Loading... Stifel analyst Mark S. Astrachan upgraded International Flavors & Fragrances Inc. IFF stock to Buy from Hold with an increased price target of $115 from $95. IFF's volumes rebounded strongly in the first-quarter 2024, rising mid-single-digits after five quarters of decline, writes the analyst. Astrachan expects mid-single-digit volume growth throughout 2024, driven by improved comparisons and a return to growth among many F&F customers in the second half of 2024. Astrachan anticipates leverage wi ...

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A month has gone by since the last earnings report for International Flavors (IFF) . Shares have added about 2.1% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is International Flavors due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. International Flavors Q1 Earnings ...

International Flavors & Fragrances Inc. (IFF) shares scaled a new 52-week high of $99.91 on May 20 before closing the session lower at $98.82. sheet and maximize shareholder return. Upbeat Q1 Performance Bodes Well: In the first quarter of 2024, the company reported adjusted earnings of $1.13 per share, beating the Zacks Consensus Estimate of 84 cents. The bottom line improved 30% from the year-ago quarter. Currency-neutral organic sales growth in the quarter was 1.8% year over year. IFF has a market capita ...

Did you analyze how International Flavors (IFF) fared in its international operations for the quarter ending March 2024? Given the widespread global presence of this ingredients producer for food, cosmetics and consumer products industries, scrutinizing the trends in international revenues becomes imperative to assess its financial strength and future growth possibilities.In the current era of a tightly interconnected global economy, the proficiency of a company to penetrate international markets significan ...

International Flavors & Fragrances Inc. (IFF) reported adjusted earnings of $1.13 per share in first-quarter 2024, beating the Zacks Consensus Estimate of 84 cents. The bottom line improved 30% from the year-ago quarter.Including one-time items, the company reported earnings of 23 cents against the prior-year quarter’s loss of 4 cents.International Flavors’ net sales were $2.9 billion in the March-end quarter, decreasing 4.2% year over year. The top line surpassed the Zacks Consensus Estimate of $2.81 billi ...

Financial Data and Key Metrics Changes - The company achieved a 5% year-over-year increase in sales on a comparable currency neutral basis, totaling approximately $2.9 billion in the first quarter of 2024 [137] - Adjusted operating EBITDA reached $578 million, representing a 20% increase year-over-year, with margins improving by approximately 310 basis points to nearly 20% [28][138] - The net debt to credit adjusted EBITDA ratio improved to 4.4 times, with gross debt reduced by almost $1 billion compared to the previous year [11] Business Line Data and Key Metrics Changes - The Scent segment reported a 16% growth in comparable currency neutral sales, driven by double-digit growth in consumer fragrance and fragrance ingredients [29] - The Health and Biosciences segment experienced a 6% increase in comparable currency neutral sales, with double-digit growth in cultures and food enzymes [138] - The Nourish segment showed mid-single digit growth, with overall volume growth in the business lines being mid-single digits for the first quarter [5][50] Market Data and Key Metrics Changes - Volume growth was observed in emerging markets, particularly in Asia and LATAM, while North America and EMEA showed softer performance [73] - The company expects a 3% to 4% adverse impact from foreign exchange rates on sales growth, which was previously expected to be neutral [12] Company Strategy and Development Direction - The company is focusing on a new operating model based on four pillars: customer focus, innovation, operational excellence, and engaged people [7] - A divestiture of the Pharma Solutions business is planned, with proceeds expected to strengthen the capital structure and support deleveraging goals [134][140] - The leadership team is committed to enhancing collaboration and driving profitable growth through innovation and customer engagement [136][142] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the remainder of 2024, expecting results to trend towards the high end of previously announced guidance ranges [26][31] - The company anticipates continued improvements in volumes and strong productivity, despite a challenging consumer environment [64][66] - Management noted that innovation is becoming increasingly important for customers, which aligns with the company's strategy to enhance its innovation capabilities [118] Other Important Information - The company is implementing a refocused operating model that empowers business units while ensuring corporate functions support overall performance [131] - The leadership team is focused on developing internal talent and promoting from within to ensure smooth transitions in executive roles [99][76] Q&A Session All Questions and Answers Question: What are your expectations for volume cadence? - Management noted that while the first quarter showed strong performance, they expect some softening in volumes for the remainder of the year, particularly in the Scent and Nourish segments [74][87] Question: Can you discuss the dynamics behind the strong performance in the Scent segment? - Management indicated that the strong performance was driven by effective innovation and customer engagement, with expectations for continued strong performance under new leadership [79] Question: What is the outlook for free cash flow and adjusted EBITDA? - Management revised the free cash flow target to approximately $600 million for the year, reflecting improved earnings momentum and working capital performance [38] Question: How does the company plan to optimize its balance sheet post-divestiture? - The company plans to use proceeds from the Pharma Solutions divestiture to address debt maturities and optimize its capital structure [83][105] Question: What are the expectations for pricing dynamics throughout the year? - Management expects a small net positive pricing impact for the full year, with pricing actions primarily focused on the functional ingredients space [43]

iff CAUTIONARY STATEMENT First Quarter 2024 Earnings Conference Call 2 These forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those in the forward-looking statements. Certain of such forwardlooking information may be identified by such terms as "expect", "anticipate", "believe", "intend", "outlook", "may", "estimate", "should", "predict" and similar terms o ...

International Flavors (IFF) reported $2.9 billion in revenue for the quarter ended March 2024, representing a year-over-year decline of 4.2%. EPS of $1.13 for the same period compares to $0.87 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $2.81 billion, representing a surprise of +3.35%. The company delivered an EPS surprise of +34.52%, with the consensus EPS estimate being $0.84.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wa ...