Nova Scotia-based High Liner Foods Incorporated, a provider of fish and seafood for national and private brands, has shared its most recent financial results showing a successful Q2.
For the period ended July 2, 2022, High Liner Foods saw sales increase $63.7 million, or 33.6%, to $253.5 million compared to $189.8 million in the same period last year. Sales volume increased by 8.4 million pounds, or 16.7%, to 58.8 million pounds. Net income increased by $11.0 million, or 137.5%, to $19.0 million in Q2.
"Q2 2022 was another strong quarter for High Liner Foods. Our products continue to be in high demand, our team is executing well, and the reliability of our diverse global supply chain continues to differentiate us in the market, said Rod Hepponstall, President and CEO of High Liner Foods. "This solid performance drove year over year increases in volume and sales and Adjusted EBITDA, putting us on track to deliver another year of Adjusted EBITDA growth."
Higher Liner credited the increases to its foodservice business and a high demand for seafood products. A recent report from FMI- The Food Association found that more Americans are eating seafood for its health and protein benefits.
The company saw supply chain and inflation challenges in the quarter, and took pricing actions in response.
"Our ability to perform well in a supply constrained inflationary environment underscores the strong underlying fundamentals of our business and potential for further growth as market conditions stabilize,” added Hepponstall. “We remain focused on efficiencies, innovation, and optimization across the portfolio. We are confident that this is the path to continue to drive profitability and advance our leadership position in branded, value-added seafood in North America."