SENEA Stock Analysis

Seneca Foods Corp - Class A

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 1,200 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 Libby’s®, Green Giant®, Aunt Nellie’s®, Green Valley®, CherryMan®, 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 is calculated on a FIFO basis and excludes the impact from the application of LIFO. 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). Three Months Ended Six Months Ended September 28, September 30, September 28, September 30, 2024 2023 2024 2023 Earnings before income taxes, as reported $ 17,068 $ 32,577 $ 33,569 $ 62,838 LIFO charge 14,977 9,316 12,059 7,616 Adjusted earnings before income taxes 32,045 41,893 45,628 70,454 Income taxes 7,434 10,118 10,559 16,844 Adjusted net earnings $ 24,611 $ 31,775 $ 35,069 $ 53,610 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).