International Flavors & Fragrances, Inc. · NYSE:IFF
International Flavors & Fragrances — Q3 2024 Earnings Presentation
13 slides from International Flavors & Fragrances's earnings presentation, Nov 6, 2024
Slide 1: Third Quarter 2024 Earnings Conference Call
Third Quarter 2024 Earnings Conference Call November 6, 2024
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT Statements in this presentation, which are not historical facts or information, are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management’s current assumptions, estimates a
Slide 3: Non-GAAP Financials
NON-GAAP FINANCIALS We provide in this presentation non-GAAP financial measures, including: (i) comparable currency neutral sales; (ii) adjusted operating EBITDA and comparable adjusted operating EBITDA; (iii) adjusted operating EBITDA margin; (iv) adjusted EPS ex amortization; (v) free cash flow; a
Slide 4: Today's Speakers
TODAY’S SPEAKERS Erik Fyrwald Glenn Richter Michael DeVeau Executive Vice President, Senior Vice President, Chief Executive Officer Chief Financial & Business Corporate Finance & Transformation Officer Investor Relations 4
Slide 5: Agenda
AGENDA Executive Summary ____ Q3 2024 Review ____ 2024 Outlook ____ Q&A 5
Slide 6: Executive Summary
Q3 2024 EXECUTIVE SUMMARY Solid performance, with growth across all business segments Achieved high-single digit volume growth with broad-based contributions Delivered double-digit comparable adjusted operating EBITDA1 growth driven primarily by volume growth and productivity gains Increasing FY 202
Slide 7: 9M YTD 2024 Highlights
9M YTD 2024 HIGHLIGHTS Comparable currency neutral sales1 grew 7% led by double-digit growth in Scent & a high-single digit increase Health & Biosciences; Strong recovery in volume vs prior year lows Comparable adjusted operating EBITDA1 increased 19% fueled by volume growth and increased emphasis o
Slide 8: Q3 2024 Consolidated Results
Q3 2024 CONSOLIDATED RESULTS Comparable Reported In millions / % of sales 2023 2024 Ad j u s t e d % % Δ Comparable currency neutral sales1 2 increased Δ¹ ² 9% led by broad based growth across all BUs ____ Revenue² $2,820 $2,925 4% 9%3 Volume improved high-single digits and grew across all businesse
Slide 9: Q3 2024 Segment Performance
Q3 2024 SEGMENT PERFORMANCE NET ADJUSTED SALES O P E R AT I N G EBITDA¹ SEGMENT (Comparable (Comparable HIGHLIGHTS currency neutral adjusted vs. vs. 3Q 23) ¹ ² 3Q 23)¹ ² $1.5 billion $206 million • Delivered double-digit growth in Flavors; Functional Ingredients sales Nourish improved modestly as pr
Slide 10: Cash Flow & Leverage
Q3 2024 CASH FLOW & LEVERAGE Cash Flow Leverage Cash and cash equivalents finished at $569 million, YTD Cash flow from operations totaled $702 million which includes $2 million currently in assets held for sale ____ ____ Capex YTD was $303 million or ~3.5% of sales Gross debt totaled $9,127 million
Slide 11: FY 2024 Consolidated Outlook
FY 2024 CONSOLIDATED OUTLOOK In millions or as % of FY 2024¹ FY 2024¹ sales Previ o u s Revi s ed Increasing FY 2024 financial guidance, with sales now between $11.3 to $11.4B and EBITDA at the high end of previously communicated range of $2.1 to $2.17B Revenue $11.1B – $11.3B $11.3B – $11.4B ____ I
Slide 12: Summary
SUMMARY Pleased with our financial performance in the third quarter & through nine months Significant progress advancing our new business-led operating model, refining our operational philosophy, and updating our strategic direction Increasing FY 2024 guidance based on strong performance in Q3 2024,
Slide 13: IFF - Where science & creativity meet
iF f Where science & creativity meet
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