Seneca Foods reports Q1 EPS $1.80 vs $3.01 last year

Reports Q1 revenue $304.727M vs $298.664M last year. “The Company recorded a solid first quarter, as our core vegetable business exhibited very positive volume momentum despite category headwinds,” stated Paul Palmby, President and Chief Executive Officer of Seneca Foods. “Contract manufacturing volumes came in below forecast due to timing; we expect to make those sales later in the fiscal year than initially planned. In addition, margins remain pressured compared to last year due to higher cost inventory and the competitive pricing environment.”