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Glanbia Shares Surge After Earnings Outlook Upgrade
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Hospitality Ireland
Shares in nutrition supplement maker Glanbia opened 10% higher on Wednesday after it increased its full-year earnings outlook and said it was overcoming challenges that pushed its shares to a two-year low in February.
Glanbia said it expected full-year earnings per share of $1.30-$1.33 on an adjusted basis, up from its previous forecast of $1.24-$1.30.
The US-focused company reported 'strong growth' in its Health & Nutrition and Dairy Nutrition businesses and 'sequential improvement' in Performance Nutrition.
Whey prices now look likely to moderate next year as more capacity comes on stream, Garvey said.
Glanbia shares were trading at 13.54 euros at 0730 GMT, up 47% from their low of 9.20 euros on April 9.
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