International Flavors & Fragrances, Inc. · NYSE:IFF
International Flavors & Fragrances — Q1 2024 Earnings Presentation
13 slides from International Flavors & Fragrances's earnings presentation, May 7, 2024
Slide 1: First Quarter 2024 Earnings Conference Call
First Quarter 2024 Earnings Conference Call May 7, 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 ____ Q1 2024 Review ____ 2024 Outlook ____ Q&A 5
Slide 6: Executive Summary
Q1 2024 EXECUTIVE SUMMARY Started the year well, with solid results across most of our business Achieved mid-single digit volume growth let by Scent, Nourish and H&B; Pricing was positive due to FX-related pricing in emerging markets Delivered double-digit comparable adjusted operating EBITDA1 growt
Slide 7: CEO Perspective: Insight into First 90 Days
CEO PERSPECTIVE INSIGHT INTO FIRST 90 DAYS O B S E RVAT I O N S AC T I O N S F O C U S AR E AS Adjusted quarterly dividend Balance sheet needed to be addressed ____ Profitably win market share over time ____ ____ Announced Pharma Solutions Financial objectives/ commitments divestiture & closed Cosme
Slide 8: Consolidated Results
Q1 2024 CONSOLIDATED RESULTS Comparable Reported In millions / % of sales 2023 2024 Ad j u s t e d % Comparable currency neutral sales1 2 increased % Δ Δ¹ ² 5% led by growth in Scent, H&B and Nourish ____ Revenue² $3,027 $2,899 (4)% 5%3 Volume performance continued to improve sequentially across nea
Slide 9: Segment Performance
Q1 2024 SEGMENT PERFORMANCE NET ADJUSTED SALES O P E R AT I N G EBITDA¹ SEGMENT (Comparable (Comparable HIGHLIGHTS currency neutral adjusted vs. vs. 1Q 23) ¹ ² 1Q 23)¹ ² $1.5 billion $216 million • Strong growth in Flavors offset by softness in Functional Ingredients; Nourish Volumes improved in Fun
Slide 10: Cash Flow & Leverage
Q1 2024 CASH FLOW & LEVERAGE Cash Flow Leverage Cash and cash equivalents finished at $764 million, which Cash flow from operations totaled $99 million includes $32 million currently in assets held for sale ____ ____ Capex YTD was $118 million or ~4.1% of sales Gross debt totaled $10,324 million ___
Slide 11: Consolidated Outlook
FY 2024 CONSOLIDATED OUTLOOK In millions or as % of sales FY 2024¹ Off to a good start in Q1 yet recognize it is still early and uncertainty remains; Now expect results to trend towards the higher-end of our Revenue $10.8B – $11.1B previously announced guidance ranges ____ Volumes expected to be tow
Slide 12: Summary
SUMMARY Delivered strong top and bottom-line results in Q1 Taking actions to strengthen capital structure by re-sizing quarterly dividend, closing Cosmetic Ingredients divestiture and announcing divestiture of Pharma Solutions Committed to delivering our full year financial objectives with increased
Slide 13: IFF: Where science & creativity meet
iF f Where science & creativity meet
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