Half Year 2024 Glanbia PLC Earnings Call Transcript
Key Points
- Adjusted earnings per share grew by 12.4% to $68.2, driven by strong consumer demand.
- Glanbia Performance Nutrition and Glanbia Nutritional Solutions both delivered volume growth of 3.1% in the first half.
- Optimum Nutrition brand saw an 11.8% volume growth in the first half.
- Completed the acquisition of flavor producers, significantly expanding flavor offerings with revenue in excess of $120 million.
- Returned $50 million to shareholders via share buybacks and announced a further $50 million share buyback program along with a 10% increase in interim dividend.
- Slim-Fast brand faced significant headwinds with a 34% decline in like-for-like revenue in the first half.
- Group revenue for the half year was down 1.1% on a constant currency and pro forma basis.
- US Cheese EBITDA was down 22% compared to the prior year due to lower market pricing and lapping procurement benefits.
- Higher finance costs due to increased debt following the flavor producers acquisition.
- Challenges in the specialty channel and competitive dynamics in the online channel in Europe impacted performance.
Good morning, and welcome to the Glanbia 2024 half year results call. During today's call, the directors may make forward-looking statements. These statements have been made by the directors in good pace based upon the information available to them at the time of their approval of the Glanbia Half Year 2024 results announcement published earlier today due to the inherent uncertainties, including both economic and business risk factors underlying such forward-looking information.
Actual results may differ materially from those expressed or implied by those forward-looking statements and the directors undertake no obligation to update any forward-looking statements made on today's call whether as a result of new information, future events or otherwise.
I'm now handing the call over to Hugh McGuire, CEO. Glanbia PLC.
Thank you, Liam, and good morning, everybody, and welcome to the Glanbia half
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