Leroy slides on Q3 miss, weighs on Austevoll shares

Austevoll Seafood ASA

15/11/2023 09:18

**  Shares in Leroy Seafood  LSG.OL  and Austevoll Seafood
 AUSS.OL  drop 3.5%-5% after the Norwegian fish farmers posted
their Q3 numbers
    ** Leroy reported operating profit of NOK 631 million
($58.18 million), which was below NOK 749 million consensus
cited by Kepler Cheuvreux, and cut its full-year guidance to
157,000 tonnes from 168,000 tonnes
    ** "The decrease is said to be due to weaker growth and
problems with the gill health of the fish," Kepler says 
    ** Austevoll Seafood Q3 revenue fell 6% y/y with the group
pointing to cancellation of the first fishing season in Peru 
    ** "Farming companies have seen an increase in revenue from
Q3 2022 to Q3 2023, but this has not compensated for the decline
in revenue from the operations in Peru," the group said in a
statement 
        ** Kepler notes, though, Austevoll guidance on Peru
operations is optimistic, and says the group is likely to have a
higher level of activity during Q4 this year and Q1 next year
than the broker had previously anticipated
  
        ** Kepler expects Leroy Seafood, in which Austevoll
holds a 53% stake, to weigh on the shareholder's share
performance on Wednesday
  

($1 = 10.8451 Norwegian crowns)

 (Reporting by Jesus Calero)
 ((Jesus.calero@thomsonreuters.com))