US canned foods firm Seneca Foods has booked an increase in earnings in the first nine months of its fiscal year.
In the period ended 29 December, net profit soared to US$37.5m from $13.4m in the year-ago period, the company reported yesterday (31 January). A year earlier, the company incurred a $19.5m LIFO charge, which hit profits.
EBITDA in the period amounted to $80.1m, compared to $4.4m reported a year earlier. Net sales were up 1.4% to $14m, boosted by higher selling prices and a more favourable sales mix.
The increase in nine-month profits came despite a fall in third-quarter earnings. Net profit dropped to $14.8m from $18.5m a year earlier, while operating profit slid 25% to $22m. Net sales, however, were up 1.3% to $452.7m.