Leroy Seafood has posted a fall in nine-month profits and sales

Leroy Seafood has posted a fall in nine-month profits and sales

Shares in Norway's Leroy Seafood fell today (12 November) as the company missed third-quarter analyst forecasts.

Third-quarter sales and EBITDA missed analyst expectations. Leroy Seafood said it had experienced a "challenging quarter", with "higher output costs and lower prices realised".

Profit for the quarter increased to NOK69.9m compared with NOK49.2m in last year's third quarter. Operating income was also up, hitting NOK80.9m, compared to NOK50.6m a year earlier. Sales grew to NOK2.96bn, up from NOK2.69bn in the third quarter of 2013.

Analysts polled by Reuters had predicted third-quarter revenues to be NOK3.1bn. They also predicted EBITDA of NOK429m but Leroy Seafood generated NOK397.8m.

For the nine months to 30 September, Leroy reported a profit of NOK366.1m (US$54.1m) compared with NOK871.5m for the same period last year. Operating profit fell to NOK447.2m compared with NOK1.18bn a year earlier.

Sales, however, were up to NOK9.32bn from NOK7.53bn last year.

Shares in Leroy had fallen 2.97% to NOK261.00 today (12 November) at 15:20 GMT.