IFF Sales Jump on Success in Fine Fragrance, Home & Fabric Care
International Flavors & Fragrances Inc. is posting continued growth after the Frutarom deal.
The business posted net sales of nearly $1.3 billion, up 39 percent from the prior-year period. Net income was $111.2 million, down 14 percent from the prior-year period. Earnings per share were 96 cents. IFF's numbers include the acquisition of Frutarom, which closed in October.
In the company's scent division, sales were up 1 percent, driven by strong performance of fine fragrances. Home and fabric care also did well, but IFF said ingredients were challenged because "price increases related to higher raw material costs were more than offset by volume declines."
"Our first-quarter results were in line with our expectations and reflect strong progress in the company's transformation following the Frutarom acquisition," said IFF chairman and chief executive officer Andreas Fibig. "We achieved solid sales growth across all three of our divisions and maintained strong profitability levels despite the continued higher raw material cost environment."
Source: Read Full Article