Here are 1-3 brief analogies for Seneca Foods (SENEA):

• Imagine them as a specialized version of Conagra Brands (CAG), focused primarily on canned and frozen fruits and vegetables.
• Similar to Campbell Soup Company (CPB), but with a core business in canned and frozen produce rather than soup.
• They're a bit like TreeHouse Foods (THS), but specifically centered on processing and packaging fruits and vegetables, often for private labels or licensed brands like Green Giant.

• Canned Vegetables: Offers a wide variety of canned vegetables including corn, peas, and green beans.
• Canned Fruits: Produces an assortment of canned fruits such as peaches, pears, and fruit cocktail.
• Frozen Vegetables: Provides a selection of frozen vegetables for both retail and foodservice sectors.
• Snack Products: Manufactures fruit-based snack items, most notably apple chips.
• Private Label & Foodservice Products: Supplies processed food products to other brands for private label sales and to foodservice distributors.

Seneca Foods (SENEA) primarily sells its products to other companies (B2B) rather than directly to individuals. The company's major customers are typically large grocery retailers, foodservice distributors, and industrial food manufacturers.

According to its latest 10-K filing for fiscal year 2023 (ending March 2023), Seneca Foods has significant customer concentration:

• Sales to one customer represented approximately 18.0% of net sales.
• Sales to a second customer represented approximately 10.9% of net sales.

While Seneca Foods does not publicly disclose the specific names of these major customers, based on the nature of its business and common industry practices, they are highly likely to be large national or international chains. Representative examples of companies that would fit the profile of Seneca's major customers include:

• Major Grocery Retailers: These companies purchase Seneca's branded products (e.g., Seneca, Libby's, Green Giant under license) and often private-label products.
  • Walmart Inc. (WMT)
  • The Kroger Co. (KR)
  • Costco Wholesale Corporation (COST)
• Foodservice Distributors: These companies supply Seneca's products in bulk or foodservice-specific packaging to restaurants, schools, hospitals, and other institutional clients.
  • Sysco Corporation (SYY)
  • US Foods Holding Corp. (USFD)
• Industrial Food Manufacturers: While typically less concentrated for a single entity compared to large retailers or foodservice distributors, this segment represents significant sales. These companies use Seneca's processed fruits and vegetables as ingredients in their own food products. Specific names are not typically publicly disclosed.

Paul L. Palmby, President and Chief Executive Officer

Mr. Palmby has served as President and Chief Executive Officer of Seneca Foods Corporation since October 2020. He joined the company in February 1987 and held various leadership positions, including Executive Vice President and Chief Operating Officer from 2006 to 2020, President of the Vegetable Division from 2005 to 2006, and Vice President of Operations from 1999 to 2004. Mr. Palmby is also a Director of Blackhawk Bancorp, Inc., a publicly traded community bank, and serves on the Board of the Wisconsin Department of Agriculture, Trade and Consumer Protection.

Michael S. Wolcott, Chief Financial Officer, Treasurer, and Senior Vice President

Mr. Wolcott was appointed Chief Financial Officer, Treasurer, and Senior Vice President effective April 1, 2023. He joined Seneca Foods in 2017, previously holding roles such as Vice President of Finance and General Manager of Seneca Snack. Prior to his tenure at Seneca Foods, Mr. Wolcott worked at Barclays Investment Bank. He holds an MBA from Stanford University's Graduate School of Business and a Bachelor of Science in Applied Economics and Management from Cornell University.

Julie A. Roloson, Senior Vice President Human Resources and Chief Administrative Officer

Ms. Roloson joined Seneca Foods in October 2023 as Senior Vice President Human Resources and Chief Administrative Officer. Previously, she served as Senior Human Resources Director for manufacturing companies across the East Coast.

Timothy R. Nelson, Senior Vice President of Operations and President of Fruit and Snack

Mr. Nelson has served as Senior Vice President of Operations and President of Fruit and Snack since 2020. He has been with Seneca Foods since March 1992, holding positions such as Senior Vice President of Operations since December 2018, Vice President of Fruit and Snack operations from 2008 to 2018, and Plant Manager at various Seneca plants from 1999 to 2008.

Carl A. Cichetti, Senior Vice President of Technology and Planning and Chief Information Officer

Mr. Cichetti has been Senior Vice President of Technology and Planning since 2009 and Chief Information Officer of Seneca Foods since 2006. His prior experience includes serving as a Senior Consultant at Navint from 2004 to 2005 and Senior Vice President of Technology at Citigroup from 2001 to 2004.

Seneca Foods (symbol: SENEA) primarily operates in the food packaging industry, with its main products including canned vegetables, frozen vegetables, fruit products (such as canned, bottled, and juices), and snack products. For fiscal year 2024, canned vegetables represented 83% of their total food packaging net sales, frozen vegetables 8%, fruit products 6%, and snack products 1%.

