The following is a summary of the High Liner Foods, Inc. (HLNFF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• High Liner Foods reported a 15.9% decrease in Q1 2024 revenue down to $277 million.

• Gross profit also declined by 4.2% to $65.5 million, although gross margin increased 280 basis points to 23.6%.

• Adjusted EBITDA rose by 9.6% to $34.2 million with a rise in net cash flows from operating activities to $17.5 million.

• Net debt was lowered to $244.7 million, a decrease of $5.2 million by the end of Q1 2024.

Business Progress:

• A 13% decrease in sales volume was observed due to factors including a reduced contract manufacturing, a highly competitive retail environment, and an overall soft market within the foodservice.

• They maintained their US retail market share while seeing volume growth in their premium Sea Cuisine and C. Wirthy brands.

• Planning is underway to enhance promotional activities to strengthen their market position.

• Exploring merger and acquisition opportunities to foster growth and sustainable seafood supply is a priority for High Liner.

• Despite challenging circumstances, they are on track to deliver year-over-year adjusted EBITDA growth for 2024, aiming to maintain margins amidst rising raw material costs.

More details: HIGH LINER FOODS INC IR

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