Aquaculture North America

Clearwater Seafoods announces strong 3Q 2018 results

November 9, 2018
By Aquaculture North America Staff

Halifax, N.S. -based seafood company Clearwater Seafoods has announced strong results in its third quarter of 2018.

Third quarter sales and adjusted EBITDA were $164.2 million and $30.7 million versus $163.6 million and $32.8 million in the prior year.

Year to date sales and adjusted EBITDA were $432.4 million and $80.3 million versus $446.3 million and $80.1 million in the prior year.

Strong year to date cash generation as cash from operations and free cash flow were $30.7 million and $12.6 million, an increase of $15.2 million and $43.2 million versus the prior year.

On Aug. 10, 2018, the Department of Fisheries and Oceans announced their decision to cancel the process to issue a fourth clam licence and confirmed that the remaining 25 per cent of the clam quota would be issued to Clearwater for 2018 and 2019.

On Nov. 7, 2018 the Board of Directors approved and declared a dividend of $0.05 per share payable on Dec. 3, 2018 to shareholders of record as of Nov. 19, 2018.

Clearwater is one of North America’s largest vertically integrated seafood companies and the largest holder of shellfish licenses and quotas in Canada.

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