Givaudan Posts Stellar 1Q Growth Padded by Raw Material Pass-Through and Currency Devaluation
Wide-moat Givaudan burst out of the gate with like-for-like sales growth of 6.3% in the first quarter, well ahead of consensus and our expectations. We wouldn’t get too excited just yet, however, as this number captures the impact of rising raw material costs passed through to customers as well as currency devaluation in certain Latin American countries (hello Argentina!). Raw material inflation is expected to be 5%-6% in 2019 with a heavy emphasis on the oil-based fragrance side. In the first q...Givaudan is engaged in the fragrance and flavour industry. Co. provides its products to global, regional and local food, beverage, consumer goods and fragrance companies. Co. has two principal divisions: Fragrance, which manufactures and sales fragrances into three global business units: Fine Fragrances, Consumer Products, and Fragrance & Cosmetic Ingredients; and Flavour, which manufactures and sales fragrances into four business units: Beverages, Dairy, Savoury and Sweet Goods. In addition, Co. has distribution network in more than 40 countries.
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