IFF Profit Up 7% as Strong Flavors Offset Weak Fragrances
12:45 PM MST | November 8, 2011
IFF posted third-quarter net income of $82.2 million, up 7% from the same year-ago period. Revenue was up 6%, to $714 million. Reported diluted earnings of $1/share were up 5% from the year-ago quarter and 5% below the midpoint of analyst estimates as reported by Thomson Reuters (New York). Flavor operating profit in the third quarter increased 13%, to $71 million, on sales and pricing improvement. Flavor revenues rose 13%, to $340.6 million. Operating profit margin declined 10 bps versus the prior year period to 20.9 percent as pricing actions covered the impact...
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