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Feb 24, 2021

High Liner Foods reports US$7.4-million Q4 profit, sales down from year ago

David Baskin discusses High Liner Foods

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LUNENBURG, N.S. - High Liner Foods Inc. says it earned a profit in its latest quarter compared with a loss a year ago even as its sales declined.

The frozen seafood company, which keeps its books in U.S. dollars, says it earned US$7.4 million or 21 cents per share for the quarter ended Jan. 2, compared with a loss of US$3 million or nine cents per share a year earlier.

Sales for the quarter fell to US$198.4 million compared with US$221.6 million for the fourth quarter of 2019.

Sales volumes totalled 59.6 million pounds, down from 59.7 million pounds.

On an adjusted basis, High Liner says it earned 29 cents per share for its most recent quarter, up from an adjusted profit of 17 cents per share a year earlier.

Analysts on average had expected an adjusted profit of 28 cents per share and $213 million in revenue, according to financial data firm Refinitiv.