Givaudan First-Quarter Sales Fell Slightly Amid High Input Costs
April 13 2023 - 12:36AM
Dow Jones News
By Pierre Bertrand
Givaudan SA said Thursday that first-quarter sales declined
slightly amid high input costs, but that it started the year with
good momentum.
The Swiss flavor-and-fragrance company said its sales in the
first three months of the year were 1.77 billion Swiss francs
($1.98 billion), compared with CHF1.78 billion a year earlier.
The company said sales rose by 3.6% on a like-for-like basis but
declined by 0.4% on a reported basis.
On a like-for-like basis, Givaudan made CHF1.84 billion in
first-quarter sales.
The result was driven by its fine-fragrance unit and what the
company called sustained high levels of new business. Growth was
achieved at all customer groups, particularly in high-growth
markets, the company said.
Analysts had expected the company to report CHF1.8 billion in
first-quarter sales and like-for-like growth of 2.6%, according to
a company-provided consensus.
Givaudan said it is continuing to implement price increases to
compensate for increased input costs. It said the challenging
external environment continues to affect parts of its business.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
April 13, 2023 01:21 ET (05:21 GMT)
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