May 17, 2011 / 2:57 PM / 7 years ago

UPDATE 1-High Liner Foods Q1 profit rises; ups dividend

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May 17 (Reuters) - Canada’s High Liner Foods’s first-quarter profit rose 25 percent, driven by the strength of its U.S. operations and the frozen seafood processor raised its quarterly dividend by 11 percent.

The company, however, said it might face margin pressures in the near term due to increasing prices for ingredients and other inputs.

Net income for the quarter ended April 2, was C$9.7 million, or 63 Canadian cents a share, up from C$7.8 million, or 42 Canadian cents a share, a year ago.

Excluding items, the company earned 64 Canadian cents a share.

Sales increased by 7.3 percent to C$177.1 million. While sales at its U.S. Segment in domestic currency, which exclude the impact of currency translation, rose 23 percent.

Analysts on average were expecting the company to earn 49 Canadian cents a share, on revenue of C$173.3 million, according to Thomson Reuters I/B/E/S.

The company raised its quarterly dividend to 10 Canadian cents a share, from 9 Canadian cents.

Shares of Nova Scotia-based High Liner were flat at C$15.05 on Tuesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Jarshad Kakkrakandy)

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