IFF Full-Year Report 2023
- Reported net sales for the fourth quarter were $2.70 billion, a decrease of 5% compared to the prior year period. On a comparable basis, currency neutral sales increased 1% versus the prior year period, led by growth in Scent and Health & Biosciences. Volume performance continued to improve sequentially across nearly all businesses and pricing remained solid.
- Loss before taxes on a reported basis for the fourth quarter was $2.64 billion, largely driven by a non-cash goodwill impairment charge of $2.6 billion. Adjusted operating EBITDA for the fourth quarter was $461 million. On a comparable basis, currency neutral adjusted operating EBITDA increased 17% led by favorable net pricing and productivity gains.
- Reported earnings (loss) per share (EPS) for the fourth quarter was $(10.21). Adjusted EPS excluding amortization was $0.72 per diluted share.
- Cash flow from operations for the full year was $1.44 billion, and free cash flow defined as cash flow from operations less capital expenditures totaled $936 million. Total debt to trailing twelve months net loss at the end of the fourth quarter was (3.9)x. Net debt to credit-adjusted EBITDA at the end of the fourth quarter was 4.5x.
