November 10, 2010 / 4:43 PM / 7 years ago

UPDATE 1-High Liner Q3 tops on high sales volumes; shares rise

* Q3 EPS C$0.41 vs est C$35

* Q3 rev C$144.3 vs est C$138.3

* Sees costs increase going forward

* Shares up over 6 pct

Nov 10 (Reuters) - Canada’s High Liner Foods HLF.TO HLF.A, a frozen seafood processor, posted quarterly results that topped estimates, helped by higher sales volumes and reduced costs, sending its shares up about 7 percent.

The Nova Scotia-based company forecast an increase in costs and said this could lead to reduced sales volumes in the future.

“This increase is driven by an improving economy in traditional markets as well as new demand from emerging markets,” CEO Henry Demone said in a statement.

Third-quarter income rose about 21 percent to C$6.2 million, or 41 Canadian cents a share, up from C$5.1 million, or 28 Canadian cents a share, a year ago.

Sales in Canadian dollars was relatively flat at C$144.3 million, due to a stronger Canadian dollar, the statement said.

Analysts on average expected the company to earn 35 Canadian cents on revenue of C$138.3 million, according to Thomson Reuters I/B/E/S.

High Liner shares have gained about 7 percent in value since its then-largest shareholder Scotia Investments transferred its 37 percent stake to Thornridge Holdings, late July.

They were up about 7 percent at C$13.20 in late morning trade on Wednesday, on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Jarshad Kakkrakandy)

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