Marine Harvest (OSE: MHG) has been under great deal of pressure as of late as salmon export prices have come crashing down. The company’s stock price has nearly halved in three months. Salmon prices have recovered a bit and some analysts them to recover further later on in the summer. Others point out that ramp-up in Chilean production can continue the oversupply situation. The company provided an update concerning second quarter results this morning exactly one week before results are due.
Second quarter 2011 operational EBIT prints at around 890 million Norwegian kroner, up from 792 million the previous year. This comes in somewhat below analysts’ expectations. Markets had already discounted the news and there are certainly positives to take from the numbers ie. paying down a lot of debt. Marine Harvest is up nearly 4 percent 50 minutes into today’s action.
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