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IFF Reports Third Quarter 2013 Local Currency Sales Growth Of 4% And Adjusted EPS Growth Of 13% To $1.22 Per Diluted Share

Stocks in this article: IFF

International Flavors & Fragrances Inc. (NYSE:IFF), a leading global creator of flavors and fragrances for consumer products, today reported financial results for the third quarter ended September 30, 2013.

Third Quarter 2013 Results

  • Revenue for the quarter totaled $742.3 million, an increase of 5% from $709.0 million in the third quarter of 2012.
  • Excluding the impact of foreign currency, local currency sales increased 4%, led by 8% growth in the emerging markets.
  • Operating profit for the quarter totaled $141.5 million, compared with $134.2 million in the prior year. Excluding restructuring and other charges and operational improvement costs in the current quarter 1, adjusted operating profit increased 7% to $144.1 million, or 19.4% of sales, up from $134.2 million, or 18.9% of sales, in the prior year.
  • Reported net income totaled $99.0 million, compared with $16.4 million in the third quarter of 2012. Excluding restructuring and other charges and operational improvement initiative costs from the current quarter, and a $72.4 million charge related to the Spanish tax settlement from the prior year’s results 1, adjusted net income increased 14% to $100.8 million from $88.7 million in the prior year.
  • Reported earnings per share totaled $1.20 compared with earnings per share of $0.20 in the third quarter of 2012. Excluding restructuring and other charges from the current quarter and the Spanish tax charge from the prior year quarter 1, adjusted earnings per share increased 13% to $1.22 from $1.08 per share in the third quarter of 2012.

1 Please see the information and schedules at the end of this release for reconciliations of GAAP to non-GAAP financial metrics.

Management Commentary

“In the third quarter, IFF benefited from our balanced business mix and continued focus on executing our three-pillar growth strategy,” said Doug Tough, Chairman and CEO of IFF. “We are pleased with our growth momentum on both the top and bottom lines, especially in light of a more challenging comparison to the third quarter of last year. This is the sixth consecutive quarter that our gross profit margin, adjusted operating profit margin and adjusted net income as a percent of sales have all increased versus the year-ago period.”

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