After a difficult start to the year, the salmon price climbed by more than EUR 2 during the first quarter. Analysts believe Mowi has profited from it.
Harvest volumes remain high and are reported to be up 22 per-cent in March after rising 15 per-cent in February, according to the investment bank Pareto Securities, which believes it is supportive of its supply growth estimate of seven per-cent, TDN Direkt reports.
Before the stock market opens on Tuesday, Mowi will present its first-quarter harvest update, according to Pareto. Pareto expects an operating profit of EUR 93 million in the quarter, out of a harvest volume of 116,000 tonnes.
“We expect the largest quarterly improvement in Americas, with some positive contribution from Chile and zero margins in Canada. In Norway, we expect an all-inclusive margin of 1 euro per kilogram,” the investment bank wrote.
Sparebank 1 Markets expects an operating profit of EUR 101 million, but pointed out that there is uncertainty as to how the winter years have affected the prices achieved in Norway.
“With a low contract share in Norway, we expect Mowi to have benefited from the marked rise in spot prices towards the end of the quarter. For the Farming segment, we expect an operating profit of EUR 74 million,” the investment bank wrote.