Seneca Foods Corp
For the period ended Sep 26, 2026. Filed Nov 4, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 26, 2026 · Filed Nov 4, 2026
SENEA$151.04+4.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-27; filed 2026-08-06.
0001437749-26-026264
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-26; filed 2026-11-04.
0001437749-26-034938
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 56 previous paragraphs and 64 current paragraphs.
38 unchanged; 15 reworded; 8 added; 3 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 12 previous and 35 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
Six Months Ended September 26, 2026 and September 27, 2025
Current report
Net sales totaled $897.8 million for the six months ended September 26, 2026 as compared to $757.5 million for the six months ended September 27, 2025. The overall net sales increase of $140.3 million, or 18.5%, as compared to the prior year six-month interim period was driven by higher sales volume contributing an increase of $92.0 million and a $48.3 million increase from the impact of selling prices and product mix.
Current report
Net sales of canned vegetables and frozen vegetables increased by a combined $143.2 million over the prior year. The categories experienced an increase in sales volume equating to $92.8 million driven by a shift from co-pack frozen vegetables in the prior year to branded frozen vegetables in the current year, along with an increase of $50.4 million from the impact of pricing and product mix. Net sales in the fruit products category had a slight increase of $0.9 million primarily resulting from higher sales volume. The snack products category contributed a net sales decrease of $1.4 million mainly due to lower sales volume. Lastly, net sales attributable to the other category decreased $2.4 million as compared to the prior year for seed, cans and ends, and outside revenue from aircraft operations, which are ancillary to the Company’s main operations.
Current report
Six Months Ended September 26, 2026 and September 27, 2025
Current report
Selling, General, and Administrative: Selling, general and administrative expense for the six months ended September 26, 2026 increased $4.8 million from the six months ended September 27, 2025. Selling, general, and administrative expense as a percentage of net sales for the six months ended September 26, 2026, was 4.9% as compared with 5.2% for the prior year six-month interim period. The decrease as a percentage of net sales was partly driven by the impact of increased net sales as compared to the prior year six-month period; partially offset by additional selling expenses in the current six-month period attributable toGreen GiantU.S. frozen business activities.
Current report
Non-Operating (Income) Expense:
Current report
Interest Expense, net: Interest expense as a percentage of net sales was 0.6% for the six months ended September 26, 2026, as compared to 1.3% for the six months ended September 27, 2025. Interest expense decreased from $10.1 million in the prior year six-month interim period to $5.2 million in the current six-month interim period primarily driven by lower outstanding borrowings under the Company’s Term Loan A-2 as compared to the prior year six-month interim period and a lower average interest rate during the current six-month interim period.
Current report
During the initial six months of fiscal year 2027, the Company has completed much of its current seasonal pack for major vegetables, namely peas, sweet corn and green beans. The pack size is shaping up to be in line with the Company’s planned pack size and has benefited from less weather variability compared to prior years, which affects planting and growing conditions in certain regions. The Company’s plant locations have continued to run steadily during the harvesting and production process as well. Overall working capital cash requirements are consistent thus far with the prior year.
Removed paragraphs (3)
Previous report
With fiscal year 2027 underway and the early stages of the Company’s seasonal pack commencing during the current quarter, the principal focus will be on working capital needs to fund the pack as it progresses and inventory levels are replenished.
Previous report
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Previous report
In the ordinary course of business, the Company is exposed to various market risk factors, including changes in general economic conditions, competition and raw material pricing and availability. There have been no material changes to the Company’s exposure to market risk since March 31, 2026. In addition, the Company is exposed to fluctuations in interest rates, primarily related to its revolving credit facility and Amended Term Loan A-2. To manage interest rate risk, the Company uses both fixed and variable interest rate debt plus fixed interest rate lease obligations. The interest rate on the finance obligation is fixed and not subject to interest rate volatility.
Reworded paragraphs (15)
Previous wording
Net sales totaled $405.2 million for the three months ended June 27, 2026 as compared with $297.5 million for the three months ended June 28, 2025. The overall net sales increase of $107.7 million, or 36.2%, was driven by higher sales volumes contributing an increase of $96.8 million, along with higher selling prices and the impact of product mix which contributed an increase of $10.9 million as compared to the prior year quarter.
Current wording
Net sales totaled $492.6 million for the three months ended September 26, 2026 as compared to $460.0 million for the three months ended September 27, 2025. The overall net sales increase of $32.6 million, or 7.1%, was driven by higher selling prices and the impact of product mix contributing an increase of $27.3 million, along with higher sales volume which contributed an increase of $5.3 million as compared to the prior year quarter.
