Q3 2024 Mowi ASA Earnings Call Transcript
Key Points
- Mowi ASA (MHGVY) achieved record high operating revenues of EUR1.44 billion in the third quarter, driven by all-time high quarterly harvest volumes of 161,000 tons.
- The company expects to harvest 520,000 tons next year, marking a significant step towards their 2029 milestone of 600,000 tons, indicating strong growth prospects.
- Mowi ASA (MHGVY) has consistently outperformed the industry in volume growth, with a 4.8% growth rate compared to the industry's 2.7% over recent years.
- The company reported a strong balance sheet with a healthy equity ratio of 48% at the end of the quarter.
- Mowi ASA (MHGVY) declared a quarterly dividend of 1.50 NOK per share, reflecting confidence in their financial stability and future prospects.
- Prices in the third quarter were relatively soft due to seasonal high industry supply, impacting overall profitability.
- The company's realized blended farming costs were higher than expected at EUR5.72 per kilo, influenced by seasonal issues and record high sea temperatures.
- Soft prices in the Americas and biological challenges in regions like British Columbia negatively impacted profits in those areas.
- The weakening of the Norwegian Kroner resulted in an FX hit, costing Mowi ASA (MHGVY) EUR18 million in the third quarter.
- There is uncertainty regarding future biological challenges, such as string jellyfish and winter wounds, which could impact future production and quality.
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