S&P 500 slips, but losses kept in check as Nvidia climbs ahead of results
On Wednesday, Deutsche Bank reaffirmed its Buy rating and EUR21.00 price target on shares of Glanbia PLC (GLB:ID) (OTC: GLAPY). The firm anticipates the company to present its first-half 2024 financial results on August 14th. A slight dip in revenue is expected, with forecasts predicting a -0.7% decline to $1,823 million. This includes an anticipated organic revenue drop of -1.4%, balanced by a volume increase of 3% and a price decrease of 4.4%.
For the second quarter, the bank projects a like-for-like (LFL) revenue growth of +2.6%, driven by a 4.4% rise in volumes and a 1.8% fall in pricing. The expected group adjusted EBITDA stands at $257 million, translating to a margin of 14.1%, which marks an improvement of 150 basis points year-over-year.
The forecast for adjusted operating profit is set at $183 million, indicating a 10.1% profit margin. Additionally, Deutsche Bank estimates an adjusted earnings per share (diluted) of $0.631 and a dividend per share of $0.162. No significant alterations have been made to the full-year 2024 estimates by the firm.
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