(Alliance News) - Glanbia PLC on Wednesday upped its guidance for 2023 as it hailed "good momentum" in the third quarter of 2023, helped by price increases.
Kilkenny, Ireland-based nutritional products firm said volumes across the business in the third quarter declined 2.5% year-on-year. However, Glanbia Performance Nutrition revenue rose 2.7% in the first nine months of 2023, driven by price increases of 8.9%.
While GPN Americas revenue fell 1.8% in the first nine months of 2023, it rose by 12% internationally.
The company upgraded its guidance for 2023 to between 17% and 20% growth in adjusted earnings per share, from 12% to 15% posted in August for 2023.
Managing Director Siobhan Talbot said: "The group's portfolio of better nutrition brands and ingredients continues to resonate strongly with consumers seeking health and wellness, with a particular focus on protein. The Optimum Nutrition brand within Glanbia Performance Nutrition, delivered strong revenue growth in the period while in GN Nutritional Solutions, overall volume trends have stabilised with volume growth in the third quarter driven by protein solutions."
Glanbia shares rose 7.8% to EUR15.47 each on Wednesday morning in London.
By Tom Budszus, Alliance News reporter
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Glanbia (GLB)