Nutreco first quarter revenue up 8.4 percent
Higher fish feed volumes drive results
Nutreco reported revenue of 853.3 million Euro (US$1.18 billion)in the first quarter of 2014. That is an increase of 8.4 percent from the same period last year.
The animal nutrition and aquaculture feed company’s animal nutrition revenues decreased by 4.6 percent to 438.8 million Euro (US$606.9 million). It saw higher sales in Canada and increased volume in value-added nutritional solutions.
Fish feed increased 26.6 percent to 414.5 million Euro (US$573.3 million), mostly due to higher demand for salmon feed in Norway and fish feed for sea bass and sea bream in southern Europe partly offset by lower demand for non-salmonid feed especially in China.
"We are pleased with the higher results for the first quarter compared to last year driven by higher volumes in fish feed, mainly in Norway,” said Nutreco CEO Knut Nesse. “Animal Nutrition results were slightly above last year with encouraging trends in margin development and volumes particularly in mature markets.”
Nutreco reported that it is taking more time than anticipated to explore possible divestment opportunities of its compound feed and meat business in Spain and Portugal. Business in those countries improved from last year.
Based on current trading conditions, Nutreco said it expects EBITA before exceptional items for continuing operations for the first half of 2014 to be higher than the 80.3 million Euro (US$111.1 million) in the first half of 2013.