International Flavors & Fragrances(US:IFF)2022-11-08 15:15Financial Performance - Q3 2022 - Revenue was $3.063 billion, a 0% change year-over-year[24] - Adjusted operating EBITDA was $612 million, a decrease of 6%[24] - Adjusted operating EBITDA margin was 20%, a decrease of 110 basis points[24] - Adjusted EPS ex amortization was $1.36, a decrease of 7%[24] - Comparable currency neutral sales increased by 10%[23, 26] - Comparable adjusted currency neutral operating EBITDA increased by 3%[23, 28] - Foreign exchange had an adverse impact of approximately 7 percentage points on sales and 8 percentage points on adjusted operating EBITDA[23] Financial Performance - 9M YTD 2022 - Sales reached $9.6 billion[22] - Comparable currency neutral sales increased by 11%[22] - Adjusted Operating EBITDA was $2.0 billion[22] - Over $875 million in price increases were achieved to recover total inflation[22] - Productivity savings exceeded $125 million in operational efficiencies and deal-related synergies[22] - Net Debt to Credit Adjusted EBITDA was 3.9x[22] Cash Flow & Leverage - Cash flow from operations totaled $189 million[33] - Capital expenditures were $344 million, approximately 3.6% of sales[33] - Free cash flow generation was $(155) million[33] - Dividends paid amounted to $604 million[33] - Cash and cash equivalents finished at $538 million[33] - Gross debt totaled $10.812 billion[33] - Trailing 12-month credit adjusted EBITDA totaled $2.614 billion[33] - Net debt to credit adjusted EBITDA was 3.9x[33] Full Year 2022 Outlook - Sales are projected to be in the range of $12.4 to $12.5 billion[35] - Currency neutral comparable sales growth is expected to be 9% to 10%[35] - Adjusted operating EBITDA is projected to be in the range of $2.5 to $2.6 billion[35] - Currency neutral comparable adjusted operating EBITDA growth is expected to be 4% to 8%[35] - Currency is expected to have an adverse impact of approximately 5 percentage points on sales and 6 percentage points on adjusted operating EBITDA[34]