Clearwater registers strong 1Q results
Clearwater Seafoods of Bedford, Nova Scotia, Canada, reported strong first-quarter results on Tuesday, continuing the company’s positive-earnings trends.
Clearwater, which is the No. 16-ranked North American seafood supplier according to SeaFood Business magazine, with CDN 333 million in 2011 sales, grew its sales by 2.4 percent to CDN 70.9 million. Its gross margin grew by 6.2 percent and its EBITDA (earnings before interest, taxes, depreciation and amortization) grew by 10 percent to CDN 11 million.
“Management is satisfied with the progress made in the first quarter towards our 2012 annual plan as well as the increasing global consumer and customer demand for our premium, wild, sustainably harvested seafood,” said Ian Smith, CEO.
The company reported that the global demand for seafood is outstripping supply, creating favorable market dynamics for primary producers; demand is being driven by a growing worldwide population, shifting consumer tastes and rising incomes and purchasing power of middle class consumers in emerging countries.
Clearwater forecasts annual sales growth of 5 percent or greater, an annual EBITDA as a percentage of sales of 15 percent or greater and a return on assets of 12 percent or greater.