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Seneca Foods Corp. reported a decrease in first-quarter profit, despite an increase in sales.
The Marion, Wayne County food processor posted net earnings of $1.3 million, or 12 cents a share, compared with net earnings of $8.2 million, or 67 cents a diluted share, a year ago.
Sales were up less than 1 percent to $232.1 million. The increase was due to higher sales volume of $12.5 million partially offset by lower selling prices/unfavorable sales mix of $11.4 million, the company reported.
Excluding a non-cash after-tax last in first out charge of $3.8 million, net earnings per diluted share were 46 cents during the quarter versus 74 cents during last year’s quarter, which included a non-cash last in first out charge of $800,000.
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