In This Article:
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EBITDA: $9.2 million, up from $2.9 million in Q3 2023.
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Operating Revenues: Decreased by 12% compared to Q3 2023.
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Net Profit After Taxes: $4.1 million, compared to a net loss of $5.5 million in Q3 2023.
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Ex-Cage Cost: $4 per kilo live weight, $0.61 reduction from the previous year.
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Atlantic Salmon EBIT per Kilo: $0.39, up from $0.15 in Q3 2023.
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Coho EBIT per Kilo: Negative $1.28 in the quarter.
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Harvest Volume: 12,400 tonnes of Atlantic salmon, 30% lower than Q3 2023.
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Net Debt: Reduced to $150 million.
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Operating Cash Flow: $10.6 million, compared to negative $28.6 million in Q3 2023.
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Net Debt-to-EBITDA Ratio: 3.95x as of September 2024.
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Atlantic Salmon Sales Distribution: 47% to the U.S. market.
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Coho Sales Volume: 1,700 tonnes in the quarter.
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2024 Harvest Guidance: 47,000 to 49,000 metric tonnes for Atlantic, 4,000 to 5,000 metric tonnes for Coho.
Release Date: November 14, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Salmones Camanchaca SA (XSGO:SALMOCAM) achieved a significant increase in EBITDA to $9.2 million in Q3 2024, up from $2.9 million in Q3 2023.
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The company reported a reduction in production costs for Atlantic salmon, with ex-cage costs decreasing by $0.61 per kilo compared to the previous year.
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Salmones Camanchaca SA maintained a price premium of $0.76 above the market reference for Atlantic salmon due to its value-added strategy.
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The company demonstrated excellent biological performance with low mortality rates and good sanitary indicators, outperforming industry metrics.
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Net debt was reduced to $150 million, reflecting improved financial management and a stronger financial position.
Negative Points
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Total operating revenues dropped by 12% compared to the previous year due to lower volumes and a slight decline in sales prices for Atlantic salmon.
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Coho sales prices remained 5% below the same period last year, despite recent recovery signs.
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The EBIT per kilo for Coho was negative at $1.28 in the quarter, indicating challenges in profitability for this species.
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Processing costs increased slightly due to a higher share of value-added products and lower volume.
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The Trout joint venture generated a $1.1 million loss, although it was an improvement from the previous year.
Q & A Highlights
Q: Can you provide an overview of the financial performance for Q3 2024? A: Manuel Arriagada Ossa, CEO, stated that the company achieved an EBITDA of $9.2 million, a significant increase from $2.9 million in Q3 2023. This growth was driven by reduced production costs for Atlantic salmon, improved sanitary and biological conditions, and lower feed prices. However, total operating revenues dropped by 12% compared to the previous year due to lower volumes and a slight decline in sales prices.