Germany's Symrise narrowly beats sales expectations on higher pricing
Symrise Q1 Sales Performance and Market Context
First-Quarter Sales Overview
April 29 (Reuters) - Germany's Symrise reported a small organic decline in its first-quarter sales but narrowly beat market expectations on Wednesday, boosted by higher pricing and its food and beverage business.
Taste, Nutrition and Health Division Results
The group's taste, nutrition and health division, which produces ingredients used in food, beverages and pet food and made up around 60% of Symrise's revenue last year, recorded revenue of 749 million euros ($876 million), up 1.7% organically.
Key Financial Highlights
• Overall, the flavour and fragrance maker's Q1 revenue dropped 0.4% organically to 1.25 billion euros
• Analysts had on average forecast revenue of 1.23 billion euros in a Vara poll
• Symrise said its "ability to navigate a dynamic operating environment" and cost savings drove sales
Industry and Market Analysis
• A Reuters analysis of actions taken by around 175 companies globally in Q1 shows that chemical players are among the hardest hit by the war in the Middle East
• Of the 27 actions tracked in the sector, just over half involved financial pressure, guidance cuts or price hikes in response to rising costs of fuel and other petrochemicals
Additional Information
($1 = 0.8548 euros)
(Reporting by Dimitri Rhodes in Gdansk, editing by Milla Nissi-Prussak)
