NEW YORK (TheStreet) -- International Flavors & Fragrances (IFF) shares are down 3% to $115.75 in early market trading on Tuesday after the food flavoring provider reported its first quarter earnings results before the opening bell today.
The New York City-based company reported first quarter net earnings of $128.3 million, or $1.45 per share on an adjusted basis, 13 cents better than the $1.32 it reported in the year ago period, and 3 cents better than analysts were expecting this quarter.
Revenue for the quarter rose slightly, 0.6%, to $774.89 million, topping analysts' $767.91 million consensus estimates.
The company's strong quarter was driven by growth in Asia, as domestically and in Europe the company saw a decline in currency neutral sales despite reporting a double digit increase in those segments during the year ago period.
TheStreet Ratings team rates INTL FLAVORS & FRAGRANCES as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate INTL FLAVORS & FRAGRANCES (IFF) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."