Glanbia Q1 revenues up due to strong dollar

Global food and ingredients group Glanbia is projecting annual earnings per share of around 20%, with revenues up 10.5% for the first three months of 2015 due to a strong dollar.

This solid performance was achieved against a weakness in global milk prices and a dip in US cheese and dairy sales. The group’s annual earning projections, issued at its AGM in Kilkenny, have been met with a positive response from industry analysts.

Analysts at Davy stated: “Our full year guidance is reiterated, ie constant currency-adjusted earnings per share growth of 9% to 11%. We are leaving our 73.5c earnings per share forecast unchanged (+21% year on year), and at first glance we would expect to make only minor changes to the underlying divisional mix.”