Kerry Group Revenue Falls But Profitability Improves
By Adria Calatayud
Kerry Group said revenue fell in the first quarter of the year despite a rise in sales volumes, but that profitability improved partly due to cost efficiencies.
The Irish supplier of ingredients to the food industry said Thursday that group revenue fell 9.9% in the first quarter compared with the year-earlier period. Volumes grew 1.9%, but prices, the effects of asset sales and adverse currency movements all weighed on the group's top-line performance, it said.
However, the company said its earnings before interest, taxes, depreciation and amortization margin improved by 1.4 percentage points.
Looking ahead, Kerry said consumer demand remains somewhat subdued, but that it remains well-positioned for volume growth and margin expansion.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
May 02, 2024 03:56 ET (07:56 GMT)
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