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Callebaut Drops Most in Three Months on Revenue: Zurich Mover

July 5 (Bloomberg) -- Barry Callebaut AG fell the most in three months in Zurich after the world’s largest maker of bulk chocolate reported sales growth that missed analysts’ estimates.

The shares fell as much as 3.5 percent to 826.50 Swiss francs, the biggest intraday decline since April 2. The stock traded at 830 francs at 9:58 a.m.

Revenue rose 2.3 percent in the nine months through May to 3.59 billion francs ($3.74 billion) while sales by volume rose 6.6 percent, the Zurich-based company said today in a statement. The median of three analyst estimates compiled by Bloomberg News was for sales of 3.69 billion francs. Sales fell 3.4 percent in Europe in a context the company described as “difficult” in the western part of its biggest market.

The figures are “just slightly below expectations,” Jean-Philippe Bertschy, an analyst at Bank Vontobel, wrote in a note to clients, adding the market consensus was for 7.7 percent volume growth. “The current valuation is on the high side.”

To contact the reporter on this story: Thomas Mulier in Geneva at tmulier@bloomberg.net

To contact the editor responsible for this story: David Risser at drisser@bloomberg.net

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