Canadian shellfish giant Clearwater reported flat earnings in the second quarter of the year partly due to competitive conditions and lower selling prices for some key species.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter stood at CAD 30.5 million (€20.4 million/$22.9 million), a 1 percent decrease year-on-year.
Sales for the period grew 4 percent, to CAD 153.8 million (€102.7 million/$115.4 million), while gross margin reached 20.5 percent.
Competitive market conditions across scallop species and frozen-at-sea (FAS) shrimp offset the strong harvests, landings and available supply in scallops, crab and langoustines, the company said.
A steady market demand for lobster was also partially offset by lower selling prices.
In the year through June, the company reported a 1.4 percent growth in EBITDA, which reached CAD 50.3 million (€33.6 million/$37.7 million), and a 2.2 percent increase in sales to CAD 274 million (€183 million/$205.6 million).