Seneca Foods (SENE) Q1 2026 earnings summary

Executive summary

• Net sales for the quarter ended June 28, 2025, were $297.5 million, down 2.4% year-over-year due to lower sales volumes, partially offset by higher prices and favorable product mix.

• Net earnings increased to $14.9 million from $12.7 million in the prior year quarter, driven by a larger LIFO credit and lower interest expense.

• Operating income was $23.2 million, a decrease from $25.4 million year-over-year, with gross margin relatively flat at 14.1%.

Financial highlights

• Gross margin was 14.1% compared to 14.0% in the prior year quarter, benefiting from an $11.8 million LIFO credit.

• EBITDA for the quarter was $37.0 million; FIFO EBITDA was $25.2 million, reflecting the LIFO adjustment.

• Cash provided by operating activities was $53.7 million, up from $50.3 million year-over-year.

• Net cash used in investing activities was $11.2 million, primarily for capital expenditures.

• Net cash used in financing activities was $80.8 million, mainly due to term loan repayments and treasury stock purchases.

Outlook and guidance

• Management expects working capital needs to rise as the seasonal pack progresses, with inventory replenishment following a lower prior year pack.

• The company believes existing operations and liquidity sources will meet cash requirements for at least the next twelve months.