Symrise beats Q1 sales expectations but lags peer [Reuters]
SYMRISE AG UNSP/ADR (SYIEY)
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Source: Reuters
The stock was down 3.6% as of 0750 GMT after Symrise's January-March revenue rose 5% in the reporting currency to 1.29 billion euros ($1.38 billion), above analysts' average forecast of 1.27 billion euros in a company-provided poll. Like-for-like sales in its scent and care division grew 13.7% to 516.4 million euros, while the taste, nutrition and health business fell 0.1% to 775.2 million euros. "The only negative was growth at Taste which was below expectations," Vontobel analyst Arben Hasanaj said. "Clearly, expectations by investors have been rising ever since Givaudan reported stellar results." Swiss competitor Givaudan reported first-quarter sales above market expectations earlier this month, driven by improving volume demand and good business momentum. Easing destocking trends are supporting flavour and fragrance makers' return to stable volumes after a wave of inventory reductions and lower demand weighed on volumes throughout last year. Symrise, whose fragrances go
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