Symrise AG (SY1), the fourth-largest maker of flavors and fragrances, reported first-quarter profit that beat analyst estimates on higher demand for ingredients such as menthol.
Earnings before interest, taxes, depreciation and amortization rose 9 percent to 101 million euros ($140 million), the Holzminden, Germany-based company said today in a statement. Analysts had predicted 97.3 million euros, according to a Bloomberg survey.
Chief Executive Officer Heinz-Juergen Bertram is expanding the company with the purchase of Diana Ingredients, a 1.3 billion-euro purchase that will add pet-food ingredients and bolster access to natural raw materials. Symrise today reiterated a full-year goal for an Ebitda margin of more than 20 percent.
“Demand from our customers remained at a high level,” Bertram said in today’s statement. “We also pursued our growth strategy at full speed and are taking a large step forward with the recently announced acquisition of the Diana Group.”
First-quarter sales gained 2.6 percent to 469.6 million euros, versus an estimate of 472.2 million euros. Net income increased 13 percent to 51.9 million euros.
Average annual sales growth will be 5 percent to 7 percent until 2020, Symrise reiterated today.
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