International Flavors (IFF) reported $2.7 billion in revenue for the quarter ended December 2023, representing a year-over-year decline of 5%. EPS of $0.72 for the same period compares to $0.97 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $2.72 billion, representing a surprise of -0.51%. The company delivered an EPS surprise of -4.00%, with the consensus EPS estimate being $0.75.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wa ...

International Flavors & Fragrances Inc. (IFF) is scheduled to report fourth-quarter 2023 results on Feb 20, after the closing bell.Q3 PerformanceIn the last reported quarter, International Flavors’ earnings and revenues declined on a year-over-year basis. The company, however, beat the Zacks Consensus Estimate for the top and bottom lines.The company has surpassed earnings estimates in two of the trailing four quarters and missed in the other two, the average surprise being a negative 0.94%.Q4 EstimatesThe ...

The upcoming report from International Flavors (IFF) is expected to reveal quarterly earnings of $0.75 per share, indicating a decline of 22.7% compared to the year-ago period. Analysts forecast revenues of $2.72 billion, representing a decrease of 4.5% year over year.The current level reflects an upward revision of 0.3% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this ...

International Flavors (IFF) closed the most recent trading day at $80.49, moving +0.21% from the previous trading session. The stock exceeded the S&P 500, which registered a loss of 1.37% for the day. Elsewhere, the Dow saw a downswing of 1.35%, while the tech-heavy Nasdaq depreciated by 1.8%.The ingredients producer for food, cosmetics and consumer products industries's stock has climbed by 0.09% in the past month, falling short of the Consumer Staples sector's gain of 1.56% and the S&P 500's gain of 5.1%. ...

The latest trading session saw International Flavors (IFF) ending at $80.18, denoting a -1.34% adjustment from its last day's close. The stock fell short of the S&P 500, which registered a loss of 0.32% for the day. Elsewhere, the Dow lost 0.71%, while the tech-heavy Nasdaq lost 0.2%.The the stock of ingredients producer for food, cosmetics and consumer products industries has risen by 1.63% in the past month, leading the Consumer Staples sector's gain of 1.08% and undershooting the S&P 500's gain of 4.59%. ...

International Flavors (IFF) ended the recent trading session at $82.01, demonstrating a -0.3% swing from the preceding day's closing price. This change lagged the S&P 500's daily gain of 0.76%. At the same time, the Dow added 0.59%, and the tech-heavy Nasdaq gained 1.12%.The ingredients producer for food, cosmetics and consumer products industries's shares have seen an increase of 1.59% over the last month, not keeping up with the Consumer Staples sector's gain of 4.52% and the S&P 500's gain of 2.5%.Analys ...

NEW YORK--(BUSINESS WIRE)--IFF (NYSE:IFF) today announced that it will release its fourth quarter and full year 2023 earnings results following the market close on Tuesday, Feb. 20, 2024. The management team will host a live webcast on Wednesday, Feb. 21, 2024 at 9:00 a.m. ET to discuss results and outlook with the investor community. IFF also announced today that the Company’s management will speak at the Consumer Analyst Group of New York (CAGNY) conference in Boca Raton, Florida, on Thursday, Feb. 22, 2 ...

SANDVIKA, Norway--(BUSINESS WIRE)--IFF (NYSE: IFF), a global leader in food and beverage, home and personal care and health, today announced its partnership with environmental non-governmental organization (NGO) Bellona in a long-term project to restore seaweed forests in northern Norway. The collaboration on the Norwegian Marine Restoration (NoMaRe) project aims to restore 5,000 square kilometers of seaweed forest by managing invasive sea urchin predation. The regrowth of the forests could increase biologi ...

NEW YORK--(BUSINESS WIRE)--IFF (NYSE: IFF) today announced the appointment of J. Erik Fyrwald to succeed Frank Clyburn as Chief Executive Officer and member of the IFF Board of Directors, effective Feb. 6, 2024. Clyburn will work closely with Fyrwald to ensure a seamless transition, remaining with IFF until March 31, 2024, and further serving in an advisory capacity through December 2024. Fyrwald brings to IFF more than four decades of executive and operational experience driving innovation and profitabl ...

