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Despite weakness in other segments, strength in Seneca Foods' Canned vegetables segment drives its overall topline in the fiscal second quarter.
Strength in the majority of Seneca Foods (SENEA) segments drives its overall topline in the fiscal first quarter.
FAIRPORT, N.Y., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the three months ended June 29, 2024.
Discover why Zacks rates Seneca Foods as "Neutral", being the first on Wall Street to initiate coverage on the stock. Explore SENEA's strategic market positioning and financial health amid market challenges.
Seneca Foods' (SENEA) overall topline in fourth-quarter fiscal 2024 is affected due to revenue declines in the majority of its product categories.
The SENEA investment narrative has shifted to focus on its earnings power rather than its balance sheet value. However, over the next 12–18 months, I think the stock will largely be driven by Seneca's sales volume. Based on commentary from Del Monte Pacific and anecdotal evidence, I see a compelling case to be made that sales volume will stabilize into FY2025.
SENEA seems to be undervalued compared to peers based on multiple comparisons. But financial health looks weak, as growth in costs outpaces growth in sales, leading to decreasing profit margins.
While the firm continues to outperform my expectations, several headwinds appear to be emerging in the data. As the cost of labor and commodities remains elevated, profitability is likely to become a bigger issue over the next months than it is today.