Monday
Results: Bovis Homes; HSBC Holdings.
Indicators: German PPI (Jan).
Tuesday
Results: Green REIT; Kerry Group; Medtronic; Minerva.
Meetings: Catex 2017 (RDS, Dublin 4).
Indicators: Irish inflation (Jan); Irish retail sales (Jan); UK public sector net borrowing (Jan).
Kerry group to deliver low double-digit earnings per share growth
Food group Kerry is due to release full year earnings tomorrow, with the company expected to deliver low double-digit earnings per share growth.
The company which makes Dairygold, Dennys and Cheesestrings maintained EPS growth guidance of 6-10 per cent during the year, and 320 to 332 cent per share. Analysts are forecasting full-year EPS of 321.5 cent.
In the nine months to September 30th, 2016, business volumes on a group-wide basis increased by 3.2 per cent, while reported revenues were up 0.4 per cent. Net debt at the end of the period stood at €1.4 billion compared to €1.7 billion at year-end 2015.
Kerry saw revenues grow to a record €6.1 billion in 2015 with favourable currency shifts and lower raw material costs offsetting a decline in pricing in Europe and the US.
The company spent more than €900 million on acquisitions in 2015, equivalent to the previous five years combined, in an effort to reposition the business to exploit emerging trends in the sector.
Its spending spree saw it acquire US flavouring business Red Arrow, cocktail mix manufacturer Island Oasis and health food group Wellmune.
Wednesday
Results: Glanbia; Lloyds Banking Group; Barratt Developments; Airbus; Tesla; Wienerberger.
Meetings: Future in Pharmaceuticals Ireland event (Croke Park Conference Centre, Dublin 3).
Indicators: Euro zone inflation rate (Jan); US existing home sales (Jan); US MBA mortgage applications (Feb 17).
Strong earnings growth expected at Glanbia
Performance nutrition and ingredients group Glanbia is due to report full year results on Wednesday, with strong earnings growth expected.
Davy Stockbrokers is forecasting an increase of 3.5 per cent in total group earnings to €3.7 billion, with group EBITA rising 8.1 per cent to €336.8 million. Davy analyst Jack Gorman said he expects Glanbia to report an 8.6 per cent increase in adjusted diluted earnings per share to 85.7 cent.
“The group will also issue first guidance for FY 2017. Our forecast is for adjusted EPS growth of 6.9 per cent to 91.6 cent, with a modest FX tailwind,” he said.
Glanbia’s net debt is forecast at €491.5 million.
Since year-end, Glanbia acquired two businesses for a consideration of €181 million.The company said the acquisition of Amazing Grass and Body & Fit have a “a strong strategic fit” with the group’s performance nutrition division. The 2016 full year combined net revenues of both companies was about €99 million.
Glanbia said the acquisitions will be marginally earnings accretive in 2017 and will be funded by debt from existing facilities.
In January, Glanbia announced plans for a major new cheese and whey production plant in the US, which will add 30 per cent to its processing capacity.
Thursday
Results: BAE Systems; Barclays; Gap; Glencore; Howden Joinery; Mondi; Qantas Airways; Saint-Gobain; Telefónica; Veolia Environnement; Vivendi.
Indicators: German GDP growth rate (Q4); German GfK consumer confidence (Mar); US house price index (Dec).
Friday
Results: Bank of Ireland; IAG; Kennedy Wilson Europe; Royal Bank of Scotland; Standard Chartered; Standard Life; William Hill.
Meetings: Bloodstone Partners Build your Business breakfast series (Bank of Ireland, Grand Canal Square, Dublin 2).
Indicators: US Michigan consumer sentiment (Jan); US new home sales (Jan).