International Flavors: 3Q Earnings Snapshot
NEW YORK (AP) _ International Flavors & Fragrances Inc. (IFF) on Monday reported third-quarter profit of $127.1 million.
The New York-based company said it had net income of $1.13 per share. Earnings, adjusted for non-recurring costs, came to $1.53 per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.54 per share.
The ingredients producer for food, cosmetics and consumer products industries posted revenue of $1.27 billion in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $1.29 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 fallen roughly 8% since the beginning of the year, while the Standard & Poor’s 500 index has increased 23%. In the final minutes of trading on Monday, shares hit $124.09, a decrease of 15% in the last 12 months.