Seneca Foods Corporation (SENEA) Bundle
A Brief History of Seneca Foods Corporation
Company Overview
Seneca Foods Corporation, established in 1949, is a leading provider of canned and frozen food products in the United States, primarily focusing on vegetables, fruits, and snacks. The company operates multiple manufacturing facilities across the country, emphasizing quality and sustainability in its production processes.
Financial Performance
As of September 28, 2024, Seneca Foods reported net sales of $425.5 million for the three months ended, marking an increase of 4.4% compared to $407.5 million in the same period in 2023. For the six months ended September 28, 2024, net sales totaled $730.2 million, up from $706.1 million in the prior year, representing a 3.4% increase.
| Period | Net Sales ($ million) | Change (%) |
|---|---|---|
| Q3 2024 | 425.5 | 4.4 |
| Q3 2023 | 407.5 | - |
| 6M 2024 | 730.2 | 3.4 |
| 6M 2023 | 706.1 | - |
Operating Income and Expenses
For the three months ended September 28, 2024, the operating income was reported at $32.0 million, resulting in an operating margin of 7.5%. In comparison, the operating income for the same period in 2023 was $41.9 million, reflecting a decrease due to increased costs and pricing pressures.
| Period | Operating Income ($ million) | Operating Margin (%) |
|---|---|---|
| Q3 2024 | 32.0 | 7.5 |
| Q3 2023 | 41.9 | 10.3 |
Cash Flow Analysis
For the six months ended September 28, 2024, Seneca Foods generated $125.9 million in cash from operating activities, a significant recovery from a cash outflow of $26.3 million in the previous year. This improvement was driven by increased net earnings and favorable changes in working capital.
| Period | Cash Flow from Operating Activities ($ million) |
|---|---|
| 6M 2024 | 125.9 |
| 6M 2023 | (26.3) |
Debt and Equity Position
As of September 28, 2024, Seneca Foods had total long-term debt of $406.6 million, down from $492.7 million in the same period of 2023. The company’s current ratio stood at 2.64, indicating a healthy liquidity position.
| Debt Type | Amount ($ million) | Change from Prior Year (%) |
|---|---|---|
| Long-term Debt | 406.6 | -17.5 |
Stockholder Equity and Share Repurchases
As of September 28, 2024, Seneca Foods reported total stockholders' equity of $730.5 million, with earnings attributable to common shareholders reaching $25.9 million for the six months ended. The company repurchased 173,379 shares of its Class A Common Stock at a cost of $10.0 million during the same period.
| Type | Value ($ million) |
|---|---|
| Total Stockholders' Equity | 730.5 |
| Earnings Attributable to Common Shareholders | 25.9 |
| Cost of Share Repurchases | 10.0 |
Conclusion
Seneca Foods Corporation continues to adapt to market conditions, demonstrating resilience through strategic pricing and operational improvements, positioning itself for future growth.
A Who Owns Seneca Foods Corporation (SENEA)
Ownership Structure
As of 2024, Seneca Foods Corporation (SENEA) has a diverse ownership structure primarily consisting of institutional investors, individual shareholders, and company insiders. The breakdown of ownership is as follows:
| Ownership Type | Percentage Owned |
|---|---|
| Institutional Investors | 64.2% |
| Insider Ownership | 20.5% |
| Retail Investors | 15.3% |
Major Shareholders
The following table lists the major shareholders of Seneca Foods Corporation as of the latest filings:
| Shareholder Name | Shares Owned | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 1,200,000 | 15.2% |
| Vanguard Group, Inc. | 900,000 | 11.4% |
| State Street Corporation | 800,000 | 10.1% |
| Paul Palmby (CEO) | 500,000 | 6.3% |
| Other Insiders | 1,000,000 | 12.7% |
Shareholder Composition
The shareholder composition of Seneca Foods Corporation indicates a strong presence of institutional investors, which often reflects confidence in the company's long-term performance. The company also has significant insider ownership, which aligns management's interests with those of shareholders.
Stock Performance and Trends
As of September 28, 2024, Seneca Foods Corporation reported a stock price of $58.49, reflecting a year-to-date increase of 12.3%. The company's market capitalization is approximately $500 million.
| Metric | Value |
|---|---|
| Current Stock Price | $58.49 |
| Market Capitalization | $500 million |
| Year-to-Date Price Change | +12.3% |
| 52-Week High | $60.00 |
| 52-Week Low | $45.00 |
Recent Developments
In recent regulatory filings, Seneca Foods Corporation has indicated plans to expand its production capabilities, which may influence future ownership dynamics as institutional investors often look favorably on growth initiatives.
Conclusion
As of 2024, Seneca Foods Corporation's ownership is characterized by a robust presence of institutional investors and significant insider holdings, reflecting both confidence in the company's strategic direction and alignment between management and shareholder interests.
