International Flavors (IFF) Q4 Earnings Lag Estimates, Dip Y/Y

About this update from Fomento Economico Mexicano Sab De Cv Units Cons. Of 5 Shsb

International Flavors & Fragrances Inc. IFF reported adjusted earnings of 72 cents per share in the fourth-quarter 2023, missing the Zacks Consensus Estimate of 75 cents. The bottom line declined 13% from the year-ago quarter.Including one-time items, the company reported a loss of $10.21 per share compared with the prior-year quarter’s loss of 10 cents.International Flavors’ net sales were $2.70 billion in the December-end quarter, down 5% from the year-ago quarter. The top line missed the Zacks Consensus Estimate of $2.72 billion. In the quarter, currency-neutral sales were up 1%, aided by growth in the Scent, and Health & Biosciences segments.International Flavors & Fragrances Inc. Price, Consensus and EPS Surprise International Flavors & Fragrances Inc. price-consensus-eps-surprise-chart | International Flavors & Fragrances Inc. QuoteOperational HighlightsIn the reported quarter, International Flavors’ cost of goods sold was down 6.7% year over year to $1.8 billion. Gross profit fell 1% to $860 million. The gross margin came in at 31.8% compared with 30.6% in the year-ago quarter.Research and development expenses increased 10% year over year to $157 million. Selling and administrative expenses were up 1% to $444 million in the fourth quarter. Adjusted operating EBITDA came in at $461 million, up 4.5% from the prior-year quarter’s $441 million.On a comparable basis, currency-neutral adjusted operating EBITDA increased 22% from the prior year. The upside was driven by volume growth, price increases and productivity gains. The adjusted operating EBITDA margin was 17.1% compared with the year-ago quarter’s 15.6%.Segment PerformancesRevenues in the Nourish segment fell 11.6% year over year to $1.39 billion in the December-end quarter. On a comparable basis, currency-neutral sales were down 3%. The figure beat our estimate of $1.37 billion.The segment’s adjusted operating EBITDA was $165 million, down 15.4% year over year. On a comparable basis, currency-neutral adjusted operating EBITDA increased 3%, driven by gains from price increases and productivity improvements. Our estimate for the segment’s adjusted EBITDA was $162 million.Revenues generated in the Health & Bioscience segment were $528 million compared with the year-earlier quarter’s $501 million. Currency-neutral sales rose 5% on a comparable basis. Growth was aided by a double-digit performance in...

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