Kerry Group plc released its earnings report for the three months to the end of September, which showed growth in the volume of sales of 3.2%, with prices during the period dropping by 1.2%.The company reiterated its full-year adjusted earnings per share growth guidance at between 7% to 10%.
Kerry Group plc released its earnings report for the three months to the end of September, which showed growth in the volume of sales of 3.2%, with prices during the period dropping by 1.2%.
The company reiterated its full-year adjusted earnings per share growth guidance at between 7% to 10%.
While the company’s taste and nutrition division makes up the lion’s share of the company’s business, the Kerry Dairy Ireland division had what was described as a “good” performance during the period.
Kerry said its dairy consumer products performance was led by good volume growth across snacking and branded cheese ranges.
Dairy ingredients volumes reflected soft overall supply conditions, which Kerry said improved through the period.
'Pleased with our performance'
CEO Edmond Scanlon said: “We were pleased with our performance across the first nine months of the year, with continued volume progression through the period, combined with strong margin expansion.
"We remain on track to achieve our full-year guidance and today we reiterate our range of 7% to 10% constant currency adjusted earnings per share growth.”
The company reminded investors that it will begin a fresh €300m share buyback scheme once the current scheme completes in the coming weeks.
Since Kerry started its current round of buybacks in November of last year, it has spent approximately €590m purchasing its own shares in the market.
Shares of Kerry Group plc were €1 higher at €93.70 in the wake of the performance update.
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