Kerry Group Pretax Profit Rose, Backs Adjusted EPS Guidance
August 02 2023 - 2:49AM
Dow Jones News
By Anthony O. Goriainoff
Kerry Group said pretax profit for the first half rose as
revenue increased, and backed its adjusted earnings per share
guidance for the year.
The Ireland-based food company said Wednesday that pretax profit
was 379.2 million euros ($416.5 million) compared with EUR265.1
million for the first half of 2022.
Revenue rose to EUR4.12 billion from EUR4.06 billion in the
year-prior period. The company said this reflected organic growth
of 5.1%.
Group pricing rose to over 4.5% in the period, compared with a
1.4% rise the year before.
The board declared an interim dividend of 34.6 European cents a
share, up from 31.4 European cents in the year ago.
The company said it expects to achieve adjusted earnings per
share growth in 2023 of 1% to 5% on a constant currency basis, and
that this includes an expected net 2% dilution from portfolio
developments. Based on prevailing rates, it expects foreign
exchange translation to be a headwind of around 4% on earnings in
the full year.
"While recognizing current market conditions, we remain strongly
positioned for growth," Chief Executive Edmond Scanlon said.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
August 02, 2023 03:34 ET (07:34 GMT)
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