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High Liner Foods third-quarter profit up year over year

Frozen seafood company raises its dividend on strong results

High Liner Foods Inc. raised its dividend as it reported its third-quarter profit more than doubled compared with a year ago.

The frozen seafood company says it will pay a quarterly dividend of 10 cents per share, up from seven cents which it paid in the third quarter.

High Liner, which reported its results in U.S. dollars, says it earned US$9.2 million or 26 cents per share for the quarter ended Oct. 2, up from a profit of US$3.8 million or 11 cents per share in the same quarter last year.

Sales totalled US$214.3 million, up from US$194.6 million a year earlier.

On an adjusted basis, High Liner says it earned 32 cents per diluted share for its most recent quarter, up from an adjusted profit of 18 cents per diluted a year ago.

Analysts on average had expected an adjusted profit of 23 cents per share and US$206.5 million in revenue, according to financial markets data firm Refinitiv.

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