Earnings In Brief
This article was originally published in The Rose Sheet
Executive Summary
IFF: North American fragrance sales grew 8% on functional fragrance and aroma chemical sales in Q2, flavors and fragrance manufacturer reports July 29. Fine fragrance sales declined 1%, however. Total revenue in the region was up 7%. Worldwide net sales grew 9% to $524.2 mil., benefiting from a weakening of the U.S. dollar. At constant exchange rates, Q2 sales grew 5%, the firm says. Net income was up 10% to $56.5 mil. Results include $7.7 mil., or $5 mil. after tax, charges related to restructuring and "the impairment of certain European fruit business assets," as well as the closure of the firm's Canadian manufacturing facility. At current exchange rates, reported sales are expected to be in high single digits for the year...