Executive Summary (vs. year-ago, year-to-date results):
Net sales for the twelve months ended March 31, 2026 totaled $1,659.7 million compared to $1,578.9 million for the twelve months ended March 31, 2025. The year-over-year increase of $80.8 million was due to higher sales volume, complemented by higher selling prices and product mix.
Gross margin as a percentage of net sales is 13.9% for the twelve months ended March 31, 2026, as compared to 9.5% for the twelve months ended March 31, 2025.
"We completed fiscal 2026 with increases in unit volume as well as improving gross margins driven by more normalized pack costs in calendar 2025. Furthermore, we are pleased to report record full-year FIFO diluted EPS of $14.15," stated Paul Palmby, President and Chief Executive Officer of Seneca Foods. "Additionally, we are thrilled with our acquisition of the U.S. Green Giant Frozen business. Not only does this transaction reunite this iconic canned and frozen brand, but it significantly increases our footprint and scale in the frozen category."
Executive Summary (vs. year-ago, fourth quarter results):
Net sales for the fourth quarter of fiscal 2026 totaled $393.8 million compared to $345.8 million for the fourth quarter of fiscal 2025. The year-over-year increase of $48.0 million was primarily driven by the impact of higher sales volume.
Gross margin as a percentage of net sales is 11.2% for the three months ended March 31, 2026, as compared to 4.5% for the three months ended March 31, 2025.
About Seneca Foods Corporation
Seneca Foods is one of North America's leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from more than 1,100 American farms and are distributed to approximately 55 countries. Seneca holds a large share of the market for retail private label, food service, restaurant chains, international, contracting packaging, industrial, chips and cherry products. Products are also sold under the highly regarded brands of Aunt Nellie's®, CherryMan®, Green Giant®, Green Valley®, Libby's®, READ®, and Seneca labels, including Seneca snack chips. Seneca's common stock is traded on the Nasdaq Global Select Market under the symbols "SENEA" and "SENEB". SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices.
Non-GAAP Financial Measures
Adjusted net earnings excludes the non-cash charges related to the last-in, first-out (LIFO) inventory valuation method, net of applicable income taxes. The Company believes this non-GAAP financial measure provides for a better comparison of year over year operating performance. The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP. Set forth below is a reconciliation of reported earnings before income taxes to adjusted net earnings (in thousands).
Twelve Months Ended
March 31,
March 31,
2026
2025
Earnings before income taxes, as reported
$
149,095
$
54,483
LIFO (credit) charge
(22,298
)
34,474
Adjusted earnings before income taxes
126,797
88,957
Income taxes
28,936
21,843
Adjusted net earnings
$
97,861
$
67,114
Set forth below is a reconciliation of reported net earnings to EBITDA and FIFO EBITDA (earnings before interest, income taxes, depreciation, amortization and non-cash charges related to the LIFO inventory valuation method). The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP (in thousands).
Twelve Months Ended
March 31,
March 31,
2026
2025
Net earnings
$
114,674
$
41,224
Income taxes
34,421
13,259
Interest expense, net
18,144
33,245
Depreciation and amortization
47,945
