August 10, 2010 / 5:12 PM / in 7 years

UPDATE 1-High Liner Q2 profit beats Street on lower input costs

* Q2 adj EPS C$0.27 vs est C$0.26

* Revenue down 11 pct

* Shares up 3 Canadian cents

Aug 10 (Reuters) - Frozen seafood company High Liner Foods Inc HLF.TO HLF.A posted a quarterly profit that beat estimates, helped by lower input costs and a strong Canadian dollar.

For the second-quarter, High Liner earned C$4.4 million, or 28 Canadian cents a share, compared with C$4.1 million, or 22 Canadian cents a share a year ago.

Revenue fell 11 percent to C$134.7 million as a result of lower selling prices on commodity products, it said in a statement.

On an adjusted basis, the company earned 27 Canadian cents.

Analysts on average expected the company to earn 26 Canadian cents on revenue of C$142.6 million, according to Thomson Reuters I/B/E/S.

The North American seafood processor said while market prices for raw materials are beginning to increase, existing supply contracts will mitigate much of the impact for the rest of the year.

High Liner shares were trading up 3 Canadian cents at C$11.70 Tuesday afternoon on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Prem Udayabhanu)

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