Seneca Foods has booked an increase in full-year earnings on the back of higher sales and one-time gains.
The US company said today (23 May) net earnings jumped 267.9%, climbing to US$41.4m in the year to end-March. Profits were boosted by one-time gains associated with property valuations and the estimated value of assets acquired through the group’s Sunnyside purchase.
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Sales were up 1.5% in the 12 months, rising to US$1.28bn. The company attributed the increase to higher selling prices and an improved product mix, which more than offset a slight decline in sales volumes.
