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Q3 profit down, sales up at Seneca Foods

Rochester Business Journal
January 30, 2014

Seneca Foods Corp. reported a drop in third-quarter profit, but an increase in sales.

The Marion, Wayne County-based food processor reported net earnings of $6.8 million, or 61 cents a diluted share, for the quarter ended Dec. 28, compared with net earnings of $14.8 million, or $1.32 a share, a year ago. 

Excluding a non-cash charge of $5 million, net earnings per diluted share were $1.06 down from $1.39 a share a year ago, which also included a non-cash charge of $800,000.

Sales increased 5.5 percent, or $25 million, to $477.7 million from $452.7 million. The company attributed the increase to favorable sales mix and higher selling prices of $18.3 million and a sales volume increase of $6.7 million.

Shares of Seneca Foods (Nasdaq: SENEA) were trading midday Thursday at $29.33, up less than 1 percent from Wednesday’s close of $29.17.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 

 


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