Givaudan 1st Half Earnings Rose Despite Sales Slipping
20 Juillet 2023 - 7:52AM
Dow Jones News
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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