IFF Q3 2016 Infographic (Graphic: Business Wire)

Regulatory News:

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IFF Q3 2016 Infographic (Graphic: Business Wire)

IFF Q3 2016 Infographic (Graphic: Business Wire)

International Flavors & Fragrances Inc. (NYSE: IFF) (Euronext Paris: IFF) reported financial results and strategic achievements for the third quarter ended September 30, 2016.

Third Quarter 2016 Consolidated Summary: Change vs. Prior Year
               
Reported (GAAP) Adjusted (Non-GAAP)¹ Currency Neutral (Non-GAAP)¹
Sales   Operating Profit   EPS Sales   Operating Profit   EPS Sales   Operating Profit   EPS
Consolidated 2% (21)% (15)% 2% (8)% (4)% 3% (4)% (1)%
Acquisition Impact 1%   1%   1% 1%   1%   1% 1%   1%   1%

¹ Schedules at the end of this release contain reconciliations of reported GAAP to non-GAAP metrics.

Third Quarter 2016 Consolidated Financial Highlights
  • Reported net sales for the third quarter totaled $777.0 million, an increase of 2% from $765.1 million in the third quarter of 2015. Excluding the impact of foreign exchange, currency neutral sales increased 3%, including a 1 percentage point contribution related to the acquisition of IFF | Lucas Meyer Cosmetics.
  • Reported operating profit declined from $156.7 million in the third quarter of 2015 to $124.3 million in the third quarter of 2016, including a charge of $25 million related to a reserve for litigation. Excluding the impact of foreign exchange and those items that affect comparability, currency neutral adjusted operating profit decreased 4% as volume growth and the benefits associated with cost and productivity initiatives were more than offset by unfavorable mix and manufacturing performance as well as increases in research, selling and administrative costs (RSA), including planned strategic investments.
  • Reported earnings per share (EPS) decreased from $1.31 per diluted share in the prior year period, to $1.12 per diluted share compared to the third quarter of 2016. Excluding the impact of foreign exchange and those items that affect comparability, adjusted currency neutral EPS declined 1%, as lower year-over-year shares outstanding and a favorable year-over-year effective tax rate were more than offset by operating profit performance.

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