High Liner Foods’ 3Q sales decline slightly
High Liner Foods’ third quarter results show the company’s net income rose 30 percent compared to the same time period of 2012, to USD 10.4 million (EUR 7.7 million).
Net income increased to USD 7.4 million (EUR 5.5 million), compared to USD 2.2 million (EUR 1.6 million) in 2012. Adjusted EBITDA for the quarter was USD 22.1 million (EUR 16.5 million), compared to USD 21.8 million (EUR 16.2 million) in 2012.
Sales for the value-added frozen seafood company however, dropped to USD 216.5 million (EUR 161 million), down 1.5 percent from the same quarter of 2012.
“Consistent with the first half of this year, in the third quarter we experienced sales declines compared to last year in our U.S. foodservice business and our U.S. and Canadian retail private label businesses,” said Henry Demone, CEO. “The decline in U.S. foodservice sales reflected continued soft restaurant sales related to a sluggish economy recovery in the U.S. and the decline in retail private label sales reflects the trend being experienced in the seafood marketplace overall of decreased demand for retail private label seafood products.
“However, the impact of these sales declines in the third quarter was partially offset by sales growth in our branded retail business on both sides of the border and our Canadian foodservice business, when compared to the same period last year.”