Apr 11, 2010
Givaudan first quarter sales rise 9.2 percent, beat poll
Apr 11, 2010
ZURICH, April 9 (Reuters) - Swiss flavours and fragrances maker Givaudan (GIVN.VX) posted a forecast-beating 9.2 percent rise in first-quarter sales on Friday 8 April as consumers splash out again on costly perfumes.
Sales for the first three months rose to 1.066 billion Swiss francs ($990.7 million), beating the average estimate of 1.011 billion francs in a Reuters poll.
The maker of ingredients for soaps, confectionery and soft drinks said on Friday 8 April it was confident of reaching the announced savings target of 200 million francs by the end of the year.
The company also said it expected its margin on an earnings before interest, tax, depreciation and amortisation (EBITDA) level to improve to 22.7 percent by end 2010, reaching its level prior to the 2007 acquisition of Quest International.
Consumers across the globe are starting to spend again on treats after months of austerity as a result of the worst economic downturn in decades.
Givaudan, which makes ingredients for designer perfumes such as Calvin Klein and Burberry, has said it is aiming to outpace underlying market growth this year, setting itself the same goal as German rival Symrise(SY1G.DE). [ID:nLDE6211GI]
The group trades at around 15 times forecast 2011 earnings, a small premium over U.S. rival International Flavors and Fragrances (IFF.N), but at a discount to Symrise. (Reporting by Katie Reid) ($1=1.076 Swiss Franc)
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