Previous wording
Net sales of canned vegetables and frozen vegetables increased by a combined $105.5 million over the prior year quarter. The categories experienced an increase in sales volume equating to $96.0 million, along with $9.5 million from higher selling prices and the impact of product mix. Net sales in the fruit products category increased by $0.9 million mainly driven by an increase in sales volume. Net sales of the snack products category were flat compared to the prior year quarter. Lastly, net sales attributable to the other category increased $1.3 million as compared to the prior year quarter for seed, cans and ends, and outside revenue from aircraft operations, which are ancillary to the Company’s main operations.
Current wording
Net sales of canned vegetables and frozen vegetables increased by a combined $37.6 million over the prior year quarter. The categories experienced an increase of $30.7 million from higher selling prices and the impact of a product mix shift from co-pack frozen vegetables in the prior year quarter to branded frozen vegetables in the current year quarter, along with an increase of $6.9 million due to higher sales volume. Net sales in the fruit products category were essentially flat compared to the prior year quarter with a $0.1 million increase. Net sales of the snack products category decreased $1.4 million primarily driven by lower sales volume. Lastly, net sales attributable to the other category decreased $3.7 million as compared to the prior year quarter for seed, cans and ends, and outside revenue from aircraft operations, which are ancillary to the Company’s main operations.
Previous wording
Gross Margin: Gross margin for the three months ended June 27, 2026 was 11.8% as compared to 14.1% for the three months ended June 28, 2025. Gross margin decreased when comparing the year-over-year quarterly periods mainly because the prior year quarter benefited from a larger LIFO credit thereby reducing the cost of products sold on a GAAP basis for that period. The Company’s LIFO credit for the three months ended June 27, 2026 was $3.0 million as compared to $11.8 million for the three months ended June 28, 2025. Excluding the LIFO credit, the gross margin was steady year-over-year as the percentage increase in cost of products sold was generally consistent with the percentage increase in net sales. Refer to the business trends section above and the material cash requirements section below for additional discussion of the factors impacting the respective seasonal pack.
Current wording
Gross Margin: Gross margin for the three months ended September 26, 2026 was 12.5% as compared to 13.4% for the three months ended September 27, 2025. Gross margin decreased when comparing the year-over-year quarterly periods mainly because the prior year quarter benefited from a $7.7 million LIFO credit thereby reducing the cost of products sold on a GAAP basis, in contrast to a $7.2 million LIFO charge impacting the current quarter thereby increasing the cost of products sold. Excluding the LIFO impact on the respective quarterly periods, gross margin increased year-over-year. Refer to the business trends section above and the material cash requirements section below for additional discussion of the factors impacting the respective seasonal pack.
Previous wording
Selling, General, and Administrative: Selling, general and administrative expense for the three months ended June 27, 2026 increased $1.7 million from the three months ended June 28, 2025. Selling, general, and administrative expense as a percentage of net sales for the three months ended June 27, 2026, was 5.0% as compared with 6.3% for the prior year quarter. The decrease in selling, general, and administrative expense as a percentage of net sales was mainly driven by the increase in net sales and the fixed nature of certain expenses.
Current wording
Selling, General, and Administrative: Selling, general and administrative expense for the three months ended September 26, 2026 increased $3.1 million from the three months ended September 27, 2025. Selling, general, and administrative expense as a percentage of net sales for the three months ended September 26, 2026, was 4.8% as compared with 4.5% for the prior year quarter. The increase as a percentage of net sales was impacted by additional selling expenses in the current quarter attributable toGreen GiantU.S. frozen business activities; partially offset by increased net sales as compared to the prior year quarter.
Previous wording
Other Operating Expense (Income), net: The Company had other operating expense, net of $1.2 million during the three months ended June 27, 2026, which was driven primarily by $1.4 million of transition service fees resulting from the business acquisition in fiscal year 2026. During the three months ended June 28, 2025, the Company had other operating income, net of $0.1 million, which was driven primarily by the sale of various spare equipment.
Current wording
Other Operating Expense (Income), net: The Company had other operating expense, net of $0.3 million during the three months ended September 26, 2026, which was driven primarily by $0.2 million of transition service fees resulting from the business acquisition in fiscal year 2026. During the three months ended September 27, 2025, the Company had other operating income, net of $0.1 million, which was driven primarily by the sale of various spare equipment.
Previous wording
Interest Expense, net: Interest expense as a percentage of net sales was 0.8% for the three months ended June 27, 2026, as compared to 1.8% for the three months ended June 28, 2025. Interest expense decreased from $5.4 million in the prior year quarter to $3.1 million in the current quarter primarily driven by lower average borrowings outstanding under the Company’s revolving credit facility, a lower weighted average interest rate for the revolving credit facility as compared to the prior year quarter, and the current quarter did not have any interest incurred for Term Loan A-1.
Current wording
Interest Expense, net: Interest expense as a percentage of net sales was 0.4% for the three months ended September 26, 2026, as compared to 1.0% for the three months ended September 27, 2025. Interest expense decreased from $4.7 million in the prior year quarter to $2.1 million in the current quarter primarily driven by lower outstanding borrowings under the Company’s Term Loan A-2 as compared to the prior year quarter and a lower average interest rate during the current quarter.
