Canadian Manufacturing

Seafood producer High Liner Foods reports US$8M Q2 profit, sales up

High Liner Foods says its food service business saw its sales volume rise due to the loosening of COVID-19 restrictions, however the gains were partially offset by its retail business.

August 17, 2021  The Canadian Press

High Liner Foods Inc. reported its second-quarter profit more than doubled compared with a year ago as sales increased, helped by a recovery in the restaurant industry.

The seafood producer, which keeps its books in U.S. dollars, says it earned US$8 million or 23 cents per diluted share for the quarter ended July 3 compared with a profit of US$3.4 million or 10 cents per share a year earlier.

Sales totalled US$189.8 million, up from US$165.8 million.

In volume terms, sales amounted to 50.4 million pounds, up from 49.3 million pounds in the same quarter last year.

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The company says its food service business saw its sales volume rise due to the loosening of COVID-19 restrictions, however the gains were partially offset by its retail business, which saw a surge in demand last year when shoppers stocked up at the start of the pandemic.

On an adjusted basis, High Liner says it earned 30 cents per diluted share, up from an adjusted profit of 14 cents per diluted share a year ago.