Tralee / IE. (kg) Continued volume growth with good margin improvement characterized Irish Kerry Group’s third quarter of fiscal 2023. «We delivered a good overall performance in the period recognising varying conditions across our markets. North America saw good improvement through the third quarter, Europe performed in line with expectations while APMEA continued to deliver strong growth. Our unique positioning in foodservice supported our continued strong growth in the channel,» says Chief Executive Officer Edmond Scanlon in his statement. Overview:
- Taste + Nutrition Q3 volume growth of 1.6 percent and Group Q3 volumes +0.1 percent
- Overall YTD pricing of 1.3 percent, with third quarter pricing reflecting deflationary environment
- Group margin expansion of +100 bps in Q3, driven by Taste + Nutrition +130bps
- Dairy Ireland YTD volumes -6.2 percent with margins also impacted by challenging market conditions
- Full year earnings guidance expected to be at low end of previously stated 1 percent to 5 percent constant currency range
- Share buyback programme of EUR 300 million to commence at the beginning of November
Edmond Scanlon adds: «We made good strategic progress through the period with further footprint expansion and strategic acquisitions, and given the Group’s strong balance sheet and cash flow, we are also initiating a share buyback programme. We made good strategic progress through the period with further footprint expansion and strategic acquisitions, and given the Group’s strong balance sheet and cash flow, we are also initiating a share buyback programme. Taste and Nutrition remains strongly positioned for volume growth and margin expansion while recognising current market conditions, however Dairy Ireland performance continues to be impacted by challenging industry dynamics. Given this context, we expect our constant currency earnings growth to be at the low end of our guidance range.» For additional information please read the company’s PDF file below (163 KB):
20231106-KERRY-GROUP-Q3-2023.
