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Givaudan Q3, Nine-month 2010 Sales
Posted: October 8, 2010
Givaudan (Geneva) has reported sales of CHF 3,283 million for the first nine months of 2010, a gain of 9.8% year-over-year; for the third quarter, the company reported sales of CHF 1,084 million, a gain of 5.2%. Sales were boosted by "excellent momentum" in developing markets and returning strength in mature markets, according to the company. Givaudan expects continued good performance through the fourth quarter, resulting in a sales growth above 5% in local currencies and an EBITDA margin equivalent to the pre-Quest acquisition. Moving forward, the company expects to grow organically between 4.5% and 5.5% per year.
Fragrance sales for the first nine months and the third quarter of 2010 totaled CHF 1,539 million (up 10.9%) and CHF 522 million (up 6.8%), respectively. Results were driven by new wins with key customers and improved sales of existing products.
Fine fragrance grew 20.7% in local currencies for the first nine months of 2010, led by new wins, normalized customer order patterns and restocking earlier in the year. Europe, North America and Latin America showed continued strength.
Across all customer segments, the consumer products business grew 9.4% in local currencies in the first nine months. Developing markets generated double-digit growth while developed markets reported positive growth. Asia-Pacific—particularly India, Thailand and China—sales rose in the double digits across all customers groups and all product segments. Fabric care sales and the markets of Argentina, Mexico and Venezuela boosted Latin American growth. Local and regional customer sales, as well as international customer sales, showed double-digit growth. Europe, Africa and the Middle East reported an increase year-over-year among all customer groups, boosted by the developing markets of Central and Eastern Europe, Africa and the Middle East, as well as growth in the mature markets. North America posted a double-digit growth, led by sales in the air care category and international customers. All product segment sales were above prior year levels. Sales in home and fabric categories reported double-digit growth.