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IFF earnings beat estimates on strong sales

12:32 PM MDT | May 7, 2013 | Vincent Valk

International Flavors & Fragrances (IFF) today reported net income up 11.2% year-on-year (YOY), to $90.7 million, or $1.10/share, on sales up 2.4%, to $727.8 million. Adjusted net income, excluding charges related to a tax settlement in Spain, totaled $1.19/share, up 19% and easily ahead of analysts’ consensus of $1.13/share, as reported by Thomson Reuters (New York).   “As expected, gross margins in the first quarter benefited from the combined impact of previous price increases and modest raw material cost declines. Based on our strategy of...

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