IFF Q3 Report 2022
Third Quarter 2022 Consolidated Financial Results
- Reported net sales for the third quarter were $3.06 billion, flat versus the prior-year period. On a comparable basis2, currency neutral sales increased 10% versus the prior-year period, led by double-digit growth in Nourish and Pharma Solutions.
- Loss before taxes on a reported basis for the third quarter was $(2.04) billion. Adjusted operating EBITDA for the third quarter was $612 million. On a comparable basis2, currency neutral adjusted operating EBITDA grew 3% versus the prior-year period, as strong pricing actions and productivity gains more than offset lower volumes.
- Reported earnings per share (EPS) for the third quarter was $(8.60). Adjusted EPS excluding amortization was $1.36 per diluted share.
- Cash flows from operations at the end of the third quarter was $189 million, and free cash flow defined as cash flows from operations less capital expenditures totaled $(155) million, as higher inventory value as a result of inflationary pressures more than offset strong improvements in accounts payable. Net debt to credit adjusted EBITDA at the end of the third quarter improved to 3.9x versus 4.4x in the second quarter of 2022.