Addressable Market Sizes for Seneca Foods' Main Products:

• Canned Vegetables: The U.S. canned vegetable market was valued at USD 23.06 billion in 2024 and is expected to grow to USD 24.21 billion in 2025, at a compound annual growth rate (CAGR) of 5.0%.
• Frozen Vegetables: The global frozen vegetables market size is estimated at USD 57.13 billion in 2025 and is forecasted to reach approximately USD 97.35 billion by 2034, advancing at a CAGR of 6.1%. In North America, the frozen vegetables market was valued at US$ 8.62 billion in 2023 and is expected to reach US$ 12.57 billion by 2031, registering a CAGR of 4.8%.
• Canned Fruits: The global canned fruits market size was USD 12.27 billion in 2024 and is projected to grow to USD 16.23 billion by 2032, exhibiting a CAGR of 3.60%. The U.S. canned fruits market is projected to reach USD 3.44 billion by 2032.
• Fruit Snacks: The global fruit snacks market size was estimated at USD 33.56 billion in 2024 and is projected to grow to USD 56.75 billion by 2035, exhibiting a CAGR of 4.89%. The U.S. fruit snacks market generated a revenue of USD 4.08 billion in 2022 and is expected to reach USD 6.71 billion by 2030, with a CAGR of 6.4%.

Seneca Foods (SENEA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Increased Sales Volumes: The company anticipates growth from higher sales volumes, supported by resilient consumer demand for shelf-stable vegetables and snacks across domestic and international channels. Recent fiscal quarters have shown significant year-over-year increases in unit volumes, including a 10.2% rise in the second quarter of fiscal 2026. Furthermore, the recovery of volumes from a key co-pack customer is expected to stabilize and contribute to top-line performance.
2. Strategic Acquisitions and Brand Portfolio Expansion: Seneca Foods has a history of expanding its product lines and market reach through strategic acquisitions. A significant driver is the acquisition of assets related to the Green Giant U.S. shelf-stable business in November 2023. This acquisition is expected to broaden the company's market presence and further strengthen its share in canned fruits and vegetables.
3. Favorable Pricing and Product Mix: Seneca Foods has demonstrated its ability to implement favorable pricing strategies and manage its product mix to drive revenue growth. Recent sales increases have been attributed not only to higher volumes but also to the positive impact of selling prices and product mix. The company continues to focus on pricing actions to mitigate input-cost pressures, which can support sustained revenue.
4. Expansion into New Product Categories: To meet evolving consumer preferences, Seneca Foods is focused on developing and introducing new product offerings. This includes expanding into health-oriented products, organic, and plant-based options. Additionally, the company has ventured into the hemp-based consumer product market through a joint venture, CraftAg, LLC, aiming to capitalize on this rapidly growing agribusiness.
5. Operational Efficiency and Margin Normalization: Improvements in operational efficiency and the normalization of gross margins are expected to indirectly support revenue growth by allowing for more competitive pricing and market share gains. A favorable crop harvest in fiscal 2026, a "welcome change from last year's poor crop," is helping to achieve more normalized costs and inventory levels. This, coupled with the company's ongoing reinvestment in efficiency and quality, can enhance its ability to compete and grow revenue.

Share Repurchases

• Seneca Foods repurchased 583,439 shares at an average price of $59.64 per share in fiscal year 2025.
• In fiscal year 2024, the company repurchased 634,231 shares at an average price of $52.23 per share.
• During fiscal year 2023, 766,071 shares were repurchased at an average price of $54.25 per share.

Share Issuance

• As of March 31, 2025, Seneca Foods had 6,792,109 shares of non-designated Class A Preferred Stock authorized for issuance.
• As of March 31, 2025, there were 200,000 shares of 6% Voting Cumulative Preferred Stock authorized and outstanding.
• During fiscal year 2025, 3,870 shares were awarded under the 2007 Equity Incentive Plan.

Outbound Investments

• On November 8, 2023, Seneca Foods purchased assets related to the Green Giant U.S. shelf-stable business from B&G Foods.
• In 2020, the company acquired a plant from Del Monte Foods in Cambria, Wisconsin.
• For fiscal year 2025, no acquisitions of interest were identified after evaluating several opportunities.

Capital Expenditures

• For the six months ending September 27, 2025 (Q2 fiscal year 2026), net cash used in investing activities was $18.6 million, primarily for capital expenditures.
• Capital expenditures are focused on efficiency improvements in vegetable plants and new canning lines.
• Since 2024, CapEx has also been directed towards manufacturing its own cans to reduce reliance on third-party can manufacturers.