Clearwater said demand, pricing and foreign exchange boosted sales

Clearwater said demand, pricing and foreign exchange boosted sales

Canada-based seafood processor Clearwater has reported an increase in sales and in underlying EBITDA for the first nine months of the year. 

However, Clearwater's net earnings dropped as it lapped a period in which it benefited from a tax gain.

The company posted an 8.4% increase in adjusted EBITDA to C$61.5m (US$54.6m) for the period to the end of September. Sales grew 17.1% to C$325.2m.

Clearwater reported "record" third-quarter sales, which rose 17.6% to C$134.1m. Adjusted EBITDA climbed 7.1% to C$30.9m.

The group said "strong market demand" had driven its sales and earnings, as well as higher prices for scallops, shrimp and lobster. It also benefited from a C$17.9m boost from foreign exchange.

Nine-month net earnings stood at C$9.7m, versus C$15.6m a year earlier, when Clearwater recorded a tax "recovery" of C$9.1m.