Barry Callebaut's Volume and Profitability Growth Continues; Sales Flat Amid Lower Cocoa Prices
No-moat Barry Callebaut reported half-year revenue of CHF 3,549.9 million, 1.8% lower in local currencies (up 0.3% in Swiss francs) than the year-ago period. Although growth was lower than our long-term forecasts of 4.5%, owing to lower raw material prices, we are maintaining our fair value estimate on the back of robust volume growth and strong operating profit expansion, which was up 20.6% in local currencies (24.6% in Swiss francs).Volumes continue to grow strongly by 8% (up 8.1% in the seco...
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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