US fragrance and flavour company International Flavors & Fragrances said last week that first-quarter profits more than doubled as the company met its sales forecast.
New York-based IFF reported first-quarter net income of $41.9 million (46.5million), or 44 cents a diluted share, up from net income a year ago of $20.3 million, or 21 cents a share. Net sales fell to $445.8 million from $483.7 million.
The company also forecast second-quarter earnings, excluding one-time charges, of 51 cents to 54 cents a share and flat sales. This forecast excluded about $15 million of sales for non-core businesses it sold last year.
For the year, IFF still expects local currency sales growth in the low single digits and earnings per share growth between 8 per cent and 12 per cent excluding one-time items. The forecast includes the elimination of about 35 cents a share of amortisation of goodwill.