Omega Protein financials stimulated by fishmeal and fish oil sales
By Erich LueningNews Bret Scholtes Omega Protein Corporation
US fishmeal, oils and other specialty essential fatty acids producer, Omega Protein Corporation (NYSE:OME), credits animal nutrition as a key driver of revenue in the third quarter.
“We reported consolidated revenues of $112 million, adjusted earnings of $0.66 per diluted share and adjusted EBITDA [earnings before interest, taxes, depreciation and amortization] of almost $29 million for the third quarter 2015,” chief executive officer Bret Scholtes said during the earnings media call. “These represent the highest quarterly results in the company’s history and demonstrate progress in executing our strategy to build a stronger nutrition company.”
The company reported a gross profit margin of 31.4% for the quarter, compared to 20.0% in the same period a year ago. Net income came to $10.6 million, or $14.8 million on an adjusted basis for the quarter, compared to $0.7 million, or $4.8 million on an adjusted basis, in the same period in 2014..
Scholtes explained “We continue to see strong demand for fishmeal and fish oil, and industry consumption data reflects the increasing competition for these ingredients by industries that most highly value the nutritional benefits.”
Earnings per diluted share subsequently grew to $0.47, or $0.66 on an adjusted basis for the quarter, compared to $0.03, or $0.22 on an adjusted basis, in the same period a year ago.
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