High Liner Foods, a producer of branded and private label frozen seafood, has shared its Q3 2022 financial results, showing a large increase in sales compared to the same period last year.
For the period ended Oct. 1, 2022, the company saw sales increase by $56.9 million, or 26.6%, to $271.2 million compared to $214.3 million in Q3 2021. Sales volume increased by 5.6 million pounds in the latest quarter.
Gross profit increased by $8.8 million, or 18.4%, to $56.7 million compared to $47.9 million in the same period last year, while gross profit as a percentage of sales decreased to 20.9% compared to 22.4%. The strong numbers follow a successful Q2 2022 for the company.
"The dividend increase announced today recognizes the continued and significant improvements to High Liner Foods' financial and operating performance," said Robert Pace, chair of the board of directors at High Liner Foods. "As we increase the quarterly dividend to our shareholders, we do so with confidence that High Liner Foods is resilient and well positioned for growth as it advances its strategy to become the North American leader in branded, value-added seafood."
The company said that in the Q3, pricing actions were taken to counteract inflation and continued strong demand.
“The quality, convenience, and wide range of product offerings and price points across our portfolio has helped drive volume improvements in foodservice and retail during the third quarter," said Rod Hepponstall, president and CEO of High Liner Foods.