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International Flavors & Fragrances' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: IFF

Before turning the call over to management, I’d like to take care of a few housekeeping items. Please keep in mind that during this call, we will be making forward-looking statements about the company’s performance, particularly with regard to the second half and full-year 2012. These statements are based on how we see things today and contain elements of uncertainty.

For additional information concerning factors that could cause actual results to differ materially from forward-looking statements, please refer to our forward-looking statements and risk factors contained in today’s 10-Q filing with the SEC as well as our 2011 10-K filed on February 28, 2012 and our press release that we filed this morning, all of which are available on our website.

Some of today’s prepared remarks will discuss non-GAAP financial measures, which exclude those items that we believe affect comparability. A reconciliation of these non-GAAP financial measures to their respective GAAP measures is set forth in our press release that we issued earlier today and on our website.

Now I’d like to introduce the participants on today’s call. With me today is Doug Tough, our Chairman and CEO; Hernan Vaisman, our President of Flavors; Nicolas Mirzayantz, our President of Fragrances; and Kevin Berryman, our Executive Vice President and CFO.

Now I’d like to turn the call over to Doug Tough, our Chairman and CEO.

Douglas D. Tough



Thank you, Shelley, and good morning and good afternoon everyone. We are pleased with our performance this quarter, especially in light of the macroeconomic challenges presented by the ongoing difficulties in Western Europe and external sales volume declines in our Fragrance Ingredients business. Despite these challenges, we were able to deliver solid top line growth and even stronger double-digit earnings per share growth due to our efforts to diversify our revenue base, focus on our customers and control our costs.

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