By Anthony O. Goriainoff
Glanbia, the Irish nutrition group, announced an increase in pretax profit for the first half of fiscal 2024. This boost was attributed to an exceptional net post-tax gain. However, the company has revised its revenue guidance for Glanbia Performance Nutrition (GPN) for the year.
New CEO Appointment
Hugh McGuire, currently the CEO of GPN, will be appointed as the new chief executive officer effective Jan. 1.
Financial Performance
For the six months ending July 1, Glanbia's pretax profit reached $214 million, compared to $157.6 million the previous year. During this period, the company recorded an exceptional net post-tax gain of $56.5 million. Adjusted earnings before interest, taxes and amortization (EBITA) were up by 6.1% on a constant currency basis, reaching $198.6 million.
Decrease in Revenue
Glanbia experienced a decline in revenue, falling from $3.09 billion to $2.77 billion. This decrease can be attributed to lower volumes, a 12% decrease in price, as well as reductions related to mergers and acquisitions.
Revised Guidance
The company expects revenue growth for the GPN division to be at the lower end of the previously guided range of 5% to 7% on a constant currency basis. However, Glanbia upgraded its full-year EBITA margin expectations to be between 13.5% and 14.5%. Additionally, adjusted earnings per share growth for the year has been revised to between 12% and 15% based on an improved outlook for GPN. The initial forecast in March predicted adjusted EPS growth of 5% to 10%.
Our Latest News
A.P. Moeller-Maersk and Hapag-Lloyd Join Forces to Address Industry Challenges
Danish shipping giant A.P. Moeller-Maersk and Germany's Hapag-Lloyd partner to tackle challenges in the shipping industry, including excess vessels and the need...
Controversy Surrounds Ron DeSantis on Palestinian Refugees and Israel-Gaza Conflict
Republican presidential candidate Ron DeSantis faces controversy over his rejection of Palestinian refugees and divisive stance on the Israel-Gaza conflict. Thi...
Big 5 Sporting Goods Sees Stock Dip as Dividend Slashed
Big 5 Sporting Goods sees stock decline after slashing dividend by 50% due to weaker sales trend. Shares drop 13% in after-hours trading.