US: Sales up, profits down at canned food firm Seneca
Seneca reported improving volumes
US canned fruit and veg group Seneca Foods has reported a 5% increase in quarterly sales but saw LIFO charges continue to hit its bottom line.
Seneca booked a 5.5% rise in net sales to US$477.7m for its third quarter, which ended on 28 December. The company pointed to higher selling prices and improved volumes.
However, Seneca's net earnings for the quarter more than halved. Seneca's bottom line stood at $6.8m, down from $14.8m a year earlier. As in the first two quarters of the year, LIFO charges hit Seneca's profits. Seneca booked a $5m charge for the third quarter.
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