Seneca Foods net soars 131% in second quarter
February 08, 2007
by Eric Schroeder
MARION, N.Y. — Seneca Foods Corp., a vegetable and fruit processing company that sells products under the Libby’s, Stokely’s and Seneca brands, posted second-quarter earnings growth of 131%, boosted in large part by the acquisition of Signature Fruit Company, L.L.C.
Net income in the second quarter ended Sept. 30 was $8,523,000, equal to 65c per share on the common stock, up from $3,687,000, or 33c. Net sales in the quarter were $283,324,000, up 16%.
For the six months ended Sept. 30, net income totaled $12,182,000, or 99c per share, up 99% from $6,107,000, or 55c, in the same year-ago period. Net sales were $431,665,000, up from $400,764,000.
In addition to its own product line, Seneca has an alliance with General Mills Operations, Inc., a successor to the Pillsbury Co. and a subsidiary of General Mills, Inc., under which Seneca produces canned and frozen vegetables that are sold by General Mills Operations under the Green Giant brand.