US: Charges hit Seneca Foods' FY profits
US canned vegetables maker Seneca Foods has booked a drop in full-year profits, hurt by a one-time charge.
In the 12 months to the end of March, the company recorded earnings of US$11.3m, a 36% decline on the prior-year.
The company recorded a non-cash after-tax LIFO charge of $30.7m. Excluding this charge, net profit amounted to $42m.
However, operating profit in the period dropped by 3.5% to $814m. Sales, however, climbed 5.9% to reach $1.26m, which Seneca attributed to increased selling prices and an improved sales mix, partially offset by a sales volume reduction of $66.1m.
Click here to view the full earnings release.
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