GVDNY Givaudan SA (PK)

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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