Clearwater hits record $445 in sales on higher shellfish prices
SEAFOODNEWS.COM [SeafoodNews] February 25, 2015
Clearwater reported record sales and adjusted EBITDA of $CA 444.7 million and $87.4 million respectively versus 2013 comparative figures of $388.7 million and $79.1 million.
The 14% and 10% growth in sales and adjusted EBITDA, respectively was driven by strong market demand that provided higher sales prices for the majority of Clearwater's species as well as strengthening foreign exchange rates for the US dollar and the Euro against the Canadian dollar. These higher foreign exchange rates had a $20.7 million positive impact on sales and gross margin in 2014.
The company said it will no longer provide future forecast targets for sales growth and earnings, and instead will ask investors to rely on its four year track record.
It seem to us that two factors that contributed to Clearwater's sales this year - favorable exchange rates and high sales prices for shrimp and crab, are clearly volatile, and could impact future earnings.
The improvement in gross margin was partially offset by higher per pound harvesting and procurement costs...
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