US canned vegetables maker Seneca Foods has reported a slight rise in net earnings for its second quarter but it was not enough to stem losses over the first half of its financial year.
The results, announced yesterday (27 October), showed Seneca’s net earnings rose 2.6% to US$2.9m in the second quarter, which ran until 1 October.
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However, Seneca’s reported a half-year net loss of $5.1m, compared to net earnings of $8.1m in the same period last year.
Net sales for the quarter rose 3% to $283.6m, which the company attributes to higher selling prices and a more favourable sales mix. First-half net sales increased 9.5% to $542.7m.
“The improved earnings performance in the quarter reflects the fact that our inventories are in a much more balanced position than prior year heading into the holiday season,” said president and CEO Kraig Kayser.
Seneca manufactures throughout the US under is Libby’s, Aunt Nellie’s Farm Kitchen and Stokely’s brands, as well as serving own-label and industrial markets.
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