The Kerry Group reported revenue in the first nine months of 2024 comprised volume growth of 2.2%, pricing deflation of 3.2%, favorable transaction currency of 0.2%, adverse translation currency of 0.7%, positive contribution from acquisitions of 0.8% and the effect from disposals of 2.3%, resulting in reduced overall revenues of 3.0% across the period.
Kerry's EBITDA margin increased by 140bps driven by benefits from the Accelerate Operational Excellence Program, a positive impact from portfolio developments, operating leverage, product mix, and the net effect from pricing.
Sales Report Highlights
- Taste & Nutrition Q3 volume growth of 3.4% and Group Q3 volumes +3.2%
- Taste & Nutrition Q3 price -1.2% | Group Q3 price -1.2%
- Taste & Nutrition YTD EBITDA margin +120bps | Group +140bps
- Dairy Ireland YTD volume growth of 0.4% | YTD EBITDA margin +120bps
- Full-year earnings per share guidance range reiterated
Looking Forward
Edmond Scanlon, chief executive officer, shared, “We were pleased with our performance across the first nine months of the year, with continued volume progression through the period, combined with strong margin expansion.
Taste & Nutrition achieved volume growth of 3.4% in Q3, which as previously referenced was broadly in line with market expectations. This represented continued strong volume growth in the Americas, a good performance in APMEA, with volumes in Europe turning positive in the third quarter. Volumes in the retail channel steadily improved through the period, while food service continued to deliver strong growth, given our unique positioning as we outlined at our recent investor day.
We remain on track to achieve our full-year guidance, and today we reiterate our range of 7% to 10% constant currency adjusted earnings per share growth.”
