Glanbia Reports Q3 Revenue Decline in Nutritionals, Upgrades Full-Year Guidance

Ireland 02.11.2023

Source: The DairyNews

Glanbia plc. has released its interim management statement for the first nine months of the year, revealing a decline in revenue for its Glanbia Nutritionals-Nutritional Solutions (GN NS) division. The like-for-like revenue for GN NS dropped by 14%, attributed to a 7.6% price decline and a 6.4% volume decline, driven by supply chain rebalancing earlier in the year.

Glanbia Reports Q3 Revenue Decline in Nutritionals, Upgrades Full-Year Guidance

Glanbia Performance Nutrition (GPN), the other main division, saw a 3% increase in like-for-like revenue, with positive sports nutrition volume offset by volume decline in weight management.

Glanbia completed a €100 million share buyback program and acquired the business-to-business bioactive ingredients division of PanTheryx for €46 million during the first nine months. The group's debt as of September 30 was €334.9 million.

Looking ahead, Glanbia upgraded its full-year guidance, anticipating a 17% to 20% growth in adjusted earnings per share (EPS) on a constant currency basis. The group expects approximately 5% revenue growth in GPN, offset by a double-digit decline in like-for-like revenue for GN NS due to continued low dairy market pricing. The joint ventures' performance is expected to be impacted by the sale of the Glanbia Cheese mozzarella joint venture.

Group Managing Director Siobhán Talbot noted the strong outlook for the remainder of the year, resulting in an upgrade in expected growth in full-year adjusted EPS. Talbot highlighted the strong cash flow, return of €100 million to shareholders, and the strategic acquisition of PanTheryx's bioactive ingredients as key achievements.