Clearwater Seafoods reports record Q4, annual results in 2014
Nova Scotia-based Clearwater Seafoods on Wednesday reported record annual sales for 2014 at CAD 445 million (USD 358 million; EUR 315 million), up 14 percent year-on-year.
The Canadian supplier also reported fourth-quarter sales of USD 119 million (USD 95.7 million; EUR 84.2 million), up 8 percent from the previous year, despite what it said were higher prices for scallops and shrimp and higher shore prices for procured inshore shrimp, lobster and snow crab.
Its strong performance was “driven by strong market demand that provided higher sales prices for the majority of species as well as strengthening foreign exchange rates for the US dollar and the Euro against the Canadian dollar,” the company said in a statement. “ These higher foreign exchange rates had a CDN 20.7 million (USD 16.6 million; EUR 14.6 million) positive impact on sales and gross margin in 2014.
"We begin 2015 with the expectation that the five-year strategic plan goals we set out to accomplish at the beginning of 2012 are now within our reach – one full year ahead of our original timetable! 2015 will also be the year in which we lay the foundation for our next five year strategic plan (2016 to 2020), which will continue to focus on executing with excellence against our six core strategies," said Ian Smith, Chief Executive Officer.
Clearwater aims to expand its access to supply by welcoming a third vessel to its clam fleet that will increase its harvest capacity by 60 percent. The company will also continue to actively invest in access to supply through acquisitions, joint ventures as well as harvesting and royalty contracts. Other strategies include targeting profitable and growing markets, channels and customers; increasing margins by improving price realization and cost management; pursuing and preserving the long-term sustainability of land and sea resources; and building organizational capability, capacity and engagement.
View the company’s entire financial performance statement here.