Swiss fragrance and flavor manufacturer Givaudan (GIVN.S) reported quarterly like-for-like sales above projections on Thursday, with price hikes offsetting lower North American sales volumes.
On a like-for-like basis, its first-quarter sales climbed 3.6% to 1.84 billion Swiss francs ($1.97 billion), above the 1.80 billion francs predicted by company-polled experts.
Givaudan said sales growth was behind its mid-term goal of 4% to 5%.
Sales fell 0.4% to 1.77 billion Swiss francs.
Destocking and declining demand in North America have affected the group’s volumes.
Givaudan’s quarterly North American like-for-like sales declined 9.5%.
“Overall, we believe the results mark a bottoming in volume deterioration seen since Q422 led by destocking, meanwhile pricing actions continue to mitigate input cost inflation,”
In a note, J.P. Morgan analyst Celine Pannuti suggested the second half of 2023 may have better volume.
Julius Baer’s pre-market data showed Givaudan up 0.6% at 0635 GMT.