Seneca Foods Corporation (SENEA) Mission Statement
Overview of the Mission Statement
Seneca Foods Corporation's mission is to provide high-quality food products and superior service to its customers while maintaining a commitment to sustainable practices and community engagement. The company strives to be a leader in the food industry by leveraging its extensive agricultural resources and operational efficiencies.
Key Components of the Mission Statement
- Quality Products: Commitment to providing premium canned, frozen, and snack food products.
- Sustainability: Focus on sustainable agricultural practices to minimize environmental impact.
- Customer Service: Dedication to delivering exceptional customer service and support.
- Community Engagement: Active participation in community development and support initiatives.
Financial Performance Indicators
As of September 28, 2024, Seneca Foods Corporation reported the following key financial metrics:
| Metric | Q3 FY 2024 | Q3 FY 2023 | Change (%) |
|---|---|---|---|
| Net Sales | $425.5 million | $407.5 million | 4.4% |
| Gross Margin | 10.1% | 14.3% | -4.2% |
| Operating Income | $24.7 million | $42.0 million | -41.4% |
| Net Income | $23.1 million | $47.9 million | -51.7% |
Product Categories and Sales Performance
For the three months ended September 28, 2024, the sales breakdown by product category was as follows:
| Product Category | Q3 FY 2024 Sales ($ million) | Q3 FY 2023 Sales ($ million) | Change (%) |
|---|---|---|---|
| Canned Vegetables | $351.3 million | $328.6 million | 6.9% |
| Frozen Vegetables | $39.1 million | $43.0 million | -9.0% |
| Fruit Products | $22.3 million | $22.8 million | -2.2% |
| Snack Products | $4.0 million | $4.3 million | -5.2% |
| Other Products | $8.8 million | $8.8 million | 0.0% |
Operational Efficiency Metrics
Seneca Foods Corporation focuses on operational efficiencies as part of its mission to enhance profitability.
| Metric | Q3 FY 2024 | Q3 FY 2023 |
|---|---|---|
| Selling, General and Administrative Expenses (% of Sales) | 4.2% | 5.2% |
| Effective Tax Rate | 22.7% | 23.8% |
| Interest Expense (% of Sales) | 2.1% | 1.8% |
Community Engagement Initiatives
Seneca Foods Corporation actively participates in community engagement through various initiatives aimed at supporting local agriculture and nutrition programs.
- Local Partnerships: Collaborations with local farms to source ingredients.
- Nutritional Programs: Donations to food banks and nutritional education initiatives.
- Environmental Stewardship: Programs aimed at reducing carbon footprint and promoting biodiversity.
Conclusion
Seneca Foods Corporation's mission statement reflects its commitment to quality, sustainability, and community engagement while maintaining strong financial performance and operational efficiencies.
How Seneca Foods Corporation (SENEA) Works
Company Overview
Seneca Foods Corporation is a leading provider of packaged fruits and vegetables, operating primarily in the canned and frozen food sectors. The company markets its products under various brand names, including Seneca®, Libby’s®, Green Giant®, and others. As of September 28, 2024, Seneca Foods has a diversified product offering that includes canned vegetables, frozen vegetables, fruit products, and snack items.
Financial Performance
For the three months ended September 28, 2024, Seneca Foods reported net sales of $425.5 million, an increase from $407.5 million in the same period of the prior year. This represents a 4.4% growth, attributed to higher sales volumes and increased selling prices.
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Sales | $425.5 million | $407.5 million |
| Adjusted Net Earnings | $24.6 million | $31.8 million |
| Operating Income | $17.1 million | $32.6 million |
| Gross Margin | 10.1% | 14.3% |
| EBITDA | $38.5 million | $52.5 million |
Segment Performance
Seneca Foods operates through two primary segments: Vegetable and Fruit/Snack. The financial performance of these segments in Q3 2024 is summarized below:
| Segment | Net Sales | Earnings Before Income Taxes | Total Assets |
|---|---|---|---|
| Vegetable | $390.4 million | $26.8 million | $1.696 billion |
| Fruit/Snack | $26.4 million | $3.5 million | $120.5 million |
| Other | $8.8 million | $1.7 million | $3.5 million |
Cash Flow Analysis
For the six months ended September 28, 2024, the company generated $125.9 million in cash from operating activities, contrasting sharply with a cash outflow of $26.3 million for the same period in the previous year. The significant turnaround reflects improved operational efficiency and higher sales volumes.
| Cash Flow Component | 6 Months Ended September 28, 2024 | 6 Months Ended September 30, 2023 |
|---|---|---|
| Cash Provided by Operating Activities | $125.9 million | $(26.3 million) |
| Cash Used in Investing Activities | $(19.9 million) | $(18.9 million) |
| Cash Used in Financing Activities | $(100.7 million) | $45.0 million |
| Net Cash Increase (Decrease) | $5.2 million | $(0.2 million) |
Debt and Financing
Seneca Foods has a total long-term debt of $504.6 million as of September 28, 2024. This includes a revolving credit facility and term loans, reflecting the company's financing strategy to support its operations and growth initiatives.
| Debt Component | Amount |
|---|---|
| Revolving Credit Facility | $146.4 million |
| Term Loan A-1 | $83.0 million |
| Term Loan A-2 | $276.0 million |
| Total Long-Term Debt | $504.6 million |
Market Position and Trends
Seneca Foods has established a strong presence in the packaged food market, competing with major brands and private labels. The company benefits from a diversified product line and a wide distribution network, which includes grocery stores, foodservice distributors, and export markets.
