Seneca Foods shares hit record $185.06 on strong earnings
Shares of Seneca Foods Corp B reached an all-time high after the company reported better-than-expected quarterly results and raised its full-year guidance.
Seneca Foods Corp B shares surged to a record $185.06 on Friday, extending gains following the company's latest earnings report and upwardly revised guidance.
The Rochester, New York-based food processor posted quarterly earnings that exceeded analyst expectations, driven by higher demand for its private-label canned goods and frozen produce. Revenue rose 8% year-over-year to $623 million, while net income increased 15% to $42 million, or $3.85 per share adjusted, compared with estimates of $3.50 per share.
Management also raised its full-year outlook, citing sustained retail demand and improved supply chain efficiencies. The company now expects full-year net sales between $2.5 billion and $2.6 billion, up from prior guidance of $2.4 billion to $2.5 billion. Adjusted earnings per share are projected at $14.50 to $15.00, compared with the previous range of $13.00 to $14.00.
Analysts attributed the stock's rally to Seneca Foods' resilient performance amid broader market volatility and inflationary pressures. The company's focus on cost management and premium private-label products has supported margins despite rising commodity and labor costs.
Seneca Foods Corp B shares have gained 28% year-to-date, outpacing the S&P 500 Food Products index, which is up 12% over the same period. The stock's 52-week range is $120.10 to $185.06, with the latest close marking a new peak.
Priya covers listed equities and corporate earnings, reading quarterly results and guidance for what they signal about sector health and forward valuations.
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