2024-06-18 09:46:16 ET
Summary
- The company’s net loss shrank to $2.2 million for Q4 FY24 from $33.1 million a year earlier despite weaker sales.
- However, if we use the internationally dominant FIFO inventory valuation method, EBITDA declined by 22.7% to $23.1 million.
- While Seneca Foods doesn’t look expensive at 0.7x price to tangible book value, I’m concerned about the rising net debt level.
Introduction
I've been keeping tabs on Seneca Foods ( SENEA ) ( SENEB ) and I’ve written two articles about the company on SA to date. The latest of them was in November 2023 when I said that the high margins were not sustainable and that rising net debt levels could limit share repurchases....
Read the full article on Seeking Alpha
For further details see:
Seneca Foods: Q4 FY24 Results Look Strong Only Using LIFO