Shares of International Flavors & Fragrances (IFF) were down a fraction of a percentage point in after-hours trading on Monday after the company reported earnings and revenue that missed analysts' expectations for the 2016 third quarter. The company also cut its full-year earnings per share growth guidance.
After the market close, the New York-based company posted adjusted earnings of $1.34 per share, below analysts' estimates of $1.41 per share. Revenue increased 2% to $777.0 million from last year, but fell short of analysts' projections of $784.5 million.
"From a currency-neutral operating profit perspective, we anticipated performance to be muted given the timing of planned investments, yet results came in softer than expected due principally to unfavorable mix and higher manufacturing costs," CEO Andreas Fibig said in a statement.
For fiscal 2016, IFF now sees earnings per share increasing between 5% and 6% year over year, down from its prior view for growth between 6.5% and 8.5%. But the company expects full-year sales to rise between 4% and 5% over last year, higher than its previous forecast for sales increasing 3.5% to 4.5%.
IFF manufactures flavors and fragrances for the food, beverage, personal care and household products industries. About 712,913 of the company's shares traded Monday compared to its average 30-day volume of 488,331 shares.