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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Seneca Foods Corp | NASDAQ:SENEA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.13 | -0.23% | 56.98 | 54.90 | 57.20 | 58.04 | 56.99 | 57.15 | 28,839 | 00:59:09 |
Executive Summary (vs. year-ago, year-to-date results):
“The Company continued its strong performance through the first half of fiscal 2024 with net sales and FIFO EBITDA exceeding fiscal 2023 results for the same period. Net earnings continue to reflect non-cash LIFO charges driven by higher costs but have significantly moderated from the same period in fiscal 2023”, stated Paul Palmby, President and Chief Executive Officer of Seneca Foods Corporation. “With a strong processing season winding down and adequate inventory to satisfy customer needs we turn toward planning for next year. Heavy investment in our facilities over the past few years has resulted in reduced current needs and allowed continuation of our share repurchase program which we feel continues to be an attractive allocation of capital.”
Executive Summary (vs. year-ago, second quarter results):
About Seneca Foods Corporation
Seneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from approximately 1,400 American farms and are distributed to approximately 60 countries. Seneca holds a large share of the market for retail private label, food service, restaurant chains, international, contracting packaging, industrial, chips and cherry products. Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips. Seneca’s common stock is traded on the Nasdaq Global Select Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices.
Non-GAAP Financial Measures
Adjusted net earnings is calculated on a FIFO basis. The Company believes this non-GAAP financial measure provides for a better comparison of year over year operating performance. The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP. Set forth below is a reconciliation of reported earnings before income taxes to adjusted net earnings (in thousands).
Three Months Ended | Six Months Ended | |||||||||||
September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | |||||||||
Earnings before income taxes, as reported | $ | 32,577 | $ | 20,993 | $ | 62,838 | $ | 27,725 | ||||
LIFO charge | 9,316 | 29,210 | 7,616 | 48,435 | ||||||||
Adjusted earnings before income taxes | 41,893 | 50,203 | 70,454 | 76,160 | ||||||||
Income taxes | 10,118 | 12,135 | 16,844 | 18,551 | ||||||||
Adjusted net earnings | $ | 31,775 | $ | 38,068 | $ | 53,610 | $ | 57,609 | ||||
Set forth below is a reconciliation of reported net earnings to EBITDA and FIFO EBITDA (earnings before interest, income taxes, depreciation, amortization and non-cash charges related to the LIFO inventory valuation method). The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP (in thousands).
Three Months Ended | Six Months Ended | |||||||||||||||
EBITDA and FIFO EBITDA: | September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | ||||||||||||
Net earnings | $ | 24,779 | $ | 16,131 | $ | 47,890 | $ | 21,234 | ||||||||
Income tax expense | 7,798 | 4,862 | 14,948 | 6,491 | ||||||||||||
Interest expense, net of interest income | 7,185 | 2,370 | 13,758 | 3,760 | ||||||||||||
Depreciation and amortization | 11,089 | 10,056 | 21,769 | 19,844 | ||||||||||||
Operating lease amortization | 1,733 | 3,191 | 3,656 | 6,897 | ||||||||||||
Interest amortization | (114 | ) | (61 | ) | (214 | ) | (121 | ) | ||||||||
EBITDA | 52,470 | 36,549 | 101,807 | 58,105 | ||||||||||||
LIFO charge | 9,316 | 29,210 | 7,616 | 48,435 | ||||||||||||
FIFO EBITDA | $ | 61,786 | $ | 65,759 | $ | 109,423 | $ | 106,540 | ||||||||
Forward-Looking Information
This release contains “forward-looking statements” as that term is used in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they address future events, developments, and results and do not relate strictly to historical facts. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and may contain the words "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "seeks," "should," "likely," "targets," "may", "can" and variations thereof and similar expressions. Forward-looking statements are subject to known and unknown risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed. We believe important factors that could cause actual results to differ materially from our expectations include, but are not limited to, the following:
Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of the filing of this report or to reflect the occurrence of unanticipated events.
Contact: Michael Wolcott, Chief Financial Officer585-495-4100
Seneca Foods Corporation | |||||||||||||||
Unaudited Selected Financial Data | |||||||||||||||
For the Periods Ended September 30, 2023 and October 1, 2022 | |||||||||||||||
(In thousands of dollars, except share data) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
September 30, | October 1, | September 30, | October 1, | ||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Net sales | $ | 407,475 | $ | 439,842 | $ | 706,139 | $ | 705,035 | |||||||
Plant restructuring charge (note 2) | $ | 9 | $ | 52 | $ | 149 | $ | 108 | |||||||
Other operating income, net (note 3) | $ | (1,346 | ) | $ | (589 | ) | $ | (1,543 | ) | $ | (2,640 | ) | |||
Operating income (note 1) | 38,424 | 21,836 | 73,921 | 28,432 | |||||||||||
Other non-operating income | (1,338 | ) | (1,527 | ) | (2,675 | ) | (3,053 | ) | |||||||
Interest expense, net | 7,185 | 2,370 | 13,758 | 3,760 | |||||||||||
Earnings before income taxes | $ | 32,577 | $ | 20,993 | $ | 62,838 | $ | 27,725 | |||||||
Income tax expense | 7,798 | 4,862 | 14,948 | 6,491 | |||||||||||
Net earnings | $ | 24,779 | $ | 16,131 | $ | 47,890 | $ | 21,234 | |||||||
Basic earnings per common share | $ | 3.32 | $ | 2.05 | $ | 6.36 | $ | 2.64 | |||||||
Diluted earnings per common share | $ | 3.29 | $ | 2.03 | $ | 6.30 | $ | 2.62 | |||||||
Note 1: | The effect of the LIFO inventory valuation method on the second quarter pre-tax results decreased operating earnings by $9.3 million and $29.2 million for the three months ended September 30, 2023 and October 1, 2022, respectively. The effect of the LIFO inventory valuation method on YTD six month pre-tax results decreased operating earnings by $7.6 million and $48.4 million for the six months ended September 30, 2023 and October 1, 2022, respectively. |
Note 2: | During the three and six months ended September 30, 2023, respectively, the Company incurred restructuring charges primarily due to equipment moves from ceasing production of green beans at a plant in the Northeast in the previous fiscal year. During the three and six months ended October 1, 2022, respectively, the Company incurred restructuring charges primarily related to plants that were closed in previous periods. |
Note 3: | The Company had net other operating income of $1.3 million and $1.5 million during the three and six months ended September 30, 2023, respectively, which was driven primarily by the sale of non-operational assets in the Pacific Northwest. During the three months ended October 1, 2022, the Company had net other operating income of $0.6 million, driven primary by a true-up of the supplemental early retirement plan accrual partially offset by a loss on the sale of various fixed assets. During the six months ended October 1, 2022, the Company had net other operating income of $2.6 million, which was driven primarily by a gain on the sale of the Company’s western trucking fleet amongst other fixed assets and a true-up of the supplemental early retirement plan accrual. |
Note 4: | The Company used the “two-class” method for basic earnings per share by dividing the earning attributable to common shareholders by the weighted average of common shares outstanding during the period. |
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