Seneca Foods Corporation announced financial results for the second quarter and six months ended September 29, 2018.
Highlights (vs. year-ago, second quarter results):
· The Company has applied discontinued operations treatment as related to its Modesto operations during the second quarter of fiscal 2019.
· Included in the second fiscal year 2019 quarter net earnings from discontinued operations is a $24.2 million noncash gain as a result of the Modesto LIFO layer liquidation.
· Net continuing sales decreased $7.0 million or 2.1% as compared to the prior year quarter. A decrease in sales volume of $10.0 million was partially offset by higher selling prices/mix of $3.0 million. The sales volume decrease is primarily from a reduction in B&G Foods Inc. sales and is partially offset by an increase in other canned vegetable sales.
“Continuing operations results are lagging behind the prior year primarily due to higher steel and transportation costs,” stated Kraig Kayser, President and Chief Executive Officer.
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