Dior Fahrenheit
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Symrise Rewarded for Picky Approach to Clients With Margin Beat
Nov. 9 (Bloomberg) -- Symrise AG, the German maker of perfume for Dior’s Fahrenheit, reported better-than-expected profitability in the third quarter after seeking to weed out low-margin contracts with customers. Earnings before interest, tax, depreciation and amortization equaled 20.3 percent of sales in the third quarter, beating WestLB’s 19.7 percent estimate, according to analyst Norbert Barth. The Holzminden-based company’s full-year target remains 20 percent. “Symrise is consciously declining unprofitable business in certain cases to protect margins,” Thomas Maul, a Frankfurt- based analyst at DZ Bank AG, said in a note to clients. “We welcome this strategy.” Maul reiterated his “buy” rating on the stock. |
