* FY adjusted EPS up 11.3 percent to 2.37 euros
* Compares with average estimate of 10.1 pct growth
* Rev up 10.3 pct to 5.8 bln euros, in line with f'casts
* Shares open down 1 pct vs 0.6 pct market drop
DUBLIN, Feb 26 Irish food group Kerry
said its restructuring programme would allow earnings growth to
remain steady in 2013, despite a stronger euro and higher raw
material costs squeezing margins in the first two months of the
Ireland's third-biggest listed company said on Tuesday
adjusted earnings per share rose 11.3 percent to 2.37 euros in
2012, at the top end its own forecast range and ahead of an
average estimate of 10.1 percent growth in a in a Thomson
Reuters I/B/E/S poll.
The company, which makes Wall's sausages and Cheesestrings
snacks, said it expected EPS growth of between 7 and 11 percent
in 2013, slightly ahead of its forecast at the same time in
"There is uncertainty about consumer demand, costs on the
raw material front (and) currencies are pretty negative at this
point," Chief Financial officer Brian Mehigan said. "But we're
pretty confident going into 2013 about continuing our
Kerry expects raw material costs to ease in the second half
of the year, while improvements from the company's KerryConnect
restructuring programme will help make up for any currency
volatility, Mehigan said.
Its revenue grew 10.3 percent to 5.8 billion euros in 2012,
in line with analysts' forecasts.
Kerry earns about two-thirds of its revenue from its
ingredients and flavours business and about one-third from its
consumer foods division.
The company, whose share price rose 42 percent in 2012, has
underperformed in the year so far due to the strength of the
euro against the dollar. It has climbed 3.2 percent since the
start of the year, compared to 8.8 percent for the broader Irish
The stock opened down 1 percent on Tuesday compared with a
fall of 0.6 percent in the broader Irish market.