Kerry sees lower 2023 earnings growth as prices start to fall
Source: The DairyNews
Kerry Group, a global food ingredients company, anticipates that its full-year earnings growth will be at the low end of the previously stated range due to a significant decline in volumes and pricing in its small dairy business during the third quarter.
Kerry Group, a major food ingredients supplier, is experiencing challenges in its dairy business, with a significant decline in volumes and pricing during the third quarter. The company's much larger taste and nutrition unit also faced pricing declines, reflecting some input cost deflation. While the taste and nutrition unit is positioned for volume and margin growth, the difficulties in the dairy business have led Kerry Group to anticipate full-year earnings growth at the low end of its previously stated range of 1% to 5% in constant currency. The announcement includes a €300 million share buyback program. The challenges highlight the complexities of managing diverse segments in the food industry.
