Seneca Foods Corporation (SENEB)
Chart Events
Performance Outlook
| Previous Close | 44.71 |
| Open | 42.00 |
| Bid | 41.72 x 1100 |
| Ask | 45.11 x 1000 |
| Day's Range | 47.65 - 47.65 |
| 52 Week Range | 27.53 - 48.50 |
| Volume | 63 |
| Avg. Volume | 204 |
| Market Cap | 438.818M |
| Beta (5Y Monthly) | 0.70 |
| PE Ratio (TTM) | 5.15 |
| EPS (TTM) | 9.25 |
| Earnings Date | Nov 04, 2020 - Nov 09, 2020 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | Oct 28, 1980 |
| 1y Target Est | N/A |
Fair Value
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- GlobeNewswire
Seneca Foods Reports Sales and Earnings for the Quarter and Six Months Ended September 26, 2020
MARION, N.Y., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today 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.About Seneca Foods CorporationSeneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from over 1,600 American farms. Seneca holds the largest share of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries. Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips. Seneca’s common stock is traded on the Nasdaq Global Stock Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices.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. Set forth below is a reconciliation of reported Operating Income excluding LIFO and plant restructuring. Quarter Ended Year Ended In millions In millions 9/26/2020 9/28/2019 9/26/2020 9/28/2019 FY 2021 FY 2020 FY 2021 FY 2020 Operating income, as reported:$27.7$7.4$58.0$10.3 LIFO charge 2.5 0.7 0.4 3.9 Plant restructuring charge - 1.1 0.3 6.0 Operating income, excluding LIFO and plant restructuring impact$30.2$9.2$58.7$20.2 Set forth below is a reconciliation of reported net earnings to EBITDA and FIFO EBITDA (earnings before interest, income taxes, depreciation, amortization, non-cash charges and credits related to the LIFO inventory valuation method). 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. Six Months Ended EBITDA and FIFO EBITDA: September 26, 2020 September 28, 2019 (In thousands) Net earnings$38,811 $5,738 Income tax expense 11,948 1,704 Interest expense, net of interest income 3,055 6,493 Depreciation and amortization 16,050 14,698 Interest amortization (137) (139) EBITDA 69,727 28,494 LIFO charge 388 3,880 FIFO EBITDA$70,115 $32,374 Forward-Looking Information The information contained in this release contains, or may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this release and include statements regarding the intent, belief or current expectations of the Company or its officers (including statements preceded by, followed by or that include the words “believes,” “expects,” “anticipates” or similar expressions) with respect to various matters.Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on such statements, which speak only as of the date the statements were made. Among the factors that could cause actual results to differ materially are: * general economic and business conditions; * cost and availability of commodities and other raw materials such as vegetables, steel and packaging materials; * transportation costs; * climate and weather affecting growing conditions and crop yields; * availability of financing; * leverage and the Company’s ability to service and reduce its debt; * potential impact of COVID-19 related issues at our facilities; * foreign currency exchange and interest rate fluctuations; * effectiveness of the Company’s marketing and trade promotion programs; * changing consumer preferences; * competition; * product liability claims; * the loss of significant customers or a substantial reduction in orders from these customers; * changes in, or the failure or inability to comply with, United States, foreign and local governmental regulations, including environmental and health and safety regulations; and * other risks detailed from time to time in the reports filed by the Company with the SEC. Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of the filing of this report or to reflect the occurrence of unanticipated events.Contact: Timothy J. Benjamin, Chief Financial Officer 315-926-8100 Seneca Foods Corporation Unaudited Selected Financial Data For the Periods Ended September 26, 2020 and September 28, 2019 (In thousands of dollars, except share data) Second Quarter Year-to-Date Fiscal 2021Fiscal 2020 Fiscal 2021 Fiscal 2020 Net sales$390,294 $370,002 $678,459 $634,927 Plant restructuring expense (note 2)$24 $1,146 $287 $5,952 Other operating (loss) income, net (note 3)$(1,780) $2,174 $(1,635) $7,001 Operating income (note 1)$27,686 $7,391 $57,985 $10,328 Loss from equity investment 804 - 1,480 - Other loss (income) 1,760 (1,804) 2,691 (3,607) Interest expense, net 1,404 3,141 3,055 6,493 Earnings before income taxes$23,718 $6,054 $50,759 $7,442 Income tax expense 5,613 1,419 11,948 1,704 Net