Kerry Group PLC Class A

KYGA: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€45.00	Vnv	Wtjfszyvvw

Kerry Group Earnings: North America and Retail Return to Growth; New Share Buyback Program Announced

Ioannis Pontikis

Jul 31, 2024

Wide-moat Kerry Group reported first-half results with volumes up 1.7% and a negative pricing contribution of minus 4% reflecting a deflationary environment. Volume growth for the group's largest segment taste and nutrition was up 3.1%, primarily driven by the food service channel, up strongly by 7.3%, with volumes in the retail channel returning to growth. Within this, emerging-market volumes were up 6.6% while the Americas region rebounded nicely with volumes up 3.6%, driven by North America's return to growth. The dairy business continues to underperform, down 1.9%, with lower dairy market prices hitting pricing, down 6.9%.

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