intl flavors & fragrances (IFF) Key Developments
International Flavors Seeks Acquisitions
Sep 4 14
International Flavors & Fragrances Inc. (NYSE:IFF) will consider acquisitions. Kevin Berryman, Executive Vice President and Chief Financial Officer, said, "We are well positioned from our balance sheet, we are also very well positioned to be able to execute as we see appropriate relative to acquisitions and other growth opportunities that we might find."
International Flavors & Fragrances Inc. Appoints Michael DeVeau as Vice President, Global Corporate Communications
Sep 2 14
International Flavors & Fragrances Inc. (IFF) announced that Michael DeVeau has been named Vice President, Global Corporate Communications. In this newly established role, Mr. DeVeau will report to IFF's CEO Andreas Fibig, and will be responsible for leading the company's strategic communications to ensure all facets of corporate communications such as investor relations, internal communications, public relations, media relations, and social media, are fully aligned with the strategic positioning of the organization at a global level. Mr. DeVeau joined IFF in 2009 as Investor Relations Manager. In 2012, he assumed the role of Global Pricing Officer, Flavors.
International Flavors & Fragrances Inc. Presents at Barclays Capital Back-to-School Consumer Conference 2014, Sep-04-2014 10:30 AM
Aug 22 14
International Flavors & Fragrances Inc. Presents at Barclays Capital Back-to-School Consumer Conference 2014, Sep-04-2014 10:30 AM. Venue: InterContinental Hotel, Boston, Massachusetts, United States. Speakers: Kevin C. Berryman, Chief Financial Officer, Principal Accounting Officer and Executive Vice President.
International Flavors & Fragrances Inc. Declares Quarterly Dividend on Common Stock Payable on October 7, 2014
Aug 5 14
International Flavors & Fragrances Inc. announced that on August 4, 2014, the Board of Directors authorized a 21% increase ($0.08) in the quarterly dividend to $0.47 per share of the company's common stock, up from the current $0.39 per share. The quarterly dividend is payable on October 7, 2014 to shareholders of record as of September 25, 2014. Including this authorization, IFF's quarterly dividend payment will have grown by a compound annual growth rate of 15% over the last four years.
International Flavors & Fragrances Inc. Reports Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Full Year 2014
Aug 5 14
International Flavors & Fragrances Inc. reported unaudited consolidated financial results for the second quarter and six months ended June 30, 2014. Reported net sales grew 4% to $788.4 million, up from $757.6 million in the second quarter of 2013. Operating profit increased 8%, or $10.7 million, to $153.1 million, up from $142.4 million in the second quarter of 2013. Diluted earnings per share (EPS) totaled $1.35, compared with $1.24 in the second quarter of 2013. Adjusted diluted EPS increased 21% to $1.37, up from an adjusted $1.14 in the second quarter of 2013. Pretax income was $146,353,000, compared to $140,745,000 for the last year. Net income was $110,285,000, compared to $102,322,000 for the last year.
For the six months, the company's net sales were $1,558,638,000, compared to $1,485,471,000 for the last year. Pretax income was $289,286,000, compared to $268,268,000 for the last year. Net income was $216,992,000 or $2.64 per diluted share, compared to $193,020,000 $2.34 per diluted share for the last year. Additions to property, plant and equipment were $60,244,000, compared to $60,689,000 for the last year. Cash flow from operations for the six months ended June 30, 2014 was $154.0 million, or 9.9% of sales, compared with $118.0 million, or 7.9% of sales in the prior year period. The increase in cash flow from operations reflects higher net income and a pension contribution payment included in the 2013 period.
As a result, the company is revising 2014 sales growth targets to 4% to 6%, including a percentage point of growth from Aromor. For the full year, profitability metrics remain intact and the company is confident that it will achieve double-digit growth in adjusted operating profit and adjusted earnings per share.