Clearwater Seafoods saw its earnings climb in the third quarter and reiterated its earnings guidance for the full year.
In the three months ended 28 September, EBITDA reached C$28.9m (US$27.7m), a 12.3% increase on the prior year period. The growth was driven by “strong and growing market demand” that improved sales prices for the majority of species.
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Growth was partially offset by higher clam and scallop harvest costs, which dented margins, it said.
Clearwater reported sales of C$114m in the period, a 12.2% increase on last year.
“Management is pleased with the progress made in the third quarter and year-to-date periods and expects the company to hit its annual targets for 2013,” said CEO Ian Smith.
The company expects sales growth of 5% or greater and adjusted EBITDA margins of 18% or more.
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