Glanbia recently announced a significant increase in pretax profit for 2023, citing lower costs as a contributing factor to this success. The Irish nutrition company revealed a pretax profit of $392.4 million, showing a notable rise from the previous year's $237.4 million. Despite a slight decrease in revenue to $5.4 billion from $5.9 billion, Glanbia managed to achieve a 5.1% growth in revenue on a like-for-like basis, primarily due to a 5.4% increase in pricing.
Financial Highlights
- Pretax Profit: $392.4 million
- Revenue: $5.4 billion
- Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA): $424.0 million
These impressive financial results were accompanied by a dividend per share of 21.21 European cents (23 U.S. cents), totaling 35.43 European cents, as recommended by the board.
Future Outlook
Looking towards the future, Glanbia anticipates a growth of between 4% and 7% in nutrition business revenue for 2024. Additionally, the nutritionals segment is expected to experience a volume growth of 3% to 5%, with EBITDA margins projected to be at least consistent with those of 2023.
Share Buyback Program
In a strategic move to optimize its capital structure, Glanbia disclosed a share buyback program totaling up to EUR50 million. The initiative aims to improve shareholder value by reducing the share capital and is set to run until Dec. 19.
As a result of these recent developments, Glanbia's shares showed an increase of 4.7% at EUR16.53 at 0841 GMT.
For more information, please visit Glanbia's official website.
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