International Flavors & Fragrances ( (IFF) ) has released its Q3 earnings. Here is a breakdown of the information International Flavors & Fragrances presented to its investors.
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International Flavors & Fragrances Inc. (IFF) is a leading company in the food, beverage, scent, health, and biosciences sectors, known for its innovative approach in creating essential solutions that combine science and art to meet global consumer demands.
In its third quarter of 2024, IFF reported robust financial results, showcasing growth across all business segments. The company increased its full-year financial guidance following a strong quarter driven by market recovery and effective productivity measures.
Key highlights of the financial performance include a 4% increase in reported net sales to $2.93 billion, with a comparable currency-neutral sales growth of 9%. The adjusted operating EBITDA improved by 16% year-over-year to $568 million, driven by volume growth and productivity gains across divisions. Adjusted EPS, excluding amortization, rose 17% to $1.04, reflecting strong profit performance despite foreign exchange impacts.
Segment-wise, IFF’s Health & Biosciences and Scent divisions showed double-digit currency-neutral sales growth, while Pharma Solutions exhibited a significant 32% increase in adjusted operating EBITDA. The company also reported a healthy free cash flow of $399 million and is on track to meet its revised financial guidance for 2024.
Looking ahead, IFF maintains a cautiously optimistic outlook for the remainder of 2024, with expectations of continued volume growth and stable pricing impacts amidst foreign exchange challenges. The management’s focus remains on unlocking the company’s full potential through strategic initiatives and market adaptability.
