High Liner Foods Incorporated (TSX: HLF) announced late Tuesday its financial performance for fiscal Q3 2021 ended October 2, 2021. The report highlighted a quarterly revenue of US$214.3 million, up from Q3 2020’s revenue of US$194.6 million.
The company attributes the year-on-year increase to increasing sales volume due to reduced COVID-19 restrictions, price increases on input costs due to inflation, and favorable changes in sales mix. This was partially offset by the firm’s retail business which saw a decline in its volume.
The gross margin ended at 22.4%, up from last year’s 20.0%. Further, the company notched a net income for the quarter amounting to US$9.2 million, also up from last year’s US$3.8 million. This translates to US$0.26 earnings per diluted share.
Calibrating for financial items, adjusted EBITDA came in at US$22.4 million compared to US$19.1 million for the same comparable period last year.
The food company also ended the quarter with a cash balance of US$15.8 million from a starting balance of US$21.3 million. This puts the balance of current assets at US$368.3 million while current liabilities came in at US$155.0 million.
High Liner Foods Incorporated last traded at $13.13 on the TSX.
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