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Seneca Foods Corp. Class A Common Stock (SENEA-0.77%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $502.9 million from $444.5 million in the same quarter the previous year. This increase was driven by higher sales volumes, particularly in canned and frozen vegetables.
Gross margin for the quarter was 9.8%, down from 12.2% in the previous year. The decrease in gross margin is attributed to elevated costs that outpaced the increase in net sales.
Selling, general, and administrative expenses decreased slightly to $22.7 million from $22.9 million, representing 4.5% of net sales compared to 5.2% in the previous year.
Net earnings for the quarter were $14.7 million, down from $17.7 million in the previous year. The decrease is mainly due to higher costs impacting gross margin.
Cash provided by operating activities was $243.6 million, while cash used in investing and financing activities was $28.9 million and $213.7 million, respectively.
Seneca Foods reported total assets of $1.23 billion as of December 28, 2024, with a working capital of $579.2 million. The company notes its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including a new Loan and Security Agreement with Wells Fargo Bank, replacing the previous agreement with Bank of America.
Seneca Foods continues to focus on managing costs through supply contracts and cost-saving measures, while acknowledging challenges such as elevated input costs and adverse weather conditions impacting crop yields.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Seneca Foods Corp. Class A Common Stock quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.