Financial Performance - Sales for Q3 2023 decreased by $243 million, or 8%, to $2.820 billion compared to $3.063 billion in Q3 2022[207] - On a currency neutral basis, sales also decreased by 8% in Q3 2023 compared to the prior year period[210] - Gross profit in Q3 2023 decreased by $77 million, or 8%, to $924 million, representing 32.8% of sales[208] - Operating profit for Q3 2023 was $150 million, a significant recovery from a loss of $1.985 billion in Q3 2022[209] - Total sales for the first nine months of 2023 decreased by $820 million, or 9%, to $8.776 billion compared to $9.596 billion in the same period of 2022, with a currency neutral decrease of 6%[233] Segment Performance - The Nourish segment reported sales of $1.449 billion in Q3 2023, down 15% from $1.703 billion in Q3 2022[209] - The Pharma Solutions segment's sales decreased by 7% to $238 million in Q3 2023 compared to $257 million in Q3 2022[209] - Nourish sales decreased by $254 million, or 15%, to $1.449 billion in Q3 2023 compared to $1.703 billion in Q3 2022, with a currency neutral decrease of 14%[212] - Health & Biosciences sales increased by $6 million, or 1%, to $518 million in Q3 2023, with a currency neutral increase of 2%[213] - Scent sales increased by $24 million, or 4%, to $615 million in Q3 2023, with a currency neutral increase of 4%[214] - Pharma Solutions sales decreased by $19 million, or 7%, to $238 million in Q3 2023, with a currency neutral decrease of 9%[215] Adjusted Operating EBITDA - Nourish segment adjusted operating EBITDA decreased by $109 million, or 38%, to $178 million in Q3 2023, representing 12.3% of segment sales[229] - Health & Biosciences segment adjusted operating EBITDA increased by $13 million, or 9%, to $150 million in Q3 2023, representing 29.0% of segment sales[230] - Scent segment adjusted operating EBITDA increased by $12 million, or 10%, to $131 million in Q3 2023, representing 21.3% of segment sales[231] - Pharma Solutions segment adjusted operating EBITDA decreased by $22 million, or 32%, to $47 million in Q3 2023, representing 19.7% of segment sales[232] - Segment Adjusted Operating EBITDA decreased to $1.519 billion, down 24.5% from $2.014 billion in the prior year[250] Expenses and Costs - R&D expenses increased by 8% to $157 million in Q3 2023 compared to $145 million in Q3 2022[209] - Cost of goods sold decreased by $359 million to $5.955 billion, representing 67.9% of sales, compared to 65.8% in the prior year[239] - S&A expenses rose by $15 million to $1.343 billion, which is 15.3% of sales, compared to 13.8% in the prior year[241] - Restructuring and other charges increased to $61 million from $5 million in the prior year[242] Tax and Debt - The effective tax rate for Q3 2023 was 54.2%, compared to (7.9)% in Q3 2022[209] - The effective tax rate for the nine months ended September 30, 2023, was 62.6%, compared to (13.6)% in the prior year[248] - As of September 30, 2023, the company had a net debt to credit adjusted EBITDA ratio of 4.57 to 1.0, which is below the covenant limit[270] - The company has $9.015 billion in aggregate principal amount outstanding in senior unsecured notes, with effective interest rates ranging from 1.22% to 5.12%[274] - The company had no outstanding borrowings under its $2.000 billion Revolving Credit Facility as of September 30, 2023, with a drawdown capacity of $1.447 billion[268] Cash Flow and Dividends - Cash flows provided by operating activities increased to $795 million, or 9.1% of sales, compared to $189 million, or 2.0% of sales, in the prior year[257] - Cash flows used in financing activities increased to $1.293 billion from $1.087 billion in the prior year[260] - Dividends paid totaled $619 million, with a cash dividend per share of $0.81 declared in Q3 2023[261] - The company is prohibited from declaring and paying dividends in cash on common stock in excess of $0.81 per share per fiscal quarter during the Covenant Relief Period[267] Risks and Challenges - The company anticipates ongoing impacts from global supply chain challenges and inflationary pressures on input costs[282] - The company faces risks from disruptions in product development and sales due to events like natural disasters, public health crises, and international conflicts[286] - Increased volatility in raw material, energy, and transportation prices poses a significant risk to the company's operations[286] - The company must comply with various regulatory requirements and industry standards, which could impact costs and operational efficiency[286] - There is a growing focus on sustainability from customers, consumers, and regulators that the company needs to address[286] - The company is exposed to economic, regulatory, and political risks associated with its international operations[286] - The impact of global economic uncertainty, including inflation, could affect demand for consumer products[286] - The company has to manage working capital and inventory balances effectively to mitigate financial risks[286] - Compliance with data protection laws in the U.S. and abroad is critical for the company's operations and could incur additional costs[286] Financial Strategy - The company is focused on executing its growth strategy, including potential divestitures and acquisitions to optimize its portfolio[282] - The Term Loan Covenant Relief Period and Revolver Covenant Relief Period have been extended through December 31, 2025, with specific leverage ratio limits set for each fiscal quarter[267] - The company expects to contribute a total of $5 million to U.S. pension plans and $32 million to non-U.S. pension plans during 2023[275] - As of September 30, 2023, the aggregate fair value of the company's cross currency swaps was $89 million, indicating a liability position[289] - A hypothetical 10% change in the value of the U.S. dollar against the Euro would result in an estimated fair value change of approximately $139 million for the company's cross currency swaps[289] - The company has entered into various guarantees and undrawn letters of credit, which are not expected to materially impact its financial condition[276]