By Andrea Figueras

Givaudan reported a decline in sales for the third quarter in what it called a challenging environment in some of its markets and segments, and said it continues to implement price increases to offset higher input costs.

The Swiss flavor-and-fragrance company achieved sales of 1.7 billion Swiss francs ($1.88 billion) compared with CHF1.81 billion for the prior-year period, it said on Thursday.

The largest contributor to group sales during the quarter was the taste-and-wellbeing segment, with CHF891 million, although the figure was lower than in the previous year.

The company maintained its midterm targets, which are part of a five-year strategic cycle that ends in 2025, and aims to reach organic sales growth between 4% and 5% on a like-for-like basis and free cash flow of at least 12% on average.

Write to Andrea Figueras at andrea.figueras@wsj.com

(END) Dow Jones Newswires

October 12, 2023 01:36 ET (05:36 GMT)

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