International Flavors & Fragrances Inc. (IFF: Quote) posted second-quarter net income of $88.6 million or $1.08 per share versus $76.2 million or $0.93 per share last year. Excluding restructuring and other charges, which accounted for $0.04 per share in the second quarter of 2011, adjusted earnings per share increased 11% to $1.08 from $0.97 in the second quarter of 2011.
Reported revenue for the quarter rose to $721.3 million from $715.6 million in the previous year. Excluding the impact of foreign currency, local currency sales increased 4%. On a like-for-like basis, which excludes the exit of low-margin sales activities in Flavors, local currency sales climbed 5%.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.02 per share on revenues of $729.41 million for the quarter. Analysts' estimates typically exclude special items.
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by RTT Staff Writer
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