LUNENBURG, N.S. — High Liner Foods Inc. reported a profit of US$14.2 million in its latest quarter as it saw a surge in demand from retail customers, but a drop in its food-service business as the COVID-19 pandemic took hold.
The frozen seafood company says it is working to strengthen its retail capacity and carefully manage its costs, while also working with its restaurant customers as they pivot to takeout and delivery options.
High Liner, which keeps its books in U.S. dollars, says its profit for the 13-week period ended March 28 totalled 41 cents per diluted share compared with a profit of nearly US$14.8 million or 43 cents per diluted share in the same period a year earlier.
Sales totalled US$268.6 million, down from US$277.4 million.
On an adjusted basis, High Liner says it earned 42 cents per diluted share in its most recent quarter compared with a profit of 44 cents per diluted share in the same quarter a year ago.
Analysts on average had expected an adjusted profit of 35 cents per share and US$260.6 million in revenue, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published May 12, 2020.
Companies in this story: (TSX:HLF)
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