Glanbia - BellRing Brands – Q3 sales driven by greater pricing

Davy Research
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BellRing Brands reported Q3 results after close on Thursday August 4th. Revenue growth of 8.2% was driven by significant pricing, with volume contracting across both Premier Protein and Dymatize brands. Volumes at Premier Protein were largely impacted by the supply chain constraints, while higher-than- expected elasticity impacted Dymatize volumes. Dairy protein input costs have continued to escalate – to be offset by further price increases in FY23. The revised full year guidance calls for greater profitability (+c.20bps to margin) with a modest softening in full year sales growth.