Givaudan First-Quarter Sales Fell Slightly Amid High Input Costs

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 [e-mail]

(END) Dow Jones Newswires

April 13, 2023 01:21 ET (05:21 GMT)

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