Clearwater reports continued growth
By SeafoodSource staff
Published on 01 November, 2013
Clearwater Seafoods reported sales of CAD 114 million (USD 109 million, EUR 81 million) and EBITDA of CAD 28.9 million (USD 27.7 million, EUR 20.5 million) for the third quarter of 2013 compared to CAD 101.6 million (USD 97.3 million, EUR 72 million) and CAD 25.7 million (USD 24.6 million, EUR 18.2 million) during the same time period in 2012.
For the year to date, Clearwater reported sales of CAD 277.6 million (USD 266 million, EUR 197 million) and adjusted EBITDA of CAD 56.8 million (USD 54.4 million, EUR 40 million), compared to CAD 257.4 million (USD 246 million, EUR 183 million) and CAD 53.4 million (USD 51 million, EUR 37.9 million) in 2012.
The company said results for the quarter and year are consistent with its expectations and position the business to deliver its annual targets for 2013.
“Global demand for seafood is outstripping supply, creating favorable market dynamics for vertically integrated producers such as Clearwater which have strong resource access,” the company said. “The supply of wild seafood is limited and is expected to continue to lag behind the growing global demand. This supply-demand imbalance has created a market place in which purchasers of seafood are increasingly willing to pay a premium to suppliers that can provide consistent quality and food safety, wide diversity and reliable delivery of premium, wild, sustainably harvested seafood.”
“Market demand for our products is strong and has contributed to improvements in revenue and free cash flow. As we continue to invest in our business and increase our access to supply, we expect to continue to deliver sustainable and profitable growth in 2014 and beyond,” said Ian Smith, CEO.