International Flavors & Fragrances Inc (NYSE:IFF) reported worse-than-expected Q2 results and cut FY19 guidance.
The New York-based company reported Monday Reported net sales for the second quarter totaled $1.3 billion, an increase of 40% from $920 million in 2018, including the contribution of sales related to Frutarom.
On a combined basis, currency neutral sales increased 1%, including the net contribution of acquisitions and divested businesses.
Reported net sales for the second quarter totaled $1.3 billion, an increase of 40% from $920 million in 2018, including the contribution of sales related to Frutarom. On a combined basis, currency neutral sales increased 1%, including the net contribution of acquisitions and divested businesses.
Reported earnings per share (EPS) for the second quarter was $1.20 per diluted share versus $1.25 per diluted share reported in 2018.
Excluding those items that affect comparability, adjusted EPS excluding amortization was $1.61 per diluted share in 2019 versus $1.71 in the year-ago period, as adjusted operating profit growth was more than offset by higher interest expense and shares outstanding -- both related to the Frutarom acquisition.
To quote CEO Andreas Fibig, "I am pleased to report that we delivered on our profitability objective for the second quarter in light of a softer top-line dynamic, as expected.
"Through our core productivity program, as well as acquisition related synergies, we achieved an 80-basis-point improvement in adjusted operating profit margin excluding amortization - a marked acceleration versus our first quarter performance."
Shares tumbled $12.07, or 8.5%, to $129.33
