Mowi Q3 EBIT down 45%, but results better than expected

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Analysts expected EUR 69 million. Mowi posted EUR 80 million.

In a statement on the Oslo Stock Exchange on Thursday morning, Mowi reports that operational EBIT for the group was approximately EUR 80 million in Q3 2020 (EUR 148 million in Q3 2019).

Total operational EBIT per kg through the value chain was approximately as follows:

  • Norway EUR 0.85
  • Scotland EUR 0.35
  • Canada EUR -0.55
  • Chile EUR 0.55
  • Ireland EUR 1.85
  • Faroes EUR 1.30

The salmon giant reported that financial net interest-bearing debt was approximately EUR 1.4 billion at the end of the quarter.

Harvest volumes for Q3 were:

  • Farming Norway 76.5 thousand tonnes
  • Farming Scotland 16 thousand tonnes
  • Farming Canada 12 thousand tonnes
  • Farming Chile 16.5 thousand tonnes
  • Farming Ireland 3 thousand tonnes
  • Farming Faroes 2 thousand tonnes

Total 126 thousand tonnes

In connection with the presentation of the Q2 results, Mowi guided a total harvest volume of 128 thousand tonnes (GWE) for Q3.

On Wednesday, Infront, based on an average of estimates among 11 analysts collected for TDN Direkt, said that they expected Mowi’s operational EBIT to be halved. This was due to the devastating impact of the salmon price that has remained in between EUR 4 and EUR 5 throughout the quarter. They expected Mowi to post an operating profit of EUR 69 million.