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High Liner Foods Q2 Profit More Than Doubles

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High Liner Foods Inc. (HLF) reported higher sales, adjusted EBITDA, and profit in the second quarter of 2021, compared to a year ago. High Liner is a Canadian marketer and processor of frozen fish and seafood.

The company’s Foodservice business saw its sales volume increase due to the loosening of COVID-19 restrictions. However, gains were partially offset by its Retail business, where demand was lower due to changes in consumer behavior since the start of the pandemic.

Sales increased by 14.5% to $189.8 million, while adjusted EBITDA rose by 14.6% to $19.6 million. (See High Liner Foods Inc stock charts on TipRanks)

Net income increased by 46.6% to $25.8 million in the three months ended July 3, 2021. Diluted EPS increased to $0.74 per share from $0.51 per share in the prior-year quarter.

On an adjusted basis, net income increased by 121.3% to $10.4 million. Adjusted diluted EPS increased to $0.30 per share compared to at $0.14 per share a year ago.

“We continue to be pleased with the performance and resilience of our business,” said High Liner Foods president and CEO Rod Hepponstall.

The company is confident it will once again deliver adjusted EBITDA growth this year.

Three months ago, RBC Capital analyst Sabahat Khan maintained a Hold rating on HLF with a C$13.00 price target. This implies 2% downside potential.

Overall, consensus on the Street is that HLF is a Hold based on three Holds. The average High Line Foods price target of C$14.00 implies 5.6% upside potential to current levels. Shares have gained approximately 21% year-to-date.

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Restaurant Brands Posts Better-than-Expected Q2 Results

The post High Liner Foods Q2 Profit More Than Doubles appeared first on TipRanks Financial Blog.

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