Canadian frozen seafood giant High Liner posted a more than 48 percent increase in earnings before interest, taxes, depreciation and amortization (EBITDA) to $17.9 million (€15.9 million).
This came despite a 9.1 percent fall in revenue to $223 million (€198.9 million) as sales volumes declined 7.8 percent to 60.4 million pounds compared with the same period a year earlier.
"Our results this quarter reflect the steps we have taken to reposition our portfolio to higher-margin products and our ongoing transformation to a leaner, more efficient and integrated High Liner Foods. We continue to build a stronger balance sheet with lower debt and improved cash flow from operations," said Rod Hepponstall, President and CEO of High Liner Foods."
But the company won praise for its recent decisions to hire external consultants Alix Partners to find further cost savings than the previously forecast $10 million (€8.9 million) and cut dividends to pay down debt.