Clearwater Seafoods reports record Q3 results, sales up 17.6 percent over-year-ago
SEAFOODNEWS.COM [SCOM] October 31, 2014 -
Clearwater reported record sales of $134.1 million and adjusted EBITDA of $30.9 million for the third quarter of 2014 vs. year-ago sales of $114.0 million and adjusted EBITDA of $28.9 million.
The growth in both sales and adjusted EBITDA was driven by strong market demand particularly for turbot and clams along with higher prices for scallops, shrimp and lobster. There was also a $5.3 million foreign exchange gain.
CEO Ian Smith said, "Looking to the longer-term, we are encouraged by a recent Agricultural Outlook published by the OECD-FAO that predicts growth in seafood pricing is expected to outpace other proteins by almost 3 times from now until 2020."
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