The World’s second largest salmon producer navigates market challenges, striving to achieve projected targets despite recent operational fluctuations and external pressures.
SalMar is anticipated to announce an operational profit of NOK 975 million ($87.5 million) for Q3 2024, a sharp decrease from the NOK 2,300 million ($206.4 million) recorded in the same period last year, according to an average of estimates from 11 brokerage firms obtained by TDN Direkt.
The anticipated drop underscores the impact of challenging market conditions and decreased harvest volumes.
In advance of its Q3 earnings release scheduled for November 18, 2024, analysts show mixed recommendations: eight advise buying, two recommend holding, and one suggests selling.
The average price target is NOK 674, ranging from NOK 544 to NOK 788 per share.
In a related update, SalMar reported a 23% year-on-year reduction in Q3 2024 harvest volumes. The company harvested a total of 60,300 metric tons, down from 78,100 tons in Q3 2023. The decline affected multiple regions, including a 21% decrease in Farming Central Norway to 38,200 tons, and a 29% drop in Farming Northern Norway to 18,300 tons. Icelandic Salmon also experienced a 55% reduction in harvest, from 4,000 tons to 1,800 tons. However, SalMar Aker Ocean, a new unit with no prior comparison, contributed 2,100 tons to Q3 results.
The complete Q3 2024 report will be available on November 18, 2024, followed by webcast presentations for investors and analysts.
