Glanbia has reaffirmed its full-year earnings per share guidance after reporting revenue growth of 7.2% for its first quarter.

The multinational nutrition company expects to make $1.24 to $1.30 per share in 2025 following a Q1 performance that was in line with expectations.

Revenue growth of 24.9% in Glanbia's health & nutrition business, 19.3% of which related to the acquisition of Flavor Producers, was partially offset by a 6.6% revenue decline in the performance nutrition.

Health & nutrition saw increases sales volume (+6%) driven by "a strong performance" in both its premix and flavour solutions businesses, while prices declined slightly (-0.4%).

Sales volumes in performance nutrition were down 5.8% despite prices being 0.8% lower. Excluding SlimFast and Body & Fit, which have been designated as non-core and following Glanbia's decision to exit the businesses, performance nutrition revenue declined by 4.8%. 

Within performance nutrition, Optimum Nutrition turnover fell 3.1% due to its declining club and specialty channels in the US (-13.2%) as a result of tariff-related volatility, which offset growth in online/FDM channels and international markets (+6.1%) such as Asia Pacific.

Glanbia's dairy nutrition group reported revenue growth of 18.9%, with both sales volumes (+3.6%) and prices (+15.3%) rising substantially year-on-year, the former due in part to strong growth in protein solutions.

Looking ahead, Glanbia said it had "largely mitigated" the effects of the tariffs announced by the White House. Earnings per share would be 7-11% lower than 2024 on a constant currency basis if its guidance proves to be correct.

Hugh McGuire, CEO of Glanbia, said the group delivered like-for-like revenue growth of 4.5% while "navigating macroeconomic volatility and short-term headwinds in our Performance Nutrition division."

"Our Health & Nutrition and Dairy Nutrition segments delivered a strong performance. As previously announced, Performance Nutrition is facing short-term challenges in the US club channel and we are offsetting this by delivering good growth in our online and food, drug & mass channels and international markets, which is supported by a strong innovation pipeline," he added.

In an interim management statement, Glanbia said its dairy nutrition is on course to become a standalone business by a July, and that its three-year initiative to generate annual savings of €50m is ongoing.

The group has completed €42.7m of an initial €50m share buyback programme, which it expects to recommence in the current quarter.

Glanbia's net debt has increased by $289.4m year-on-year to $578.8m following the Flavor Producers acquisition last April, and the group now has committed debt facilities of $1.3bn.

Photo: Hugh McGuire. (Pic: Supplied)