Glanbia raises earnings forecast

GLANBIA, the leading producer of US-style cheddar cheese in the US and the number one supplier of pizza cheese in Europe, has raised its 2010 earnings per share guidance due to a much improved trading outlook for the year.

The Kilkenny-based international nutritional ingredients and cheese group said its Irish operations are recovering and it is experiencing good performances from its US cheese and global nutritionals divisions.

As a result of the much improved outlook Glanbia has upgraded its earnings growth forecast for the year to the “mid-teens” which chief executive John Moloney put at 15%.