 14.1% from 14.0% year-over-year [7] Earnings and Expenses - Earnings before income taxes were reported at $19.7 million, up from $16.5 million year-over-year [5][12] - Operating income decreased to $23.2 million from $25.4 million in the prior year [12] - Interest expense decreased significantly to $5.4 million from $10.3 million, contributing to improved net earnings of $14.9 million compared to $12.7 million last year [8][12] Market Position - Seneca Foods is a leading provider of packaged fruits and vegetables in North America, sourcing products from over 1,100 American farms and distributing to approximately 55 countries [3] - The company holds a significant market share in various segments, including retail private label and food service [3] Non-GAAP Financial Measures - The company utilizes adjusted net earnings to provide a clearer comparison of year-over-year operating performance, excluding non-cash charges related to LIFO inventory valuation [4][5]