Gains in Givaudan Q1 2010 Results
Posted: April 14, 2010
Both flavors and fragrances contributed strong year-over-year gains for Givaudan in the first quarter of 2010, marked by renewed growth in mature markets. For the period, sales totaled CHF 1,066.4 million, up 9.2% from 2009's CHF 976.1 million.
Fragrance sales totaled CHF 495.7 million, up 13% from 2009's CHF 438.4 million. Fine fragrance sales grew 26.9%, consumer products sales grew 10.5% and ingredient sales rose 18% (local currencies). Growth in fine fragrance was attributed to new wins and an end to destocking. The strongest results came from North America and Europe, with Latin America continuing to show strong performance. Growth in consumer products was attributed to gains with both international and regional customers, as well as improvements in mature markets and double-digit developing market growth. All categories showed improvement: household, fabric, personal and air care.
Flavor sales totaled CHF 570.7 million, up 6.1% from 2009's CHF 537.7 million. The results were attributed to new wins in sweet goods, beverages and dairy. Sales in Asia-Pacific grew 13.7%, while sales in North America were flat, though gains were seen at the end of the quarter. New sales wins in China, India and Indonesia led to double-digit sales gains in those countries, while sales in mature markets increased at a lower rate, driven by new wins in Japan. Sales in Europe, Africa and the Middle East grew at 7.5%, with high double-digit gains in Africa, the Middle East, Russia and Poland. Latin American sales increased 19.1%, hampered only by a slight decline in Mexico.