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Investing.com -- Givaudan SA (BS:GIVNz) shares rose 1.5% on Tuesday after the Swiss flavor and fragrance maker reported continued sales growth for the first nine months of 2025, with Fine Fragrance emerging as the standout performer.
The company recorded a 5.7% increase in like-for-like sales, positioning it to exceed its five-year growth target.
Givaudan posted sales of CHF 5,743 million for the nine-month period, representing a 5.7% increase on a like-for-like basis and a 1.7% rise in Swiss francs. The Fragrance & Beauty division led the growth with an 8.0% like-for-like increase, driven by an impressive 18.7% jump in Fine Fragrance sales against an already strong comparable period.
The Taste & Wellbeing division recorded a 3.4% like-for-like sales increase.
"We are very pleased with our continued good sales performance in the first nine months of 2025, against very strong prior year comparables," said CEO Gilles Andrier. "The natural hedges of Givaudan continue to support our strong performance across business segments, geographies and customer groups, despite the ongoing geopolitical, trade and macroeconomic challenges."
Morgan Stanley noted that the earnings beat was primarily driven by strong performance in the F&B segment, while the T&W segment remained soft with slowing momentum in high-growth markets.
The bank does not expect the results to lead to any significant consensus forecast changes.
High growth markets were particularly strong with an 8.1% like-for-like increase. The company also highlighted continued outperformance among local and regional customers. With higher input costs in 2025, including tariffs, Givaudan is implementing price increases in collaboration with customers to fully compensate for these rising costs.
With average like-for-like sales growth of 7.2% for 2021-2024 and the strong performance in the first nine months of 2025, Givaudan is "highly likely to exceed" its five-year sales growth target of 4-5% for the 2021-2025 period.