High Liner Foods Q3 Adjusted Profit Higher, but Sales Down-February 2024-www.financetom.com

High Liner Foods Q3 Adjusted Profit Higher, but Sales Down

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High Liner Foods Q3 Adjusted Profit Higher, but Sales Down

Nov 8, 2024 9:18 PM

07:56 AM EST, 11/08/2024 (MT Newswires) -- High Liner Foods ( HLNFF ) , which markets frozen seafood products, reported higher third-quarter adjusted profit even as sales fell.

The company said adjusted income rose to US$5.6 million, or US$0.20 per adjusted diluted share, from US$4.9 million, or US$0.14 per adjusted diluted share.

Sales fell 12% to US$228.9 million with sales volume decreasing 7% to 56.8 million pounds. Customer pull back fueled the decline as did reduced pricing due to deflationary markets.

High Liner will pay a quarterly dividend of $0.17 on Dec. 15.

The company will file an amended notice with the Toronto Stock Exchange to increase the size of its normal course issuer bid from 700,000 common shares to 1.64 million shares.

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