Kerry Group Pretax Profit Rose, Backs Adjusted EPS Guidance

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 [e-mail]

(END) Dow Jones Newswires

August 02, 2023 03:34 ET (07:34 GMT)

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