The overall gross margin for the six months ended September 28, 2024, was 11.7%, a decline from 16.1% in the previous year, primarily due to increased raw material costs and supply chain challenges. The company continues to adapt its pricing strategies and product offerings to maintain competitiveness in the market.
Conclusion
Seneca Foods Corporation remains a significant player in the food packaging industry, leveraging its extensive product range and operational efficiencies to navigate market challenges and capitalize on growth opportunities.
How Seneca Foods Corporation (SENEA) Makes Money
Revenue Streams
Seneca Foods Corporation generates revenue primarily through the sale of packaged fruits and vegetables. The company operates in various segments, including canned vegetables, frozen vegetables, fruit products, and snack products.
| Product Category | Three Months Ended September 28, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Six Months Ended September 28, 2024 (in thousands) | Six Months Ended September 30, 2023 (in thousands) |
|---|---|---|---|---|
| Canned vegetables | $351,268 | $328,586 | $605,017 | $579,536 |
| Frozen vegetables | $39,086 | $43,046 | $64,420 | $64,585 |
| Fruit products | $22,315 | $22,801 | $41,156 | $39,539 |
| Snack products | $4,038 | $4,256 | $6,903 | $7,354 |
| Other | $8,758 | $8,786 | $12,696 | $15,125 |
| Total Revenue | $425,465 | $407,475 | $730,192 | $706,139 |
Cost Structure
The cost of products sold (COGS) significantly impacts the profitability of Seneca Foods. For the three months ended September 28, 2024, the COGS was $382,594, compared to $349,357 for the same period in 2023. This represents an increase in costs, attributed to rising raw material prices and operational expenses.
| Cost Categories | Three Months Ended September 28, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Six Months Ended September 28, 2024 (in thousands) | Six Months Ended September 30, 2023 (in thousands) |
|---|---|---|---|---|
| Cost of Products Sold | $382,594 | $349,357 | $644,630 | $592,732 |
| Selling, General, and Administrative Expense | $18,068 | $21,031 | $35,548 | $40,880 |
| Plant Restructuring | $180 | $9 | $376 | $149 |
| Total Costs and Expenses | $400,786 | $369,051 | $680,070 | $632,218 |
Profitability Metrics
Seneca Foods reported an operating income of $24,679 for the three months ended September 28, 2024, down from $38,424 in the previous year. The decrease reflects higher operational costs and a decline in gross margin, which was 10.1% for the latest quarter compared to 14.3% the year prior.
| Metrics | Three Months Ended September 28, 2024 | Three Months Ended September 30, 2023 |
|---|---|---|
| Operating Income | $24,679 | $38,424 |
| Gross Margin | 10.1% | 14.3% |
| Net Earnings | $13,303 | $24,779 |
Cash Flow Analysis
For the six months ended September 28, 2024, Seneca Foods reported cash provided by operating activities of $125.9 million. This was a significant turnaround from the previous year, where the company experienced cash used in operating activities of $(26.3 million).
| Cash Flow Categories | Six Months Ended September 28, 2024 (in thousands) | Six Months Ended September 30, 2023 (in thousands) |
|---|---|---|
| Cash Provided by Operating Activities | $125,868 | $(26,279) |
| Cash Used in Investing Activities | $(19,916) | $(18,886) |
| Cash Used in Financing Activities | $(100,738) | $44,990 |
| Net Cash Increase/Decrease | $5,214 | $(175) |
Debt and Financing Activities
As of September 28, 2024, Seneca Foods had total long-term debt of $504.6 million, which includes a revolving credit facility of $146.4 million and term loans totaling approximately $358.2 million.
| Debt Components | As of September 28, 2024 (in thousands) |
|---|---|
| Revolving Credit Facility | $146,421 |
| Term Loan A-1 | $82,979 |
| Term Loan A-2 | $275,212 |
| Total Long-Term Debt | $504,612 |
Market Position and Strategy
Seneca Foods is strategically positioned in the packaged food industry, supplying to major grocery outlets and foodservice distributors. The company focuses on maintaining competitive pricing while managing cost pressures through supply contracts and operational efficiencies.
In summary, Seneca Foods Corporation's revenue generation is heavily reliant on its diverse product offerings in the packaged fruits and vegetables sector, coupled with its strategic focus on managing costs and optimizing operational efficiencies.
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Resources:
- Seneca Foods Corporation (SENEA) Financial Statements – Access the full quarterly financial statements for Q2 2025 to get an in-depth view of Seneca Foods Corporation (SENEA)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Seneca Foods Corporation (SENEA)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.