International Flavors: 2Q Earnings Snapshot
NEW YORK (AP) _ International Flavors & Fragrances Inc. (IFF) on Monday reported second-quarter net income of $136.4 million.
On a per-share basis, the New York-based company said it had profit of $1.20. Earnings, adjusted for one-time gains and costs, came to $1.30 per share.
The results fell short of Wall Street expectations. The average estimate of three 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 $1.29 billion in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $1.3 billion.
International Flavors expects full-year earnings in the range of $6.15 to $6.35 per share, with revenue in the range of $5.15 billion to $5.25 billion.
International Flavors shares have increased 5% since the beginning of the year, while the Standard & Poor’s 500 index has risen 13%. In the final minutes of trading on Monday, shares hit $141.24, an increase of 5% in the last 12 months.