IFF Reports Mixed Third Quarter Results, Raises Full-Year Revenue Forecast

NEW YORK - International Flavors & Fragrances Inc. (NYSE: IFF) announced mixed third-quarter results on Tuesday and raised its full-year revenue forecast. The company reported adjusted earnings of $1.04 per share, falling short of the analyst expectations of $1.07. However, revenue came in at $2.93 billion, surpassing expectations of $2.83 billion.

IFF recorded growth across all business segments in the third quarter. Sales on a comparable constant currency basis increased by 9% compared to the same period last year. This growth was driven by double-digit increases in the Health & Biosciences and Scent segments, along with high single-digit growth in the Nourish and Pharma Solutions segments.

CEO Erik Fyrwald expressed satisfaction in announcing a strong performance with growth across all business segments in the third quarter. Fyrwald noted that market recovery and the company's focus on meeting customer needs led to significant volume recovery in every division.

Adjusted EBITDA rose by 16% on a comparable basis to $568 million, influenced by volume growth and increased efficiency.

Looking ahead, IFF raised its full-year 2024 revenue forecast to a range of $11.3 billion to $11.4 billion, up from the previous range of $11.1 billion to $11.3 billion. The company now expects volume growth for the year to be between 5% and 6%, contrasting with the earlier estimate of 3% to 5%.

The improved outlook reflects IFF's strong third-quarter performance and continued cautious optimism for the fourth quarter. However, the company noted that foreign exchange rates are expected to have an approximate negative impact of 3% on full-year sales growth.