US food manufacturer Seneca Foods saw its net income more than halve during its first quarter due to excess inventory and increased promotions.

The US canned fruit and vegetable manufacturer posted US5.3m net income for the first quarter ended 3 July, a fall of 52.3%.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Net sales fell 4.6% to $219.9m over the quarter. It attributed the decline to lower selling prices, and some $35.4million to a less favourable sales mix, which was partially offset by a $24.8m increase in sales volumes.

EBITDA reached $15.54m against $24.4m in the same quarter of the previous year.

Seneca president and CEO Kraig Kayser said: “The first-quarter results reflect the continuing inventory overhang in the market from last year’s bumper crops which has required us to substantially increase our promotional activity.”

 

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now