UPDATE 1-Food ingredients group Kerry reports coronavirus hit, sees China production normal in weeks [Reuters]
KERRY GROUP PLC S/ADR (KRYAY)
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Source: Reuters
UPDATE 1-Food ingredients group Kerry reports coronavirus hit, sees China production normal in weeks (Adds detail on China factories and demand; Adds CEO quotes) By Conor Humphries DUBLIN, Feb 18 (Reuters) - Irish food ingredients company Kerry Group warned on Tuesday that its China revenue would fall 30% in the first quarter due to the coronavirus outbreak, but said it hopes to return its five Chinese factories to full capacity within weeks. The first quarter slowdown in China will cut annual global revenues by 0.5% in Kerry’s core Taste & Nutrition unit, which contributed over 80% of the group’s global revenues of 7.2 billion euros ($7.8 billion) in 2019, Chief Executive Officer Edmond Scanlon said. That is the equivalent to a cut in earnings per share growth of around 1 percentage point, he said. Once the impact of coronavirus is taken into account, Kerry expects to achieve adjusted earnings per share growth in 2020 of 5% to 9% on a constant currency basis in 2020, compared to 8.3%
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