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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 76.47 | 74.54 | 121.58 | 5 | 10:02:24 |
Executive Summary (vs. year-ago, year-to-date results):
“The Company recorded a solid first quarter, as our core vegetable business exhibited very positive volume momentum despite category headwinds,” stated Paul Palmby, President and Chief Executive Officer of Seneca Foods. “Contract manufacturing volumes came in below forecast due to timing; we expect to make those sales later in the fiscal year than initially planned. In addition, margins remain pressured compared to last year due to higher cost inventory and the competitive pricing environment.”
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 more than 1,200 American farms and are distributed to approximately 55 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®, Green Giant®, 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 and excludes the impact from the application of LIFO. 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 | |||||||||
June 29, 2024 | July 1, 2023 | ||||||||
Earnings before income taxes, as reported | $ | 16,501 | $ | 30,261 | |||||
LIFO credit | (2,918 | ) | (1,700 | ) | |||||
Adjusted earnings before income taxes | 13,583 | 28,561 | |||||||
Income taxes at statutory rates | 3,125 | 6,727 | |||||||
Adjusted net earnings | $ | 10,458 | $ | 21,834 | |||||
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 | ||||||||||
EBITDA and FIFO EBITDA: | June 29, 2024 | July 1, 2023 | ||||||||
Net earnings | $ | 12,661 | $ | 23,111 | ||||||
Income tax expense | 3,840 | 7,150 | ||||||||
Interest expense, net of interest income | 10,345 | 6,573 | ||||||||
Depreciation and amortization | 12,446 | 12,603 | ||||||||
Interest amortization | (115 | ) | (100 | ) | ||||||
EBITDA | 39,177 | 49,337 | ||||||||
LIFO credit | (2,918 | ) | (1,700 | ) | ||||||
FIFO EBITDA | $ | 36,259 | $ | 47,637 | ||||||
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 June 29, 2024 and July 1, 2023 | ||||||||
(In thousands of dollars, except share data) | ||||||||
Three Months Ended | ||||||||
June 29, 2024 | July 1, 2023 | |||||||
Net sales | $ | 304,727 | $ | 298,664 | ||||
Operating income (note 1) | 25,443 | 35,497 | ||||||
Other non-operating income | (1,403 | ) | (1,337 | ) | ||||
Interest expense, net | 10,345 | 6,573 | ||||||
Earnings before income taxes | $ | 16,501 | $ | 30,261 | ||||
Income tax expense | 3,840 | 7,150 | ||||||
Net earnings | $ | 12,661 | $ | 23,111 | ||||
Basic earnings per common share | $ | 1.82 | $ | 3.04 | ||||
Diluted earnings per common share | $ | 1.80 | $ | 3.01 |
Note 1: | The effect of the LIFO inventory valuation method on the first quarter pre-tax results increased operating income by $2.9 million and $1.7 million for the three months ended June 29, 2024 and July 1, 2023, respectively. | |
Note 2: | 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. |
1 Year Seneca Foods Chart |
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