Seneca Foods Q4 sales rise 13.9% to $393.8M
Seneca Foods reported fiscal 2026 full-year net sales of $1,659.7 million, with Q4 sales rising to $393.847 million. The company achieved record FIFO diluted EPS of $14.15 for the year, while Q4 adjusted EPS increased to $3.67.
*this image is generated using AI for illustrative purposes only.
Seneca Foods reported financial results for the fiscal year ended March 31, 2026, achieving record full-year FIFO diluted earnings per share (EPS) of $14.15. The company completed the fiscal year with increases in unit volume and improving gross margins, driven by more normalized pack costs in calendar 2025. Net sales for the twelve months ended March 31, 2026, totaled $1,659.7 million, an increase of $80.8 million compared to $1,578.9 million for the twelve months ended March 31, 2025. This growth was attributed to higher sales volume, complemented by higher selling prices and product mix.
For the fourth quarter of fiscal 2026, the company reported quarterly earnings of $3.67 per share, a 167.88 percent increase over earnings of $1.37 per share from the same period last year. Net sales for the quarter totaled $393.847 million, a 13.88 percent increase over sales of $345.839 million in the prior year's quarter. This increase was primarily driven by higher sales volume.
Paul Palmby, President and Chief Executive Officer of Seneca Foods, highlighted the acquisition of the U.S. Green Giant Frozen business, noting it reunites the iconic brand and significantly increases the company's footprint and scale in the frozen category.
Gross margin as a percentage of net sales improved to 13.9% for the twelve months ended March 31, 2026, compared to 9.5% for the same period in 2025. In the fourth quarter, gross margin rose to 11.2% from 4.5% in the prior year's quarter. The company reported net earnings of $114,674,000 for the full year, up from $41,224,000 in the prior year. Earnings before income taxes for the twelve months ended March 31, 2026, were $149,095,000, compared to $54,483,000 in the previous year.
Financial Performance
The following table summarizes the selected financial data for the periods ended March 31, 2026 and 2025 (in thousands of dollars, except share data):
| Three Months Ended March 31, | Twelve Months Ended March 31, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Net sales | $393,847 | $345,839 | $1,659,675 | $1,578,887 |
| Operating income | 23,738 | 1,988 | 148,392 | 77,770 |
| Earnings before income taxes | $32,048 | $1,566 | $149,095 | $54,483 |
| Net earnings | $25,282 | $601 | $114,674 | $41,224 |
| Diluted earnings per common share | $3.69 | $0.09 | $16.59 | $5.90 |
Non-GAAP Financial Measures
The company provided reconciliations for non-GAAP financial measures, including adjusted net earnings and FIFO EBITDA. Adjusted net earnings for the twelve months ended March 31, 2026, were $97,861,000, compared to $67,114,000 in the prior year. FIFO EBITDA for the same period was $192,286,000, an increase from $171,432,000 in the twelve months ended March 31, 2025. These measures exclude non-cash charges related to the LIFO inventory valuation method to facilitate year-over-year comparison of operating performance.
How will the integration of the U.S. Green Giant Frozen business impact Seneca Foods' market share in the frozen category over the next fiscal year?
What are the company's capital allocation priorities following the significant increase in net earnings and cash flow?
Can the current improvement in gross margins be sustained if pack costs normalize further or fluctuate in the upcoming fiscal year?
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