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