Lunenburg, Nova Scotia, Canada-based High Liner Foods posted another quarter of adjusted EBITDA growth in Q3 2024 despite lower sales volumes and revenue in the quarter.
High Liner’s adjusted EBITDA for Q3 2024 reached USD 21.5 million (EUR 20 million), an increase of 7.5 percent, or USD 1.5 million (EUR 1.4 million), over the same period of 2023. Adjusted EBITDA as a percentage of sales also increased in the quarter to 9.4 percent, up from 7.7 percent.
The higher adjusted EBITDA came as the company posted lower sales volumes and revenue in Q3 2024 compared to the same period a year prior. High Liner’s sales volume decreased by 6.9 percent, or 4.2 million pounds, to 56.8 million pounds. Revenue decreased even further, dropping 11.9 percent, or USD 30.8 million (EUR 28.6 million), to USD 228.9 million (EUR 212.9 million).
While those numbers were down on the same period in 2023, they were up compared to Q2 2024.
"During the third quarter we delivered another quarter of Adjusted EBITDA growth as well as sequential improvement to sales and volume," High Liner President and CEO Paul Jewer said.
The company’s gross profit also decreased in Q3 2024, dropping 2.6 percent, or USD 1.3 million (EUR 1.2 million), to USD 48.3 million (EUR 44.9 million). While overall gross profit dropped, High Liner reported its gross profit as a percentage of sales increased to 21.1 percent, up from 19.1 percent.
High Liner said the decrease in gross profit was directly related to ...
