US canned fruit and vegetable manufacturer Seneca Foods has posted a jump in third-quarter earnings despite a drop in sales.
Earnings for the quarter ended 26 December totalled US$18.6m, up from $13.8m reported in the comparable period of last year. Sales dropped 3.5% to $447m, as volumes fell by $19m.
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Kraig Kayser, president and CEO, added that stronger private-label sales helped replaced lost revenues from US Department of Agriculture contracts.
“While our sales were lower, predominately due to reduced sales to the U.S. Department of Agriculture, we continue to witness strength in private label and we believe consumers continue to find strong appeal in the value and nutritional benefits of canned vegetables and fruits,” he said.
Excluding the lost USDA business, Seneca said that its top line would have been up $12.2m during the period.
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