Shares of International Flavors & Fragrances (IFF - Get Report) were jumping 5.12% to $125.13 in late-morning trading on Thursday after the company posted fourth-quarter earnings and revenue late yesterday that exceeded analysts' expectations .

The New York-based flavor and fragrance company reported adjusted earnings of $1.22 per diluted share, beating analysts' forecasts of $1.19 per share. Revenue for the period was $762.6 million, above expectations of $750.9 million.

The company also announced a multiyear productivity program to invest and deliver long-term targets in 2018 and expects to reduce its global workforce by approximately 5%.

IFF said the cuts would result in pre-tax charges between $35 million and $40 million this year and in 2018. The company expects to book about $10 million of the charges in the first quarter.

Additionally, IFF's guidance for 2017 organic sales growth between 3% and 4% is "reasonable and in-line," Deutsche Bank said.

"Our long-term view remains unchanged as the oligopolistic flavors and fragrances industry should benefit from emerging markets growth and continued focus on health/wellness but premium relative valuation and short-term macro uncertainty keeps us on the sidelines," Deutsche Bank analysts Faiza Alwy and Bill Schmitz wrote in a note today.

Sales in the company's flavors business surged 13% to $377.7 million year-over-year. Currency neutral sales climbed 14%, helped by high-single-digit increases in its beverage, dairy and savory categories and sales related to its acquisition of flavors company David Michael last year.

Organic growth of 9% in flavors was better than Deutsche Bank's estimate for an increase of 5%, as there was "healthy" growth rates across markets.

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