SalMar shares highest in over a year on earnings beat, demand outlook
09/11/2023 08:59
** Shares in SalMar SALM.OL rise 6% after the Norwegian
fish farmer posted its Q3 results above estimates
** The group's quarterly revenue of NOK 7.51 billion and
operational EBIT of NOK 2.30 billion came ahead of IBES
estimates of NOK 7.36 billion and NOK 1.64 billion, respectively
** "SalMar reported a strong result which managed to beat
the market's expectations even though the estimates had been
revised upwards beforehand," Handelsbanken Capital Markets
analyst Erik Cederberg says
** He adds that the company's management gave some
comforting words, seeing a strong continued demand for salmon
while at the same time the feed cost appears to be stable
** SalMar said it expects significant volume growth in 2024
where unutilized potential in licenses is starting to
materialize
** The share hits its highest since September 2022 and is
among top performers on the pan-European STOXX 600 .STOXX
index
(Reporting by Elviira Luoma)
((Elviira.luoma@thomsonreuters.com))