IFF Q1 Reports 2024

“We have started the year well, with good results across the majority of our business,” said IFF CEO Erik Fyrwald. “In the first quarter, we delivered volume growth and productivity gains, which resulted in solid top-and-bottom-line results on a comparable basis. We are off to a good start, yet recognize that it is still early in the year and uncertainty remains. Based on our performance to date and our outlook for the balance of the year, we believe results will likely trend towards the higher-end of our previously announced guidance ranges.

We also took important steps in our portfolio optimization strategy by reaching an agreement to sell our Pharma Solutions business and completing the previously announced divestiture of our Cosmetic Ingredients business. These actions, along with the rightsizing of our dividend earlier this year, represent significant steps toward our commitment to strengthen our capital structure and improve our debt leverage ratio.”

Highlights

  • Reported net sales for the first quarter were $2.90 billion, a decrease of 4% versus the prior-year period. On a comparable basis, currency-neutral sales increased 5% versus the prior-year period led by growth in Scent, Health & Biosciences, and Nourish. Volume grew mid-single digits and continued to improve sequentially across nearly all businesses.
  • Income before taxes on a reported basis for the first quarter was $115 million. Adjusted operating EBITDA for the first quarter was $578 million. On a comparable basis, adjusted operating EBITDA improved 20% versus the prior-year period, led by volume growth and productivity gains.
  • Reported earnings per share (EPS) for the first quarter was $0.23. Adjusted EPS excluding amortization was $1.13 per diluted share.
  • Cash flows from operations at the end of the first quarter was $99 million, and free cash flow defined as cash flows from operations less capital expenditures totaled $(19) million. Total debt to trailing twelve months net loss at the end of the first quarter was (4.1)x. Net debt to credit adjusted EBITDA at the end of the first quarter was 4.4x.

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