Givaudan Posts Higher Sales Amid Strong Momentum
By Pierre Bertrand
Givaudan said that first-quarter sales rose, exceeding analyst expectations, as the company grew across all regions and customer groups.
The Swiss flavor-and-fragrance company on Thursday reported 1.82 billion Swiss francs ($1.99 billion) in sales for the first three months of the year, compared with CHF1.77 billion a year prior.
The result is a 2.8% on-year increase on a reported basis, or a nearly 13% rise on a like-for-like basis, the company said.
Analysts had expected the company to report CHF1.78 billion in sales and achieve like-for-like growth of 6.9%, according to a company-provided consensus of analysts' average views.
"Givaudan started the year with strong business momentum, a healthy project pipeline and maintained its operations and global supply chain at a high level, against increased volume demand from customers and some continuing supply chain challenges," the company said.
Givaudan's fragrance and beauty unit grew 7.5% on a reported basis, or by 16% on a like-for-like basis, reaching CHF900 million.
The company added that growth at the unit was particularly strong in high growth markets and with local and regional customers.
The company's taste and wellbeing business achieved CHF922 million in sales, a 1.5% decline as reported, but a 9.3% increase on a like-for-like basis.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
April 11, 2024 01:25 ET (05:25 GMT)
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