International Flavors Q1 Profit Rises, Beats View; Backs FY Outlook

By RTT News, 
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(RTTNews.com) - International Flavors & Fragrances Inc. ( IFF ), a global creator of flavors and fragrances for consumer products, Tuesday reported first-quarter net income of $106.7 million or $1.30 per share versus $90.7 million or $1.10 per share in the year-ago period.

Excluding the impact of restructuring and operational improvement initiative costs from the current year quarter, and a Spanish tax charge and other items impacting comparability from the prior year quarter, earnings were $1.32 per share.

The company's net sales rose 6 percent to $770 million from last year's $728 million. Excluding the impact of foreign currency, local currency sales increased 7 percent.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.25 per share and revenues of $766.24 million for the quarter. Analysts' estimates typically exclude special items.

For the full year 2014, the company continues to expect a double-digit growth in adjusted operating profit and adjusted earnings per share and also a 5-7 percent top line growth.

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This article appears in: Earnings

Referenced Stocks: IFF , TRI

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