Previous wording
The Company’s effective tax rate was 25.1% and 24.5% for the three months ended June 27, 2026 and June 28, 2025, respectively. The prior year quarter benefited from a decrease in the valuation allowance related to the usage of state tax credits, although there was no impact to the valuation allowance in the current quarter, therefore resulting in an increase of 0.5% to the current quarter effective tax rate on a comparative basis. There were no other significant items impacting the change in effective tax rate.
Current wording
The Company’s effective tax rate was 24.5% and 23.6% for the six months ended September 26, 2026 and September 27, 2025, respectively. The prior year period benefited from a larger impact of statute expirations for a portion of uncertain tax benefits as compared to the current period, thereby increasing the effective tax rate by 0.4% on a comparative basis. The prior year period also benefited from a decrease in the valuation allowance related to the usage of state tax credits which increased the effective tax rate by 0.3% on a comparative basis. There were no other significant items impacting the change in effective tax rate.
Previous wording
A strong cash position leading into fiscal year 2027, coupled with continued positive cash flows provided by operating activities, allowed the Company to minimize use of its revolving credit facility during the three months ended June 27, 2026. Additionally, the Company utilized cash on hand to fund the $50.0 million voluntary pre-payment on Amended Term Loan A-2 as discussed in Note 6. The Company believes that its operations along with existing liquidity sources will satisfy its cash requirements for at least the next twelve months. The Company has borrowed funds and continues to believe that it has the ability to do so at reasonable interest rates; however additional borrowings would result in increased interest expense. The Company does not have any off-balance sheet financing arrangements.
Current wording
A strong cash position leading into fiscal year 2027, coupled with continued positive cash flows provided by operating activities, allowed the Company to utilize cash on hand to fund the $100.0 million voluntary pre-payments on Amended Term Loan A-2 as discussed in Note 6. The Company increased usage of its revolving credit facility in the latter part of the six months ended September 26, 2026, and continues to have ample availability to fund operations, as needed. The Company believes that its operations along with existing liquidity sources will satisfy its cash requirements for at least the next twelve months. The Company has borrowed funds and continues to believe that it has the ability to do so at reasonable interest rates; however additional borrowings would result in increased interest expense. The Company does not have any off-balance sheet financing arrangements.
Previous wording
Net Cash Provided by Operating Activities**:** For the three months ended June 27, 2026, cash provided by operating activities was $109.1 million, which consisted of $82.4 million from changes in operating assets and liabilities, coupled with net earnings of $19.5 million and partially offset by non-cash charges of $7.2 million. The non-cash charges were mainly comprised of $10.6 million of depreciation and amortization and $1.3 million of non-cash lease expense, offset by a $3.0 million LIFO credit and a $1.9 million increase in pension benefit. The change in operating assets and liabilities was mainly impacted by inventories being a use of cash as the early stages of the Company’s seasonal pack commenced during the quarter.
Current wording
Net Cash Provided by Operating Activities**:** For the six months ended September 26, 2026, cash provided by operating activities was $81.1 million, which consisted of $6.9 million from changes in operating assets and liabilities, coupled with net earnings of $48.7 million and partially offset by non-cash charges of $25.5 million. The non-cash charges were mainly comprised of $21.5 million of depreciation and amortization, a $4.2 million LIFO charge and $2.6 million of lease expense, offset by a $3.6 million increase in pension benefit. The change in operating assets and liabilities was largely impacted by working capital needs as the six-month period covered the primary months of the Company’s seasonal pack. Cash utilized for inventories and accounts payable activity were the main drivers.
Previous wording
For the three months ended June 28, 2025, cash provided by operating activities was $53.7 million, which consisted of $38.9 million from changes in operating assets and liabilities, coupled with net earnings of $14.9 million and partially offset by non-cash charges of $0.1 million. The non-cash charges were mainly comprised of $11.1 million of depreciation and amortization and $0.9 million of non-cash lease expense, largely offset by a $11.8 million LIFO credit. The change in operating assets and liabilities was mainly impacted by inventories being a use of cash as the early stages of the Company’s seasonal pack commenced during the quarter.
Current wording
For the six months ended September 27, 2025, cash provided by operating activities was $83.0 million, which consisted of $28.8 million from changes in operating assets and liabilities, coupled with net earnings of $44.6 million and non-cash charges of $9.6 million. The non-cash charges were mainly comprised of $22.5 million of depreciation and amortization, a $5.8 million impact for deferred taxes, and $1.9 million of lease expense, largely offset by a $19.5 million LIFO credit. The change in operating assets and liabilities was largely impacted by working capital needs as the six-month period covered the primary months of the Company’s seasonal pack.
