Company: SENEA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033352
Chunk: 80

Company: Seneca Foods Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 80
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			2025

			2024

			2025

			2024

			Earnings before income taxes, as reported

			$
			38,694

			$
			17,068

			$
			58,405

			$
			33,569

			LIFO (credit) charge

			(7,674
			)

			14,977

			(19,472
			)

			12,059

			Adjusted earnings before income taxes

			31,020

			32,045

			38,933

			45,628

			Income taxes (1)

			7,052

			7,434

			8,952

			10,559

			Adjusted net earnings

			$
			23,968

			$
			24,611

			$
			29,981

			$
			35,069

			(1)

			For the three months ended September 27, 2025 and September 28, 2024, income taxes on adjusted earnings before taxes were calculated using the income tax provision amounts of $9.0 million and $3.8 million, respectively, and applying the statutory tax rates of 24.8% and 24.5%, respectively, for each of the respective periods to the pre-tax LIFO (credit) charge.

			For the six months ended September 27, 2025 and September 28, 2024, income taxes on adjusted earnings before taxes were calculated using the income tax provision amounts of $13.8 million and $7.6 million, respectively, and applying the statutory tax rates of 24.8% and 24.5%, respectively, for each of the respective periods to the pre-tax LIFO (credit) charge.

The Company believes EBITDA is often a useful measure of a Company’s operating performance because EBITDA excludes charges for depreciation, amortization, non-cash lease expense, and interest expense as well as the Company’s provision for income tax expense. EBITDA is frequently used as one of the bases for comparing businesses in the Company’s industry. FIFO EBITDA also excludes non-cash charges related to the LIFO inventory valuation method. The Company’s revolving credit facility and term loan agreements use FIFO EBITDA in the financial covenants thereunder.

Set forth below