Kerry narrows earnings guidance

Kerry Group has narrowed its full-year earnings guidance in the face of challenging market conditions and “significant currency headwinds”.

Despite this, the Tralee-headquartered international food and ingredients giant still sees a chance for earnings to show a low double-digit percentage increase for the current year; significant given the deterioration in exchange rates compared to earlier in the year.

In its latest trading update — covering both the third quarter and the first nine months of the year — Kerry yesterday stated it is confident of delivering 8%-10% growth in adjusted earnings per share for 2013, to a range of 253c-257c.