Givaudan sales dragged by currency effects, still weak North America
© Reuters. FILE PHOTO: The logo of Swiss flavours and fragrances maker Givaudan is seen at its innovation center in Kemptthal, Switzerland January 10, 2020. REUTERS/Arnd Wiegmann/File Photo - Swiss fragrance and flavour maker Givaudan on Thursday reported third quarter sales a touch below market expectations, weighed down by currency exchange effects and weaker volumes in its health care, savoury and dairy segments.
On a like-for-like basis, which excludes effects from currency exchange and recent acquisitions, sales rose 4% to 1.88 billion francs in the quarter. This beat analysts' estimate for 2.5% growth. North America was the only region to record a like-for-like decline in the first nine months of the year. Givaudan's taste and wellbeing unit, which sells food and beverage extracts and makes up 53% of its revenue, saw its sales drop 7.3% in Swiss francs in the nine month period. They were flat on a like-for-like basis.
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