IFF earnings rise, but fall short of estimates as admin costs increase

International Flavors & Fragrances (IFF) fourth-quarter earnings more than doubled year-on-year (YOY), to $68.1 million, on revenue up 5.6% YOY, to $680.6 million. Excluding a $36.8 million patent litigation settlement charge in the year-ago quarter, earnings were up 11% YOY, IFF says. Earnings totaled 83 cts/share, slightly short of analysts’ consensus of 84 cts/share, as reported by Thomson Reuters (New York).   The earnings miss was largely due to higher administration and R&D costs, says J.P. Morgan (New York) analyst Jeffrey Zekauskas...

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