In Brief: IFF
This article was originally published in The Rose Sheet
Executive Summary
IFF: North America fragrance revenue rose 5%, offset by a 9% decline in Western Europe, International Flavors and Fragrances reported Oct. 23. On a local currency basis, Western European sales grew 4% during the quarter. Outside North America and Western Europe, fragrance revenues increased 8% from the year-ago period. Overall, fragrance sales remained flat, increasing 1% in the third quarter, due to the adverse impact of foreign currency translation, according to the fragrance supplier. For the nine months, North American flavors and fragrance sales rose 3%, compared with a 5% loss in Western Europe and a 5% gain in "other regions." Consolidated sales for the third quarter were flat at $356.2 mil., versus $354.9 mil. in the year ago period. Earnings for the period rose 6.8% to $56.7 mil. For the nine months, sales were flat at $1.12 bil., while earnings increased 23% to $183.3 mil., due to a one-time pre-tax charge of $49.7 mil. in 1996 for streamlining the company's aroma chemical production facilities. Excluding the charge, earnings were essentially flat...