NEW YORK – International Flavors & Fragrances Inc. (NYSE: NYSE:) reported mixed third quarter results and raised its full-year revenue guidance on Tuesday.
The company posted adjusted earnings per share of $1.04, missing analyst estimates of $1.07. However, revenue came in at $2.93 billion, surpassing expectations of $2.83 billion.
IFF saw growth across all business segments in Q3. On a comparable currency neutral basis, sales increased 9% year-over-year, led by double-digit growth in Health & Biosciences and Scent, as well as high single-digit increases in Nourish and Pharma Solutions.
“We are pleased to report a strong performance in the third quarter, with growth across all business segments,” said IFF CEO Erik Fyrwald. He noted that market recovery and the company’s focus on addressing customer needs drove notable volume recovery in every division.
Adjusted operating EBITDA rose 16% on a comparable basis to $568 million, driven by volume growth and productivity gains.
Looking ahead, IFF raised its full-year 2024 revenue outlook to a range of $11.3-$11.4 billion, up from its previous guidance of $11.1-$11.3 billion. The company now expects volume to increase 5-6% for the year, compared to its earlier projection of 3-5% growth.
The improved outlook reflects IFF’s strong Q3 performance and continued cautious optimism for Q4. However, the company noted that foreign exchange is still expected to have an approximately 3% adverse impact on full-year sales growth.
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