earnings$18,105 $4,635 $38,811 $5,738 Basic earnings per share$1.98 $0.50 $4.24 $0.61 Diluted earnings per share$1.97 $0.49 $4.21 $0.61 Note 1: The effect of the LIFO inventory valuation method on second quarter pre-tax results decreased operating earnings by $2,528,000 for the three month period ended September 26, 2020 and decreased operating earnings by $704,000 for the three month period ended September 28, 2019. The effect of the LIFO inventory valuation method on second quarter pre-tax results decreased operating earnings by $388,000 for the six month period ended September 26, 2020 and decreased operating earnings by $3,880,000 for the six month period ended September 28, 2019. Note 2: The six month period ended September 26, 2020 included a restructuring charge of $287,000 primarily related to closed plants in the Northwest, of which $219,000 was related to severance and $44,000 was related to lease impairments. The six month period ended September 28, 2019 included a restructuring charge of $5,952,000 primarily for lease impairments (including accelerated amortization of $4,475,000) and equipment moves for plants in the Midwest and Northwest. Note 3: During the six months ended September 26, 2020, the Company recorded a loss of $532,000 on the disposal of equipment from a sold Northwest plant and the gain on the sale of unused fixed assets of $71,000. The Company also recorded a charge of $1,174,000 for a supplemental early retirement plan. Other operating income for the six months ended September 28, 2019 of $7,001,000 includes a gain on the partial sale of a plant in the Midwest of $3,742,000 and a gain on the sale of unused fixed assets of $3,259,000. Note 4: The Company uses the "two-class" method for basic earnings per share by dividing the earnings attributable to common shareholders by the weighted average of common shares outstanding during the period.
- Simply Wall St.
What Type Of Shareholders Own The Most Number of Seneca Foods Corporation (NASDAQ:SENE.A) Shares?
The big shareholder groups in Seneca Foods Corporation (NASDAQ:SENE.A) have power over the company. Generally...
- GlobeNewswire
Seneca Recalls Cinnamon Apple Chips Because of Possible Health Risk
Seneca Cinnamon Apple Chips 2.5 ounce Package UPC: 0 18195-70100 8-Individual Package Codes: 28JUN2021 Seneca Cinnamon Apple Chips 0.7 ounce Package UPC: 0 18195-70140 4-Individual Package Codes: 26JUN2021 Clancy’s Cinnamon Apple Chips 2.5 ounce Package -Individual Package Codes: 26JUN2021 27JUN2021 Example of code placement and printing Example of code placement and printingJANESVILLE, Wis., Oct. 02, 2020 (GLOBE NEWSWIRE) -- Seneca Snack Company, a Washington Corporation, is announcing a voluntary recall of Seneca Cinnamon Apple Chips and Clancy’s Cinnamon Apple Chips due to possible Salmonella contamination. Salmonella is an organism which can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems. Healthy persons infected with Salmonella often experience fever, diarrhea, nausea, vomiting and abdominal pain. In rare circumstances, infection with Salmonella can result in the organism getting in the bloodstream and producing more severe illnesses such as arterial infections, endocarditis and arthritis.This recall is only for specific cinnamon flavor lot codes, no other flavor apple chips are affected. This only affects Clancy’s product sold by ALDI and Seneca products sold nationwide through Amazon and Gemline, no other retailers are affected.Seneca is not aware of any reports of consumer illness related to this product.Seneca was notified by an ingredient supplier that it shipped one lot of ingredients containing cinnamon that has the potential to be contaminated with Salmonella. In response to that notification; Seneca is now retrieving Cinnamon Apple Chips from its distribution system.The recall extends to the following labels and package sizes ONLY:Seneca Cinnamon Apple Chips 2.5 ounce Package UPC: 0 18195-70100 8 -Individual Package Codes: 28JUN2021A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4c6fa697-7da5-403c-90c6-876594447a65.Seneca Cinnamon Apple Chips 0.7 ounce Package UPC: 0 18195-70140 4 -Individual Package Codes: 26JUN2021A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/12d1d1d1-ec84-4511-8fc6-aa7b8fa79daa.Clancy’s Cinnamon Apple Chips 2.5 ounce Package -Individual Package Codes: 26JUN2021 27JUN2021 A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7ac3bb50-d7d5-4d2c-b6c9-3e00e5c577a3.Example of code placement and printing: https://www.globenewswire.com/NewsRoom/AttachmentNg/8c1033a8-e7f7-4bae-83dd-bc6f715ed0ea.Consumers with this product should return it for a full refund to the retail outlet where it was purchased. Consumers who want more information may call Seneca Foods Consumer Affairs at 1-800-872-1110.Contact: Matt Henschler Seneca Foods Corporation (608) 757-6054
