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International Flavors & Fragrances Revises Outlook - Quick Facts

International Flavors & Fragrances Inc. (IFF) announced the company now expects fiscal 2019 adjusted EPS excluding amortization to be $6.15 to $6.35 revised from previous outlook range of $6.30 - $6.50, principally due to a change in the average effective tax rate associated with the amortization of intangible assets and changes in redeemable non-controlling interests. On a combined basis, and excluding the impact of currency, adjusted EPS excluding amortization is expected to be 6 to 9%. The company expects adjusted EPS to be $4.85 to $5.05 revised from the prior guidance range of $4.90 to $5.10.

For the full year, the company now expects sales in a range of $5.15 and $5.25 billion, updated from previous guidance range of $5.2 billion - $5.3 billion. On a combined basis and excluding the impact of currency, growth is expected to be 3 to 5%.

For the second-quarter, adjusted EPS excluding amortization was $1.61 per share compared to $1.71 prior year, as adjusted operating profit growth was more than offset by higher interest expense and shares outstanding.

Second-quarter reported net sales totaled $1.3 billion, an increase of 40% from $920 million, prior year, including the contribution of sales related to Frutarom. On a combined basis, currency neutral sales increased 1%, for the quarter.

The Board authorized a 3%, or $0.02 increase, in the quarterly dividend to $0.75 per share. The quarterly dividend is payable on October 4, 2019 to shareholders of record as of September 23, 2019.

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