Tate & Lyle Revenue Outlook 2024
Tate & Lyle expects volume growth in 2024 after challenges in Q3. Fiscal projections show optimism for earnings growth.
Tate & Lyle is optimistic about returning to volume growth following challenges faced in the third quarter. Despite a 4% decline in revenue for the three months ending Dec. 31, the provider of food-and-beverage ingredients remains confident in its trajectory moving forward.
Factors such as softer demand and customer destocking contributed to the decline in revenue, along with a phasing out of orders into the fourth quarter. However, Chief Executive Nick Hampton is hopeful for a turnaround, citing an anticipated renewal of customer contracts for the 2024 calendar year that is expected to drive volume growth throughout the year.
Tate & Lyle continues to uphold its guidance for fiscal 2024, with projected growth in earnings before interest, taxes, depreciation, and amortization ranging from 7% to 9%. While revenue for the upcoming period ending March 31 is forecasted to dip slightly compared to the previous year, the company remains steadfast in its goals.
In fiscal 2023, Tate & Lyle reported EBITDA of 320 million pounds ($403.9 million) on revenue totaling GBP1.75 billion.
For more information, contact us at Tate & Lyle.
Leave Comment