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Name | Symbol | Market | Type |
---|---|---|---|
Givaudan SA (PK) | USOTC:GVDNY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-2.28 | -2.35% | 94.71 | 92.96 | 96.32 | 94.91 | 94.37 | 94.37 | 13,724 | 21:14:33 |
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)
Copyright (c) 2022 Dow Jones & Company, Inc.
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