Givaudan 1st Half Earnings Rose Despite Sales Slipping
By Cecilia Butini
Givaudan said Thursday that its net profit and earnings per share rose in the first half of the year, though sales came in slightly lower.
The Swiss flavor-and-fragrance company posted net profit of 449 million Swiss francs ($523 million) for the period, up from CHF440 million in the same period the previous year. Earnings per share were CHF48.69, up from CHF47.74 the year prior, Givaudan said. Operating income and earnings before interest, taxes, depreciation and amortization both came in lower than the previous-year period, however, the company said.
Lower volumes caused lower cost absorption during the first half, but the company was able to implement margin improvement measures as part of a performance-improvement program, it said.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
July 20, 2023 01:37 ET (05:37 GMT)
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