IFF reports healthy Q1 2013 results

Net sales increase 2% to $727.8m

International Flavors & Fragrances Inc. (IFF) has reported a healthy set of Q1 2013 results, with net sales totalling $727.8m, up 2% on the same period in 2012.

Net income totalled $90.7m or $1.10 per diluted share for the first quarter, compared with $81.1m or $0.99 per diluted share in the prior year period. Doug Tough, Chairman and Chief Executive Officer of IFF explained that overall sales were supported by 9% local currency growth in the emerging markets, with double digit sales growth in many developing countries including Brazil and China. “We are pleased with our performance this quarter, which resulted in an adjusted EPS improvement of 19%,” he said. “In the first quarter, we delivered like-for-like sales growth of 4%, supported by strong underlying momentum in both Fragrance Compounds and Flavors, reflecting the diversity and strength of our category and geographic portfolios.”

He added: “We entered the year with increased optimism with the expectation for an improving operating environment, a robust R&D pipeline, and strong customer relationships and partnerships. We see solid momentum in each of our business units and expect to deliver stronger sales growth in the second quarter as we continue to focus on leveraging our geographic reach, strengthening our innovation platform and maximising our portfolio. We believe that by executing on these three strategic pillars, we will be able to grow our business this year in line with our long term targets.”