Home > Agriculture > Glanbia shares surge 10% after forecast-beating earnings

Glanbia shares surge 10% after forecast-beating earnings

Written by Business World, on 20th Feb 2019. Posted in Agriculture

article headline

Irish sports nutrition supplement maker Glanbia on Wednesday reported a 9% increase in earnings per share, beating its own guidance and pushing its shares up by 10%.

The Irish company, which produces cheese, protein supplements for body builders as well as nutritional ingredients for food producers, had forecast an increase in earnings per share (EPS) of between 5 and 8% on a constant currency basis.

"Glanbia’s FY results confirm a strong finish to 2018 and were ahead of forecasts at the revenue, EBITA (earnings before interest, taxes, and amortization)and EPS reporting lines," Davy Stockbrokers said in a note, also reiterating its "outperform" recommendation.

Glanbia also announced the acquisition of U.S. ingredient solutions business Watson for $89 million and Finance Director Mark Garvey said the company would continue to look for further acquisition opportunities in its main business lines.

"We have a strong balance sheet. We have the ability to invest," Garvey told Reuters. "Over the next one or two years we will continue to look for new opportunities."

Glanbia shares were up 10.25% at 17.85 euros at 0835 GMT. (Reuters)

Source: www.businessworld.ie

More articles from Agriculture

image Description

Landmark Precision Agriculture Hub for Kilkenny

Read more
image Description

EU to compensate Irish beef farmers for Brexit price hit

Read more
image Description

€400m FDI from China to Ireland launches next month

Read more
image Description

Bloom 2019 to return to Phoenix Park

Read more
image Description

Kerrygold reaches €1bn annual retail sales globally

Read more