💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Kerry expects 2008 earnings at upper end of range

Published 11/13/2008, 07:53 AM
Updated 11/13/2008, 07:54 AM

* Expects good outcome for '08 despite tough conditions

* Expects full-year earnings at upper end of range (Adds comment, detail, share price)

DUBLIN, Nov 13 (Reuters) - Irish food company Kerry Group Plc said on Thursday it expected 2008 earnings to come in at the upper end of a range given earlier this year despite tougher economic conditions.

Kerry, whose brands include Wall's sausages, Homepride flour and Cheesestrings snacks, had first given guidance for full-year earnings of 151 to 155 cents per share in February.

"The group expects a good outturn for 2008 despite challenging economic conditions in many countries and the continued adverse impact of currency translation," it said.

"We expect earnings for the full year to increase to the upper end of the range of 151 cent to 155 cent per share forecast at the start of the year," it said in a trading statement.

Kerry said the underlying performance of its global ingredients and flavours businesses remained solid in the four months to end October delivering mid-single digit like-for-like revenue and trading profit growth.

The group, said trading conditions in the UK and Irish consumer food markets continued to be impacted by the weakening economic environment and currency movements.

"Despite the appreciation of the dollar/euro exchange rate, the continued depreciation of the sterling/euro exchange rate adversely impacted reported revenues and profits in the period," it said.

Nevertheless its consumer foods division achieved like-for-like revenue growth of 4 percent in the four-month period since the end of June, it said.

Shares in Kerry were trading 0.5 percent higher by 1231 GMT at 16.89 euros, slightly above a 0.4 percent gain on the wider Irish market. Its shares in London rose 1.2 percent.

(Reporting by Jonathan Saul; editing by Elaine Hardcastle)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.