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