Glanbia reiterates eps guidance

Irish dairy products firm Glanbia said as it is set to deliver "significant" annualised cost savings as it reiterated its eps guidance."Glanbia is focused on achieving a strong operational and cost management performance in 2009. A previously announced rationalisation programme is on track to deliver significant annualised cost savings and further initiatives are underway to ensure the Group remains competitive in light of the sustained difficulties in the global economic environment," it said.As announced previously, it expects adjusted earnings per share for 2009 to be between 30 to 32 cents for the full year.The group said Food Ingredients USA is experiencing good demand in the last four months and is performing in line with expectations but Food Ingredients Ireland is weak and this will impact half-yearly results. As noted in the April announcement, this will also impact Glanbia's overall full year performance. The market environment remains very challenging for Consumer Foods and against this backdrop this business unit continues to deliver a reasonable result, said Glanbia.