Company: SENEA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025429
Chunk: 31

Company: Seneca Foods Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 31
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 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 by the Company during the current quarter consisted of products produced during the preceding year seasonal pack, which have a higher cost on a per unit basis as compared to finished goods sold during the prior year quarter. Refer to the business trends section above and the material cash requirements section below for additional discussion of the factors impacting the respective seasonal pack.

Selling, General, and Administrative: Selling, general and administrative expense for the three months ended June 28, 2025 increased $1.3 million from the three months ended June 29, 2024. Selling, general, and administrative expense as a percentage