High Liner Foods Incorporated (TSX: HLF) today announced the company’s financial results for the thirteen weeks ended April 3, 2021. The company reported sales volumes of just under 69.8 million pounds, which decreased by 7.5 million pounds, compared to the 77.3 million pounds reported in Q1 2020. In dollar terms, sales declined to $243.4 million for the quarter.
Sales in Q1 of 2021 dropped by $25.2 million to $243.4 million versus the $268.6 million realized in the same quarter of 2020. The company attributed the decline to currency exchange rates. The Canadian dollar in Q1 of 2021 compared to Q1 of 2020 increased the value of High Liner’s reported USD sales from their CAD$ denominated operations by roughly $3.2 million, relative to the conversion impact experienced last year.
Adjusted EBITDA in Q1 2021 decreased by $2.9 million to $27.8 million, compared to $30.7 million in Q1 of 2020. Adjusted EBITDA as a percentage remained consistent with the previous year, clocking in at 11.4%. The company attributed the decrease in adjusted EBITDA as the result of a decrease in gross profit, and an increase in expenses relative to distribution.
High Liner Foods Incorporated last traded at CAD$13.66 on the TSX.
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