Higher sales, especially for coldwater shrimp, and higher prices for most species, have fueled growth at Clearwater Seafoods, Halifax, Nova Scotia, Canada.
Third quarter 2012 sales, at $101.6 million and EBITDA at $25.1 million were up for the eleventh consecutive quarter, and gained 4.2% to $97.6 million and 10.3% to $22.8 million compared to the same quarter in 2011.
For the year-to-date Clearwater reported sales of $257.5 million and EBITDA of $52.6 million versus 2011 comparative figures of $245.6 million and $44.8 million representing growth rates of 4.8% in sales and 17.4% in EBITDA.
"Global demand for seafood is outstripping supply, creating favorable market dynamics for vertically integrated producers such as Clearwater with strong resource access," the company said. "Demand has been driven by growing worldwide population, shifting consumer tastes towards healthier diets, and rising purchasing power of middle class consumers in emerging economies.
"The supply of wild seafood is limited and is expected to lag behind the growing global demand. This supply-demand imbalance has created a market place in which purchasers of seafood are increasingly willing to pay a premium to suppliers that can provide consistent quality and food safety, wide diversity and reliable delivery of premium, wild, sustainably harvested seafood."
