Company: SENEA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025429
Chunk: 72

Company: Seneca Foods Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 72
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 equating to $14.2 million, which was partially offset by $5.4 million from higher pricing. Net sales in the fruit products category decreased $0.8 million largely driven by lower selling prices and product mix. The snack products category contributed a net sales increase of $0.7 million mainly due to higher sales volume. Lastly, net sales attributable to the other category increased $1.6 million as compared to the prior year quarter for seed, cans and ends, and outside revenue from aircraft operations, which are ancillary to the Company’s main operations.

16

Operating Income:

The following table presents components of operating and non-operating income as a percentage of net sales (percentages shown as absolute values):

			Three Months Ended

			June 28,

			June 29,

			2025

			2024

			Gross margin

			14.1
			%

			14.0
			%

			Selling, general, and administrative expense

			6.3
			%

			5.7
			%

			Other operating income, net

			0.0
			%

			0.1
			%

			Operating income

			7.8
			%

			8.3
			%

			Other non-operating income

			0.6
			%

			0.5
			%

			Interest expense, net

			1.8
			%

			3.4
			%

			Income taxes

			1.6
			%

			1.3
			%

Three Months Ended June 28, 2025 and June 29, 2024

Gross Margin: Gross margin for the three months ended June 28, 2025 was 14.1% as compared to 14.0% for the three months ended June 29, 2024. Gross margin was relatively flat when comparing the year-over-year quarterly periods because although the Company continues to experience elevated costs in fiscal year 2026, the current quarter benefited from a larger LIFO credit thereby reducing the cost of products sold. The Company’s LIFO credit for the three months ended June 28, 2025 was $11.8 million as compared to a LIFO credit of $2.9 million for the three months ended June 29, 2024. Finished goods sold