By Joshua Kirby

 

Givaudan SA said Thursday that earnings fell slightly in the first half of the year despite higher sales, as input costs increased amid supply-chain disruption.

The Swiss flavor-and-fragrance company said sales rose 8.3% in the six-month period to 3.65 billion Swiss francs ($3.76 billion), driven by the taste and wellbeing division. In the second quarter alone, reported group sales accelerated to 10%, coming in at CHF1.87 billion.

However, net profit for the first half fell to CHF440 million from CHF481 million a year earlier, as the operating margin narrowed to 17.3% from 18.2%, Givaudan said. Earnings before interest, taxes, depreciation and amortization rose slightly to CHF816 million.

Givaudan meanwhile backed its mid-term goals, including 4%-5% organic sales growth and free cash flow of at least 12%. With input costs climbing, the company is implementing price increases to compensate, it said.

 

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

 

(END) Dow Jones Newswires

July 21, 2022 01:23 ET (05:23 GMT)

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