International Flavors & Fragrances Inc. (IFF) Tuesday reported higher profit for the first quarter influenced by revenue improvement in both the flavors and fragrances segments. Adjusted earnings per share were higher than analyst estimates.
For the quarter the company posted net income of $90.69 million, up from $81.05 million last year. On a per share basis earnings totaled $1.10 versus $0.99 last year.
On an adjusted basis, which excludes the impact of a charge related to the Spanish Tax ruling as well as charges related to plant closings, the firm posted profit of $1.19 per share for the three months. Five analysts on average polled by Thomson Reuters estimated earnings per share of $1.13 for the quarter. Analyst estimates typically exclude one-time items.
The company clocked a revenue of $727.83 million, up from $710.61 million last year. Analysts were looking for revenue of $751.50 million for the period.
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