Glanbia maintains earnings guidance despite 5.5% revenue fall [Video]

Glanbia has reiterated its full-year guidance of 5-8% growth in adjusted earnings per share after reporting a 5.5% decline in revenue for the fist quarter.

The nutrition group reported that falling dairy market prices (-6.9%) offset volume growth of 1.5% during the quarter, but CEO Hugh McGuire was pleased with the company’s performance.

Within the Glanbia Performance Nutrition (GPN) division, like-for-like revenue declined 1.9%, reflecting volume growth of 1.4% and price decreases of 3.3%, although the Optimum Nutrition brand delivered strong volume growth on the back of increased investment.

Glanbia Nutritional Solutions (NS) recorded a like-for-like revenue decline of 1.7% as prices fell 5.5%, although sales volumes increased 3.8%, and the group said it had seen strong growth in its premix solutions business.

Revenue in Glanbia’s US cheese business fell by 14.3% in Q1 as volumes remained flat despite a 14.3% drop in pricing.

“I am pleased to report that Glanbia delivered a good performance in the first quarter, …