In Brief: IFF
This article was originally published in The Rose Sheet
Executive Summary
IFF: Net sales for 1997 flat at $1.43 bil., compared to $1.44 bil. in 1996, International Flavors & Fragrances reported Jan. 29. Net income for the year increased 14.9% to $218.2 mil., excluding a one-time $49.7 mil. operations charge in the second quarter of 1996. Including the charge, net income decreased slightly (1.3%). For the year, North American fragrance sales increased 2%, while Western European fragrance sales decreased 5%. On a constant currency basis, fragrance sales in Western Europe grew 5%. Regions outside these areas had a 6% increase in fragrance sales. The earnings statement follows an earlier announcement that earnings per share would be lower than expected due to the economic slowdown in the Far East and Brazil. The company said it expects to finish 1998 with "strong gains" since new product development in both flavors and fragrances is high...