US firm Seneca Foods saw its earnings slide in the first half of its financial year, hurt by a one-off restructuring charge.
In the six months ended 28 September, earnings amounted to US$7.9m. This compared to a net profit of $22.7m a year earlier. Earnings in the period included a restructuring charge for product rationalization costs of $501,000, and an after-tax LIFO charge of $9.4m.
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Operating profit was also down, to $10.6m from $39.2m a year earlier.
Sales, however, climbed 3.7% to $568.7m thanks to higher sales volume of $39.4m.
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