Glanbia ups earnings guidance following growth across divisions

Glanbia PLC on Wednesday upgraded full-year earnings guidance following a strong third quarter and continued revenue growth.

Glanbia shares rose 8.5% to EUR21.80 on Wednesday afternoon in London.

The Kilkenny, Ireland-based sports nutrition company said group revenue for the nine-month period ended October 3 rose 7.2% on-year.

Like-for-like group revenue increased by 9.9%, amid volume growth of 4.2% and price growth of 5.7% the company explained, while revenue on a constant currency basis rose 6.7%.

Revenue for the group's Performance Nutrition division rose 9.1%, 8.5% at a constant currency basis and 18% like-for-like.

Chief Executive Officer Hugh McGuire said this was driven by "continued market share gains, expanded distribution, innovation and pricing actions in response to significant whey inflation, supported by our continued brand investment".

Health & Nutrition revenue rose 14% and Dairy Nutrition rose 2.2%.

Looking ahead, the company raised its full-year Performance Nutrition like-for-like revenue growth guidance to between 16% and 17%, from 12% to 14%.

Dairy Nutrition earnings before interest, tax, depreciation and amortisation are now expected to be between USD175 million and USD180 million, compared with previous guidance of USD170 million to USD180 million.

Adjusted earnings per share growth is now forecast at 22% to 24% in constant currency, up from the previous expectation of 17% to 20%.

All other guidance remains unchanged, the company said.

McGuire said: "With a market-leading portfolio of better nutrition brands and ingredients, Glanbia is uniquely positioned to capitalise on favourable category dynamics and sustained consumer demand for our products."

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