Seneca Foods Q1 net sales dip to $297.5 mln
Overview
Seneca Foods fiscal Q1 net sales fall to $297.5 mln, down from $304.7 mln
Adjusted net earnings decline due to large LIFO credit impact
Company expects to recoup sales disruptions from key co-pack customer
Outlook
Seneca Foods expects to recoup sales volumes from key co-pack customer
Company optimistic about normalized inventory levels due to better growing season
Seneca Foods anticipates improved costs from favorable weather conditions
Result Drivers
SALES VOLUME DECLINE - Lower sales volumes contributed to a $7.2 mln decrease in net sales, partially offset by higher selling prices and product mix
CO-PACK CUSTOMER DISRUPTION - Sales disruptions from a key co-pack customer led to reduced volumes, expected to be recouped under contractual relationship
HIGH-COST INVENTORY - High-cost 2024 inventory due to unfavorable weather impacted results, but progress made in selling through this inventory
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 Sales |
| $297.46 mln |
|
Q1 EPS |
| $2.14 |
|
Q1 Basic EPS |
| $2.16 |
|
Q1 Operating Income |
| $23.22 mln |
|
Q1 Pretax Profit |
| $19.71 mln |
|
Press Release: ID:nGNX7G8d5q
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