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TheStreet Open House

Ex-Dividend Stocks: International Flavors, Navios

NEW YORK ( TheStreet) -- The following stocks go ex-dividend Friday, meaning an investor must purchase the shares Thursday to qualify for the next dividend payment: International Flavors & Fragrances (IFF) and Navios Maritime Holdings (NM).

International Flavors & Fragrances

The fragrance and flavor products maker reported first-quarter earnings on May 8 of $81 million, or 99 cents a share, down from year-earlier earnings of $84 million, or $1.03 a share.

"IFF reported 1Q12 results on Tuesday, May 8, 2012," BGB Securities analysts wrote in a May 14 report. "Adj. EPS came in at $1.00, down from $1.03 in the prior year, but the decline was expected. Revenue in local currency was up just 1% YoY while raw material costs remained elevated. Pricing was up 3% in the quarter but a 9% YoY increase in raw material costs resulted in a 140 basis point decline in gross margins in 1Q12. Raw material costs are expected to improve over the remainder of 2012, and the full year should see only modest inflation. Combined with strong pricing, IFF should see gross margin expansion in the rest of 2012. We agree with management's outlook that IFF should be able to generate results for 2012 that meet its targeted mid-single-digit revenue growth and 10+% EPS growth. We are maintaining our previous FY12 EPS estimate of $4.10."

Forward Annual Dividend Yield: 2.2%

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