IFF reports major drop in earnings due to tax settlement charge

International Flavors & Fragrances (IFF; New York) reported net income down 80% from the year-ago quarter, to $16.3 million, because of a $72.4-million charge related to a tax settlement in Spain. Adjusted earnings, which exclude the Spanish tax charge and a restructuring charge, increased 9%, to $88.7 million or $1.08/share—slightly above analyst estimates of $1.07/share. Sales fell 1%, to $709 million year-on-year. “Continuing the trends we saw in the second quarter, both our flavors and fragrance compounds businesses delivered solid, top-line...

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