Seneca Foods (SENE) Q4 2024 earnings summary

Executive summary

• Net sales for FY 2024 were $1,458.6 million, down $50.8 million year-over-year due to lower volumes, partially offset by higher prices.

• Gross margin for FY 2024 improved to 12.9% from 6.9% in FY 2023.

• Fourth quarter net sales were $308.0 million, a decrease of $23.1 million year-over-year, mainly from lower volumes.

• Fourth quarter gross margin rose to 6.7% from (4.3%) in the prior year quarter.

• Excluding timing of certain contract manufacturing sales, fourth quarter business was up 11% in units year-over-year.

Financial highlights

• FY 2024 net earnings were $63.3 million, up from $9.2 million in FY 2023.

• FY 2024 operating income was $107.2 million, up from $21.4 million in FY 2023.

• Adjusted net earnings (FIFO basis) for FY 2024 were $80.2 million, compared to $107.8 million in FY 2023.

• EBITDA for FY 2024 was $167.3 million; FIFO EBITDA was $189.6 million, down from $212.0 million in FY 2023.

• Basic EPS for FY 2024 was $8.64, up from $1.19 in FY 2023.

Key financial ratios and metrics

• FY 2024 gross margin: 12.9%; Q4 gross margin: 6.7%.

• FY 2024 operating margin: 7.4% (operating income/net sales).

• FY 2024 adjusted net margin: 5.5% (adjusted net earnings/net sales).