High Liner Foods Incorporated, a leading North American value-added frozen seafood company, announced financial results for the thirteen weeks ended on March 30, 2024.
According to the company, sales volume decreased by 10.0 million pounds, or 13.0%, to 67.0 million pounds compared to 77.0 million pounds and sales decreased by USD52.2m, or 15.9%, to USD277m compared to USD329.2m. Meanwhile, gross profit decreased by USD2.9m, or 4.2%, to USD65.5m, and gross profit as a percentage of sales increased to 23.6% compared to 20.8%.
Net income increased by USD2.7m, or 19.4%, to USD16.6m compared to USD13.9m.
“We strengthened the profitability of our business during the first quarter, setting us up well to return to Adjusted EBITDA growth for 2024,” said Paul Jewer, president and chief executive officer for High Liner Foods. “The steps we took last year to accelerate the return to normalized inventory levels helped drive margin improvements during the first quarter, which was also supported by a more profitable mix and lower costs in our business. Our growth in adjusted EBDITA enabled us to continue to grow cash flow and further strengthen our balance sheet.”
“With this improved profitability and the benefit of our strong balance sheet and diverse portfolio, we are well equipped to take the necessary steps to address the volume decline that was driven by the elimination of some unprofitable business and reduced contract manufacturing business. We also continue to explore opportunities to invest in the long-term growth potential of our business.”
Find out more at: https://www.highlinerfoods.com/