Austevoll shares dip as unit Lerøy's Q3 miss weighs

Austevoll Seafood ASA

14/11/2024 10:25

** Shares in Lerøy Seafood  LSG.OL  and Austevoll Seafood
 AUSS.OL  fall 6% and 5%, respectively, after the Norwegian
fishing companies posted quarterly results below expectations
     ** Pareto Securities analyst notes that Q3 was a strong
quarter for Austevoll's pelagic legs with estimates beat across
most segments, "but not sufficient to offset a weaker result in
Lerøy Seafood Group (LSG) and Br Birkeland"
    ** Herman Aleksander Dahl from Nordea attributes the miss
purely to LSG delivering behind expectations
    ** Austevoll, the majority shareholder in LSG, reported Q3
adj. EBITDA of NOK 1,192 mln, below consensus cited by Pareto of
NOK 1,300 million 
    ** LSG delivered operational EBIT of NOK 412 mln in the
quarter, 26% below consensus, Pareto notes, hit by Sjøtroll
farming segment which struggles with lower price realization and
higher costs
    ** Austevoll shares track their worst day in 12 months,
while LSG is on course for its worst day since May 2024

($1 = 11.1325 Norwegian crowns)

 (Reporting by Agnieszka Olenska)
 ((Agnieszka.Olenska@thomsonreuters.com;))