Glanbia‘s gloom over the “sustained difficulties” in the economy and the global dairy market continued today (13 May) when it stuck to its lower earnings forecast for 2009.
The Ireland-based firm reaffirmed the guidance it gave on 30 April, when it said it expected adjusted earnings per share of between EUR0.30-0.32 for 2009.
Deteriorating global dairy markets has hit Glanbia’s Irish food ingredients division. The group described the unit’s performance to 13 May as “weak” and said it would impact its overall annual results.
Glanbia also repeated its forecast that sales and earnings from its combined consumer foods and agribusiness unit would be lower than last year.
On a brighter note, the company said its US food ingredients business is performing “in line with expectations”. The group’s nutritionals unit is also seeing “good organic growth”, the company said.
“Glanbia is focused on achieving a strong operational and cost management performance in 2009. A previously announced rationalisation programme is on track to deliver significant annualised cost savings and further initiatives are under way to ensure the group remains competitive in light of the sustained difficulties in the global economic environment,” the company said.
Its half-year results are slated for 26 August.