SalMar falls as operating profit lags estimate, cuts Iceland harvest outlook

SalMar ASA

20/08/2024 08:37

** Shares in SalMar  SALM.OL  fall 4% after the Norwegian
salmon farmer posted its Q2 results
    ** SALM's EBIT below market expectations, co reduces harvest
guidance for Icelandic segment
    ** Barclays says 11% EBIT miss was mainly driven by
lower-than-expected prices in Northern Norway and higher costs
in Iceland
    ** Weaker prices were due to lower proportion of
high-quality fish in the first two months of the quarter,
brokerage says, adding that SalMar expects biological conditions
to improve in the second half of the year 
    ** SALM kept its harvest volumes for the full year unchanged
after lowering them earlier in the year due harsh climate
conditions and string jellyfish attacks
    ** However, it has reduced its volumes for Iceland slightly
to 13,000 tonnes
    ** "In Q3 specifically SalMar guide to lower volumes in
Norway and also slightly higher costs," says Barclays
     
     

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