Barry Callebaut’s Reported Good First Half Year Fiscal Results
No-moat rated Barry Callebaut reported good results for the first six months of fiscal year 2016-17. Second-quarter sales volumes improved sequentially from last quarter’s decline of 0.4% to growth of 3.5%, which resulted in 1.4% volumes sales growth in the first fiscal half of the year. Good volume growth and favourable product and customer mix drove growth in sales and operating margins. We are not changing our no-moat and stable moat trend ratings and are maintaining our fair value estimate o...Barry Callebaut is a cocoa and chocolate company, engaged in serving the food industry, from food manufacturers to professional users of chocolate such as chocolatiers, pastry chefs or bakers and products for vending machines. Co. offers a range of chocolate and other cocoabased products with numerous recipes. Co. also provides a comprehensive range of services in the fields of product development, processing, training and marketing. Co. is fully vertically integrated along the entire value chain: from sourcing of raw materials to finished products on the shelf. Co.'s operations are organized in three business units: Cocoa, Food Manufacturers, Gourmet & Specialties Products.
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