Givaudan Shares Fall as 3Q Organic Sales Growth Misses Views
October 11 2022 - 5:39AM
Dow Jones News
By Pierre Bertrand
Shares in Givaudan SA fell Tuesday after the Swiss
flavor-and-fragrance company reported third-quarter sales that came
up short of expectations.
At 0855 GMT, shares were down 7.6% to CHF2,799.
Sales reached 1.81 billion Swiss francs ($1.81 billion) compared
with CHF1.69 billion for same period a year earlier, Givaudan
said.
Analysts expected the company's third-quarter sales at CHF1.83
billion, according to an average of company-collated analyst
forecasts.
On a like-for-like basis, sales grew 5.8%, missing analysts'
6.5% sales growth consensus expectations, Citi analysts said in a
research note. The bank attributed this to a slowdown in the
company's taste and wellbeing division, which experienced a sharp
decline in the U.S.
The unit grew 3.9% on a like-for-like basis, compared with
analyst consensus estimates of 5.5% growth, Citi said.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
October 11, 2022 05:24 ET (09:24 GMT)
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