Int'l Flavors & Fragrances 3Q Profit Declines

NEW YORK (AP) — International Flavors & Fragrances Inc. said Wednesday that its profit fell in the third quarter, pulled down by charges related to two European plants and the resignation of its CEO.

The supplier of flavors and scents earned $52.8 million, or 66 cents per share, for the three months ended Sept. 30. That's down 9 percent from $57.7 million, or 73 cents per share, a year earlier.

Excluding 16 cents per share related to two European plants and the resignation of former CEO Robert Amen, profit was 82 cents per share.

Analysts surveyed by Thomson Reuters, whose estimates normally exclude one-time items, expected earnings of 72 cents per share.

IFF announced in September that Amen, who had also served as chairman, would step down at month's end. The company gave no reason for Amen's departure and created a temporary office of the CEO to fill the void. Board member Douglas Tough became non-executive chairman on Oct. 1, with plans for him to become CEO by the end of first quarter.

Sales dipped 1 percent to $612.6 million from $617.5 million but still surpassed Wall Street's estimate of $597 million.

Fragrance sales climbed 3 percent while sales for the flavor unit rose 2 percent, with both sales results in local currency.