Clearwater Seafoods Ltd. Partnership on Tuesday turned in its fifth consecutive quarter of operating income growth, as EBITDA increased 17.5 percent to CAD 22.8 million in the third quarter of 2011. Third-quarter sales were also up 6.5 percent to CAD 97.6 million.
And the Nova Scotia-based seafood supplier expects that momentum to carry over into the fourth quarter and 2012
“We will continue to execute with excellence against our overall business strategy as well as key cost-saving and productivity initiatives. Market demand for our products is strong across all major segments and we have every expectation that our earnings momentum will continue through the fourth quarter of 2011 and into 2012,” said Clearwater CEO Ian Smith.
Through the first three quarters of 2011, Clearwater reported EBITDA of CAD 44.8 million, up 25.8 percent from the same nine-month period last year, on sales of CAD 245.6 million, up 6 percent from last year.
The company attributed the growth to “improved sales prices and a shift to higher margin species, partially offset by lower sales volumes, higher harvesting costs per pound and a stronger Canadian dollar.”
