Seneca Foods Reports Sales and Earnings for the Quarter and Nine Months Ended December 28, 2019
Seneca Foods Corp. - Class B (SENEB)
US:NASDAQ Investor Relations:
senecafoods.com/investors
Company Research
Source: GlobeNewswire
MARION, N.Y., Feb. 05, 2020 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the third quarter and nine months ended December 28, 2019. Highlights (vs. year-ago, year-to-date results): Net continuing sales increased $90.9 million or 9.7% as compared to the prior year nine months. This is a result of higher selling prices/sales mix of $58.0 million and higher sales volume of $32.9 million. The increase in sales is primarily from a $50.8 million increase in B&G Foods Inc. sales and an increase in canned vegetable sales.Gross margin percentage from continuing operations income increased from 2.7% to 9.3% as compared to the prior year nine months. Higher sales volume, lower cost increases and a decrease in the LIFO charge all contributed to the higher gross margin percentage. “The third quarter was much improved for the company in part due to an $11.3 million pretax LIFO credit. The credit resulted from reduced inventory p
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