International Flavors: 2Q Earnings Snapshot
NEW YORK (AP) _ International Flavors & Fragrances Inc. (IFF) on Tuesday reported second-quarter profit of $99.1 million.
The New York-based company said it had net income of $1.25 per share. Earnings, adjusted for costs related to mergers and acquisitions, were $1.66 per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.61 per share.
The ingredients producer for food, cosmetics and consumer products industries posted revenue of $920 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $899.6 million.
International Flavors shares have fallen 12 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen nearly 7 percent. In the final minutes of trading on Tuesday, shares hit $134.23, falling slightly in the last 12 months.