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IFF reports 15% earnings gain but lags estimates

6:28 AM MDT | August 6, 2013 | Michael Ravenscroft

International Flavors and Fragrances (IFF) reported second-quarter net income of $102 million, up 15% from the year-ago quarter. Sales increased 5% year-on-year (YOY), to $758 million. Reported earnings per diluted share were $1.14, an increase of 15% YOY, but 4 cts below median analyst estimates as reported by Thomson Reuters (New York). Like-for-like sales, excluding effects of foreign currency and low-margin sales activities in flavors, increased by 8% year-on-year (YOY), IFF says. Adjusted operating profit margin was 19.2% in second-quarter 2013, compared...

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