Kerry Group, an Ireland-based food company, announced that its pretax profit for the first half of the year has increased. The company also reaffirmed its guidance for adjusted earnings per share for the full year.
Strong Financial Performance
Kerry Group reported a pretax profit of 379.2 million euros ($416.5 million) for the first half of the year, surpassing the EUR265.1 million recorded in the same period last year. This robust performance can be attributed to the growth in revenue.
The company witnessed a rise in revenue, reaching EUR4.12 billion compared to EUR4.06 billion in the corresponding period of the previous year. This increase reflects an impressive organic growth rate of 5.1%.
Kerry Group experienced a significant improvement in group pricing. During the period, group pricing rose to over 4.5%, in contrast to the 1.4% growth recorded in the previous year.
The board of Kerry Group has declared an interim dividend of 34.6 European cents per share, an increase from the 31.4 European cents declared in the previous year.
While acknowledging the current market conditions, Chief Executive Edmond Scanlon stated that the company remains well-positioned for future growth. Kerry Group anticipates achieving a 1% to 5% growth in adjusted earnings per share for 2023 on a constant currency basis. However, this includes an expected net 2% dilution resulting from portfolio developments. Additionally, the company expects foreign exchange translation to pose a headwind of approximately 4% on earnings for the full year.
Kerry Group continues to exhibit positive momentum as it delivers strong financial results and sets ambitious growth targets.
Our Latest News
Lightspeed Commerce surpasses revenue and earnings expectations in Q2, achieving a significant milestone in adjusted earnings. The company raises its revenue gu...
Sino-Ocean Group suspends trading of its U.S. dollar-denominated securities amidst difficulties in meeting debt obligations. Chinese property developers face si...
Splunk's Q2 earnings are overshadowed by Nvidia's remarkable success. However, analysts expect Splunk's positive momentum to continue and have assigned an Outpe...