In the company’s interim management statement published today, Glanbia pointed to volume growth of 1.5pc in the quarter compared to the same period last year.
However, it also recorded price declines of 6.9pc as a result of changes in dairy pricing.
The Kilkenny headquartered company also saw a 1.9pc fall in revenues in its performance nutrition division. Prices were also down 3.3pc. while volumes grew by 1.4pc.
Glanbia said pricing was negative due to planned promotions in the first three months of the year.
Its flagship global brand, Optimum Nutrition, saw “strong” volume growth and represents over 60pc of the revenues of this division.
Revenues in the nutritional solutions division declined by 8.8pc in the first quarter, with volumes up 1.7pc. Prices were also down 10.2pc compared to the corresponding period in 2023 as a result of falls in dairy pricing.
US cheese revenue fell by 14.3pc.
Last month, Glanbia acquired US-based Flavor Producers from its owners Aroma Holding Company for an initial consideration of $300m (€281.6m).
The terms of the deal also include an additional deferred payment of up to $55m, which is dependant on the performance of Flavor Producers this year.
Flavor Producers provides flavours and extracts to the food and beverage industries.
The group has also confirmed its guidance for the year, with adjusted earnings per share expected to grow by between 5pc and 8pc this year.
Glanbia has also commenced an initial €50m share buyback programme, with over 1 million ordinary shares repurchased between the end of February and end of March. The group has spent €29.8m on buybacks so far this year.
Chief executive Hugh McGuire said that Glanbia’s performance was in line with expectations and was “driven by the continued strong global demand for our Better Nutrition brands and ingredients.”
“Consistent with our strategy to acquire complementary businesses to grow our Better Nutrition platforms, we recently completed the acquisition of Flavor Producers,” he added.
“This acquisition significantly expands our flavours offering and brings new capabilities in the attractive and growing natural and organic flavours market, aligned with long term consumer trends.”
