Company: SENEA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033352
Chunk: 33

Company: Seneca Foods Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 33
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 and cash flows. The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP. 

20

Adjusted net earnings are calculated on a FIFO basis which excludes the impact from the application of LIFO. Set forth below is a reconciliation of reported net earnings before income taxes to adjusted net earnings (in thousands):

			Three Months Ended

			Six Months Ended

			September 27,

			September 28,

			September 27,

			September 28,

			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 E