Mowi earnings fell by 15 percent for the third quarter.
Mowi shares fell from a closing price of NOK 187.75 on Tuesday evening to as low as NOK 180.5 on Wednesday morning on the back of what analysts have described as “soft” trading update from the salmon farming giant.
Mowi has recorded a profit of €203 million for the third quarter of 2023, the company announced on Wednesday morning.
This figure represents a 15 percent decrease from Q3 2022 when Mowi reported operational EBIT (Earnings Before Interest and Taxes) of €240 million (NOK 2.4 billion).
An operational EBIT of €229 million had been expected, according to estimates obtained from TDN Direkt.
The update from Mowi was slightly below expectations, DNB Markets Analyst Alexander Aukner told SalmonBusiness.
“The costs seem to have increased compared to the second quarter,” said Aukner who described the results as, “Slightly on the soft side.”
“Normally you would have one or two regions better and one or two worse, but this time everywhere outside of Norway underperformed,” said the analyst.
It was a view widely shared in the analyst community.
“Compared to the expectations, it was a soft quarter,” agreed Pareto Securities analyst Sander Lie.
By 11.00 CET Mowi shares were trading at NOK 183.90, representing a 2% decline since Tuesday.