Previous wording
Net Cash Used in Investing Activities**:**Net cash used in investing activities was $15.5 million for the three months ended June 27, 2026, which was largely driven by cash used for capital expenditures of $17.2 million. Partially offsetting that amount was $1.7 million received upon settlement of the contingent consideration resulting from the business acquisition in fiscal year 2026.
Current wording
Net Cash Used in Investing Activities**:**Net cash used in investing activities was $33.0 million for the six months ended September 26, 2026, which was largely driven by cash used for capital expenditures of $34.7 million. Partially offsetting that amount was $1.7 million received upon settlement of the contingent consideration resulting from the business acquisition in fiscal year 2026.
Previous wording
Net cash used in investing activities was $11.2 million for the three months ended June 28, 2025, and consisted of cash used for capital expenditures of $11.3 million, partially offset by proceeds from the sale of assets totaling $0.1 million.
Current wording
Net cash used in investing activities was $18.6 million for the six months ended September 27, 2025, and consisted of cash used for capital expenditures of $18.8 million, partially offset by proceeds from the sale of assets totaling $0.2 million.
Previous wording
Net cash used in financing activities was $80.8 million for the three months ended June 28, 2025, driven primarily by payments of $85.4 million on its term loans and finance obligation. This included full payment of $81.0 million for the Term Loan A-1 upon maturity during the current quarter. The Company also used cash of $3.8 million to purchase treasury stock and made payments of $1.0 million on finance leases. Partially offsetting the cash outflows, the Company had net borrowings of $9.4 million on its revolving credit facility.
Current wording
Net Cash Used in Financing Activities**:** Net cash used in financing activities was $87.3 million for the six months ended September 26, 2026, driven primarily by payments of $108.9 million on its term loans and finance obligation. This included pre-payments of $100.0 million on Amended Term Loan A-2 during the six-month interim period. The Company also used cash of $3.0 million to purchase treasury stock and made payments of $1.3 million on finance leases. Partially offsetting the cash outflows, the Company had net borrowings of $26.0 million on its revolving credit facility during the six-month interim period.
Previous wording
Net Cash Used in Financing Activities**:** Net cash used in financing activities was $56.6 million for the three months ended June 27, 2026, driven primarily by payments of $54.4 million on its term loans and finance obligation. This included a $50.0 million pre-payment for Amended Term Loan A-2 during the current quarter. The Company also used cash of $1.4 million to purchase treasury stock and made payments of $0.8 million on finance leases. The Company utilized its revolving credit facility, although borrowings and repayments both equated to $0.6 million during the three month period, thereby resulting in no change to the ending balance as compared to the beginning of the fiscal year.
Current wording
Net cash used in financing activities was $96.7 million for the six months ended September 27, 2025, driven primarily by payments of $89.8 million on its term loans and finance obligation. This included full payment of $81.0 million for the Term Loan A-1 upon maturity during the six-month interim period. The Company also used cash of $4.9 million to purchase treasury stock and made payments of $2.0 million on finance leases. The Company utilized its revolving credit facility, although borrowings and repayments both equated to $48.2 million during the period, thereby resulting in no change to the ending balance as compared to the beginning of the fiscal year.
Previous wording
A description of the Company's critical accounting estimates is contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2026. There were no material changes to the Company's critical accounting policies or estimates during the three months ended June 27, 2026.
Current wording
A description of the Company's critical accounting estimates is contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2026. There were no material changes to the Company's critical accounting policies or estimates during the six months ended September 26, 2026.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Gross Margin: Gross margin for the six months ended September 26, 2026 was 12.2% as compared to 13.7% for the six months ended September 27, 2025. Gross margin decreased when comparing the year-over-year six-month periods, primarily driven by a $19.5 million LIFO credit that decreased the cost of products sold on a GAAP basis in the prior year period, in contrast to a $4.2 million LIFO charge which increased the cost of products sold in the current period. Excluding the LIFO impact on the respective periods, gross margin increased year-over-year as the percentage increase in cost of products sold was consistent with the percentage increase in net sales. Refer to the business trends section above and the material cash requirements section below for additional discussion of the factors impacting the respective seasonal pack.
Current report — wording carried from elsewhere
Other Operating Expense (Income), net: The Company had other operating expense, net of $1.5 million during the six months ended September 26, 2026, which was driven primarily by $1.6 million of transition service fees resulting from the business acquisition in fiscal year 2026. During the six months ended September 27, 2025, the Company had other operating income, net of $0.3 million, which was driven primarily by the sale of various spare equipment.
Current report — wording carried from elsewhere
Other Non-Operating Income: Other non-operating income totaled $5.9 million and $3.8 million for the six months ended September 26, 2026 and September 27, 2025, respectively, and is comprised of the non-service related pension amounts that are actuarially determined.