Q2 ResultsYou have to love the markets and the way they react. Buy the rumour, sell the news....good results and CLR gets hit. Time to buy more.
HALIFAX, Aug. 3, 2017 CNW/ – (TSX: CLR):
Today Clearwater Seafoods Incorporated reported its second quarter results for the period ended July 1, 2017:
- Record sales and adjusted EBITDA1 of $282.7 million and $47.3 million for the first half of 2017 versus 2016 comparative results of $256.4 million and $46.3 million. This represents growth rates of 10.2% for sales and 2.2% for adjusted EBITDA.
- Sales and adjusted EBITDA of $154.3 million and $27.5 million for the second quarter of 2017 versus 2016 comparative results of$140.2 million and $27.5 million. This represents sales growth of 10.1% and consistent adjusted EBITDA.
- Strong sales volumes for clams and scallops were partially offset by lower Frozen-at-sea shrimp volumes available for sale related to a planned vessel refit.
- The Board declared a quarterly dividend of $0.05 per share payable on September 1, 2017 to shareholders of record as of August 12, 2017.
- After quarter end the Total Allowable Catch ("TAC") for sea scallops increased by 500 MT and the Company acquired a crab vessel and license in Scotland, expanding access to supply through vertical integration in the crab species.
Clearwater’s business experiences a seasonal pattern in which sales, margins and adjusted EBITDA are lower in the first half of the year and higher in the second half, while investments in capital expenditures and working capital are typically higher in the first half of the year and lower in the second half. This results in lower cash flows in the first half of the year and higher cash flows in the second half.