Seneca Foods Corporation
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsSeneca Foods Corp is a leading U.S. provider of packaged fruits and vegetables, operating 27 facilities and selling private label and branded products nationwide.
What they do
Seneca Foods produces canned, frozen, and jarred fruits and vegetables, along with packaged snack chips. It sells private label products to major grocery retailers, branded products under names like Green Giant and Libby's, and supplies the foodservice industry and government food programs. The company also has non-food operations including can and seed sales.
Revenue drivers
- Canned vegetables — Largest segment, representing 82% of food packaging net sales in fiscal 2026.
- Frozen vegetables — Contributed 9% of food packaging net sales; enhanced by the Green Giant U.S. frozen business acquisition in fiscal 2026.
- Fruit products — 6% of food packaging net sales, including jarred fruits and cherry products.
- Snack products — 1% of food packaging net sales, including Seneca snack chips.
Recent performance
Fiscal 2026 net income was $114.7 million, up from $41.2 million in fiscal 2025, with revenue of $1.58 billion. In the latest quarter (ended June 27, 2026), revenue was $405.2 million. As of that date, cash was $86.9 million and long-term debt was $217.1 million. The company reported a 18.5% gross margin in Q1 fiscal 2024, versus 8.6% a year earlier.
Strategy
Management focuses on expanding leadership in packaged fruits and vegetables, eliminating supply chain costs, and investing in production and logistics technology. The company seeks growth through strategic acquisitions, exemplified by the Green Giant U.S. frozen business purchase. It also aims to enhance its frozen capabilities and market reach.
Risks
- Industry oversupply — Excess capacity in the fruit and vegetable industry can lower selling prices and compress margins, a recurring risk.
- Changing consumer preferences — Increased availability of fresh produce could reduce demand for packaged fruit and vegetables, leading to less shelf space.
- Price and volume volatility — Market prices and volumes fluctuate with crop yields, plantings, and inventory levels, affecting revenue and margins.
- Cost pressures — Inflation and input costs can affect margins, as seen in prior LIFO charges, though recent stabilization has helped.
Outlook
Management expressed satisfaction with the first quarter of fiscal 2024, citing strong performance and a good 2023 harvest. They expect continued benefits from stabilized inflation and the 2023 crop. The Green Giant acquisition is anticipated to expand frozen capabilities and market presence.