Norwegian fish farmers shares drop after weak Q4 numbers

Austevoll Seafood ASA

21/02/2023 09:00

**  Shares in Norwegian fish famrers Leroey Seafood Group
 LSG.OL  and Austevoll Seafood  AUSS.OL  drop 7%-9% after
reporting lower-than-expected Q4 numbers
    ** Leroey Seafood Group reports operating profit of NOK 800
million ($77.82 million) below NOK 913 million consensus cited
Kepler Cheuvreux
    ** Leroey's 2023 volume forecast of 175,000 tonnes is also
below the 180,000 estimated by the broker
    ** Kepler points out that the company increased its forecast
in northern Norway by 1,000 tons, but reduced it in central
Norway by 2,000 tons and in western Norway by 4,000 tons
    ** As for Austevoll Seafood, it reports EBITDA of NOK 1,069
million, below the NOK 1,390 million seen in company-provided
consensus
    ** "At first glance we see that sales volume was lower - we
also note that fishmeal inventory was at a lower level,
indicating weaker production during the quarter," says Kepler
Cheuvreux on Austevoll
    ** Shares of Leroey Seafood and Austevoll Seafood on track
for their worst days since end-September
($1 = 10.2803 Norwegian crowns)
 (Reporting by Agnieszka Gosciak-Rabalska)
 ((Agnieszka.Gosciak@thomsonreuters.com))