Seneca Foods Corporation today announced financial results for the fourth quarter and twelve months ended March 31, 2021.
Highlights (vs. year-ago, year-to-date results):
- Net sales for 2021 totaled $1,467.6 million compared to $1,335.8 million for the prior year, an increase of $131.8 million. The overall increase in sales was attributable to increased sales volume of $74.2 million and higher selling prices/ favorable sales mix of $57.6 million, both predominantly due to canned vegetables.
- Gross margin as a percentage of net sales increased from 10.6% in 2020 to 15.8% in 2021 due to the favorable impact of higher selling prices and an improved selling mix outweighing the negative impact of a smaller than planned pack and incremental expenditures incurred for precautionary and safety measures taken for COVID-19.
“Fiscal 2021 was a year of contrasts. While increased pandemic demand for our products led to record financial performance, it was overshadowed by the suffering and loss from the virus by many of our employees, their families and our communities. Our results speak for themselves but it was the dedication and hard work of our plant employees who truly made the difference through these difficult times.”
Paul Palmby, Chief Executive Officer
Highlights (vs. year-ago, fourth quarter results):
- Net sales for the quarter were $304.8 million and $307.9 million for the prior year quarter. The overall decrease in sales of $3.1 million was attributable to decreased sales volume of $15.9 million offset by higher selling prices/favorable sales mix of $12.8 million.
- Gross margin percentage increased from 15.1% for the quarter in 2020 to 18.7% for the quarter in 2021.
For more information:
Timothy J. Benjamin
Seneca Foods Corporation
Tel.: +1 315-926-8100