Seneca Foods Corporation announced financial results for the second quarter and six months ended September 26, 2020.
Highlights (vs. year-ago, second quarter results):
- Net sales increased 5.5% to $390.3 million.
- Gross margin percentage increased from 6.5% to 12.5% as compared to the prior year three months due to higher
selling prices and higher sales volume in the second quarter of 2021.
“The second quarter showed solid results when compared to the prior year. Strong demand driven by our customers anticipated consumer pantry loading due to COVID-19 continues to help drive sales and net income.” stated Paul Palmby, President and Chief Executive Officer.
Highlights (vs. year-ago, year-to-date results):
- Net sales increased 6.9% to $678.5 million.
- Gross margin percentage increased from 6.8% to 14.4% as compared to the prior year year-to-date mostly due to higher selling prices in the first six months of 2021.
Non-GAAP Financial Measures—Operating Income Excluding LIFO and Plant Restructuring Impact, EBITDA and FIFO EBITDA
Operating income excluding LIFO and plant restructuring, EBITDA and FIFO EBITDA are non-GAAP financial measures. The Company believes these non-GAAP financial measures provide a basis for comparison to companies that do not use LIFO or have plant restructuring to enhance the understanding of the Company’s historical 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.
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