Kerry Group’s shares fell on Thursday after it said earnings this year will come in at the lower end of previous guidance as its Dairy Ireland unit’s sales slid in a “challenging” environment.
However, Kerry’s key taste and nutrition division saw its sales volumes grow by 1.6 per cent during the third quarter, though pricing eased by 1.4 per cent, “reflective of some input cost deflation”, it said.Productivity ‘gains’ of working from home come under the microscope Previous talks on Kerry Group selling a 60 per cent stake in the dairy business to its Kerry Co-op, the group’s main shareholder, with about an 11.4 per cent stake, broke down two years ago amid a standoff over price. Kerry Group had been looking for a deal that placed a €800 million valuation on a joint venture.
Still, shares were down 2.6 per cent in early trading in Dublin as investors digested the lowered earnings guidance.
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Irish dairy industry worth €17.6bn to economyA new report on the value of the dairy industry in Ireland last year shows it had an economic impact of €17.6bn and supported 54,000 direct and indirect jobs.
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Kerry sees lower earnings growth as prices start to dipFood ingredients giant Kerry Group said it expects full year earnings growth to be at low end of its previously stated range following a sharp third quarter decline in volumes and pricing in its small dairy business.
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