Marine Harvest Reports Salmon Volumes Ahead of Own Guidance
Stock Chart for Marine Harvest ASA (MHG)
Marine Harvest ASA (MHG), the world’s biggest salmon farmer, reported fourth-quarter fish harvest volumes that were 6 percent higher than its own guidance.
Volumes were 105,000 metric tons compared with a 99,000-ton guidance from the third quarter, the Oslo-based company said today in a statement. Operational earnings before interest and taxes were 390 million kroner ($65 million), helped by an asset sales gain, while EBIT per kilogram in Norway was 4.1 kroner. An analyst survey by TDN Finans expected Ebit of 343 million kroner.
“The performance in Norway was largely in line with our expectations but the overall performance was slightly weaker than expected, although more in line with consensus,” Henning Steffenrud, an analyst at First Securities, said in an e-mailed note.
Marine Harvest rose as much as 3.7 percent in Oslo trading and was 3 percent higher at 3.258 kroner as of 9:45 a.m. local time. The shares dropped 58 percent last year after two straight years of gains.
The company, which will release complete fourth-quarter results on Feb. 8, reported net interest-bearing debt of 6.5 billion kroner at the end of the year, an increase of 5.8 percent over the third quarter.
To contact the reporters on this story: Meera Bhatia in Oslo at firstname.lastname@example.org
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