Company: SENEA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033352
Chunk: 27

Company: Seneca Foods Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 27
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27, 2025, which was driven primarily by the sale of various spare equipment. During the six months ended September 28, 2024, the Company had net other operating income of $0.1 million, which was driven primarily by the sale of a small portion of land in the Midwest and partially offset by minimal restructuring charges attributable to equipment moves for the Northeast trucking fleet.

Non-Operating (Income) Expense:

Other Non-Operating Income: Other non-operating income totaled $3.8 million and $2.8 million for the six months ended September 27, 2025 and September 28, 2024, respectively, and is comprised of the non-service related pension amounts that are actuarially determined. 

Interest Expense, net: Interest expense as a percentage of net sales was 1.3% for the six months ended September 27, 2025, as compared to 2.7% for the six months ended September 28, 2024. Interest expense decreased from $19.4 million in the prior year six-month interim period to $10.1 million in the current six-month interim period primarily driven by lower average borrowings outstanding under the Company’s revolving credit facility and a lower weighted average interest rate as compared to the prior year interim period. 

Income Taxes:

The Company’s effective tax rate was 23.6% and 22.7% for the six months ended September 27, 2025 and September 28, 2024, respectively. The increase in the current six-month period is primarily driven by the impact of lower federal credits and higher earnings before income taxes as compared to the prior year six-month period, resulting in an increase of 1.4% to the effective tax rate. Additionally, the prior year six-month period benefited from interest received on a federal income tax refund, which resulted in a 0.3% increase in the current six-month period effective tax rate on a comparative basis. Offsetting those increases, there was a 0.8% decrease to the effective tax rate because of statute expiration for certain uncertain tax benefits during the current six-month period.

Liquidity and Capital Resources

Selected financial data of the Company is summarized in the following table and explanatory review (dollar amounts in thousands, except per share data):

			September 27,

			September 28,

			March 31,

			March 31,

			2025

			2024