Clearwater reports record 2Q sales

By

SeafoodSource staff

Published on
August 7, 2014

Canada-based Clearwater Seafoods on Thursday reported record second quarter sales of CAD 113.4 million (USD 104 million, EUR 78 million) — up 19 percent compared to the same quarter in 2013.

EBITDA was also up 19 percent over the second quarter of last year to CAD 20.3 million (USD 18.6 million, EUR 14 million). The growth in both is credited to strong market demand that increased sales volumes and pricing for scallops, shrimp and lobster as well as a positive impact due to the foreign exchange rate environment.

For the year to date, Clearwater’s sales of CAD 191.2 million (USD 175 million, EUR 131.3 million) and EBITDA of CAD 30.6 million (USD 28.1 million, EUR 21 million) are up 16.8 percent and 9.7 percent respectively, over the previous year.

“We posted strong sales results across our portfolio of sustainably harvested, wild caught seafood and are maintaining our annual financial targets. Also, we have continued to invest and advance several major capital projects that are key to sustaining our long-term growth, profitability and competitive advantage,” said CEO Ian Smith.

“Looking to the longer-term, we are encouraged by a recent Agricultural Outlook published by the OECD-FAO that predicts growth in seafood driving is expected to outpace other proteins by almost 3 times from now until 2020.”

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