SENECA FOODS Reports Q1 FY2024 Earnings Results on June 30, 2023
August 28, 2023
🌥️Earnings Overview
On June 30, 2023, SENECA FOODS ($NASDAQ:SENEA) announced their earnings results for the first quarter of their fiscal year 2024. Total revenue increased by 12.6%, amounting to USD 298.7 million, while net income was reported at USD 23.1 million – an increase of 4.5 million from the same quarter in the prior year.
Price History
The company made strides in their research and development initiatives, resulting in new product launches and improved operational efficiency. Furthermore, SENECA FOODS is confident that its focus on innovation will continue to drive growth and expansion. This includes a broadened product portfolio, improved customer service, and enhanced digital capabilities.
In addition, the company has been actively engaging customers, creating strategic partnerships, and leveraging digital technologies to ensure success. Overall, SENECA FOODS’ Q1 FY2024 earnings results show strong progress in growth and expansion. The company’s focus on innovation, customer engagement, and digital capabilities will continue to be key drivers of success for the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Seneca Foods. More…
| Total Revenues | Net Income | Net Margin |
| 1.54k | 51.01 | 3.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Seneca Foods. More…
| Operations | Investing | Financing |
| -164.96 | -61.26 | 226.28 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Seneca Foods. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.26k | 680.79 | 75.83 |
Key Ratios Snapshot
Some of the financial key ratios for Seneca Foods are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 4.3% | -5.2% | 5.8% |
| FCF Margin | ROE | ROA |
| -15.0% | 9.6% | 4.4% |
Analysis
At GoodWhale, we recently conducted an analysis of SENECA FOODS‘ financials, and our assessment has resulted in a medium-risk investment rating. This is based on several factors, including the company’s income sheet, balance sheet, and financial journal. Within these documents, we’ve identified three specific risk warnings that could impact the company’s financial position. If you’re interested in learning more about these risk warnings, you’ll need to become a registered user on GoodWhale to access this information. Our team of experts have also provided a comprehensive opinion on SENECA FOODS’ financial standing. We have concluded that the company has the potential for a moderate return on investment over time. However, as with any investment, there is always some risk involved. That’s why it’s important to do your research and be aware of the potential risks. At GoodWhale, we aim to provide investors with all the necessary information they need to make an informed decision on their investment. We strive to provide accurate and up-to-date information so that you can make the best possible decisions for your financial future. More…
Peers
Seneca Foods Corporation is one of the largest producers and processors of fruits and vegetables in the United States. The company’s competitors in the processed fruits and vegetables industry include Century Pacific Food Inc, PRG Corp PCL, and Del Monte Pacific Ltd.
– Century Pacific Food Inc ($PSE:CNPF)
Century Pacific Food Inc is a Philippines-based company engaged in the manufacture, sale and distribution of food and beverage products. The Company’s product portfolio includes canned fish and meat, condiments, instant noodles, coffee, tea, milk, juices, breads and biscuits. It also manufactures, processes and sells a range of other food products, such as frozen fish, chicken and meat, as well as dairy products. The Company’s brands include Century Tuna, Swift, 555, Angel and Birch Tree. The Company operates a canning facility in General Santos City. It also has a range of other facilities, including a fishmeal plant in Puerto Princesa, Palawan and a slaughterhouse in General Santos City.
– PRG Corp PCL ($SET:PRG)
PRG Corp PCL is a Thailand-based company engaged in the provision of telecommunication services. The Company operates in three business segments: mobile phone services, broadband Internet services and fixed-line telephone services. It offers a range of services, including mobile phone service, broadband Internet service, fixed-line telephone service, international call service and other value-added services. The Company’s mobile phone services include prepaid and postpaid service. The Company’s broadband Internet services provide high-speed Internet access through various technologies, including asymmetric digital subscriber line (ADSL), very-high-bit-rate digital subscriber line (VDSL) and fiber to the home/building (FTTH/B). The Company’s fixed-line telephone services provide local, long distance and international call services.
– Del Monte Pacific Ltd ($SGX:D03)
Del Monte Pacific Ltd is a food and beverage company with a market cap of 544.31M as of 2022. The company has a return on equity of 39.81%. Del Monte Pacific Ltd is engaged in the production, marketing and distribution of food and beverage products. The company’s products include canned fruits, vegetables, soups, juices, beverages, snacks, and prepared meals.
Summary
Investors should take a closer look at SENECA FOODS as the company posted strong financial results for Q1 FY2024. Total revenue increased by 12.6% to USD 298.7 million, while net income jumped by 4.5 million to USD 23.1 million. The significant growth in sales and profitability are good indicators of SENECA FOODS’ financial health and potential for future success. With such positive performance, investing in SENECA FOODS could be a worthwhile endeavor for any investor looking for healthy returns.
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