Shares in Glanbia tumbled by more than 15% in early morning trading after the company announced results for 2024 which were in line with guidance. Revenue increased by 5.8% to $3.8bn (€3.6bn) and earnings before interest tax and depreciations was $551.3m (€525m).
Shares in Glanbia tumbled by more than 15% in early morning trading after the company announced results for 2024 which were in line with guidance.
Revenue increased by 5.8% to $3.8bn (€3.6bn) and earnings before interest tax and depreciations was $551.3m (€525m).
The company said that its adjusted earnings per share for the year was 140.03 cent ($) (133.55 cent (€)).
In its outlook, the company said it expects to deliver earnings per share of between 124 cent and 130 cent ($) (118 to 123.75 cent (€)).
Glanbia said that its performance nutrition division is expected to deliver a decline in performance versus the prior year as a result of an unprecedented level of input cost inflation – mostly driven by high-end whey prices.
Record levels
Glanbia CEO Hugh McGuire said that those high-end whey prices are higher than previously forecast and are now at record levels.
He said that while there would be more whey supply coming on to the market in 2025 and 2026, the current high input prices would reduce earnings this year.
Glanbia announced that it has decided to sell its long-underperforming SlimFast brand.
In 2024, the company recognised a non-cash impairment charge of $91.4m (€87m) in respect of brand. It is also selling its direct-to-consumer European Body & Fit business.
The company announced a final dividend of 23.33 cent (€), putting the total 2024 dividend at 38.97 cent (€).
Glanbia also announced a new €100m share buyback programme, expected to commence in the second quarter of this year.
See this week’s Irish Farmers Journal for more and an interview with Glanbia CEO Hugh McGuire.
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