US: Sales up, profits plunge at Seneca
Seneca Foods booked plummeting full year profits despite an increase in sales.
The US canned food company said net earnings in the 12 months to 31 March fell to US$13.8m, down from $41.4m in the prior year. EBITDA fell to $46.58m from $93.88m.
Earnings were hit by restructuring and rationalisation costs, LIFO charges and expenses linked to the group being named the stalking horse bidder for US bakery Allens.
Increased expenses more than offset sales gains in the year. Net sales increased 5%, to $1.34bn. The company said sales mix and volume gains contributed.
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