By Michael Susin

Kerry Group said its 2023 earnings are expected to be at the bottom of its guidance range as its Dairy Ireland business is being hit by challenging market conditions, and announced a share buyback.

The Ireland-based food company said Thursday that earnings are expected at the low end of its previously guided range of 1% to 5%.

Dairy Ireland performance continues to be hurt by challenging industry dynamics, with volumes for the nine-months down 6.2%, it said.

Despite the uncertain conditions, the group said it remains well-positioned and with a good innovation pipeline.

"The group will continue to manage through the current input cost environment in collaboration with customers. Kerry will continue to develop the business through capital investment and acquisitions aligned to its strategic priorities," it added.

Kerry has also announced a share buyback program of 300 million euros ($317 million), scheduled to start at the beginning of November.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

October 26, 2023 03:59 ET (07:59 GMT)

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