Givaudan Profit Rises, Names New CFO — Update

By Nina Kienle

Givaudan backed its 2025 targets after profit grew in the first six months of the year, and named a new chief financial officer.

The Swiss flavor-and-fragrance company said Stewart Harris will succeed Tom Hallam, who will retire on Jan. 31. Harris is currently head of corporate finance and business development.

Givaudan on Tuesday posted net profit of 588 million Swiss francs ($660.9 million) for the six months ended June, up from CHF449 million in the same period the prior year. Sales rose to CHF3.74 billion from CHF3.53 billion.

Operating income rose 24% to CHF729 million while earnings before interest, taxes, depreciation and amortization rose 19% to CHF906 million.

Analysts expected net profit, Ebitda and sales at CHF533 million, CHF901 million, CHF3.7 billion, respectively, according to consensus estimates provided by the company.

With comparative figures in the second half of the year getting tougher, there might be some initial disappointment versus high expectations and also reflecting the retirement of a well​-​respected CFO, the analysts said.

Shares trade 4.3% lower, with peers Symrise and DSM also trading down 2.5% and 0.9%, respectively.

Givaudan reaffirmed its 2025 targets.

Write to Nina Kienle at nina.kienle@wsj.com

(END) Dow Jones Newswires

July 23, 2024 05:32 ET (09:32 GMT)

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