Givaudan First-Half Net Profit Fell Despite Sales Growth
July 21 2022 - 12:38AM
Dow Jones News
By Joshua Kirby
Givaudan SA said Thursday that earnings fell slightly in the
first half of the year despite higher sales, as input costs
increased amid supply-chain disruption.
The Swiss flavor-and-fragrance company said sales rose 8.3% in
the six-month period to 3.65 billion Swiss francs ($3.76 billion),
driven by the taste and wellbeing division. In the second quarter
alone, reported group sales accelerated to 10%, coming in at
CHF1.87 billion.
However, net profit for the first half fell to CHF440 million
from CHF481 million a year earlier, as the operating margin
narrowed to 17.3% from 18.2%, Givaudan said. Earnings before
interest, taxes, depreciation and amortization rose slightly to
CHF816 million.
Givaudan meanwhile backed its mid-term goals, including 4%-5%
organic sales growth and free cash flow of at least 12%. With input
costs climbing, the company is implementing price increases to
compensate, it said.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
July 21, 2022 01:23 ET (05:23 GMT)
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