IFF Reports Third Quarter 2013 Local Currency Sales Growth of 4% and Adjusted EPS Growth of 13% to $1.22 per Diluted Share

  IFF Reports Third Quarter 2013 Local Currency Sales Growth of 4% and
  Adjusted EPS Growth of 13% to $1.22 per Diluted Share

      Local Currency Sales Increase by 4%; Reported Sales Increase by 5%

      Adjusted Operating Profit Margins Expand 50 basis points to 19.4%

Business Wire

NEW YORK -- November 5, 2013

International Flavors & Fragrances Inc. (NYSE:IFF), a leading global creator
of flavors and fragrances for consumer products, today reported financial
results for the third quarter ended September 30, 2013.

Third Quarter 2013 Results

  *Revenue for the quarter totaled $742.3 million, an increase of 5% from
    $709.0 million in the third quarter of 2012.
  *Excluding the impact of foreign currency, local currency sales increased
    4%, led by 8% growth in the emerging markets.
  *Operating profit for the quarter totaled $141.5 million, compared with
    $134.2 million in the prior year. Excluding restructuring and other
    charges and operational improvement costs in the current quarter^1,
    adjusted operating profit increased 7% to $144.1 million, or 19.4% of
    sales, up from $134.2 million, or 18.9% of sales, in the prior year.
  *Reported net income totaled $99.0 million, compared with $16.4 million in
    the third quarter of 2012. Excluding restructuring and other charges and
    operational improvement initiative costs from the current quarter, and a
    $72.4 million charge related to the Spanish tax settlement from the prior
    year’s results^1, adjusted net income increased 14% to $100.8 million from
    $88.7 million in the prior year.
  *Reported earnings per share totaled $1.20 compared with earnings per share
    of $0.20 in the third quarter of 2012. Excluding restructuring and other
    charges from the current quarter and the Spanish tax charge from the prior
    year quarter^1, adjusted earnings per share increased 13% to $1.22 from
    $1.08 per share in the third quarter of 2012.

^1 Please see the information and schedules at the end of this release for
reconciliations of GAAP to non-GAAP financial metrics.

Management Commentary

“In the third quarter, IFF benefited from our balanced business mix and
continued focus on executing our three-pillar growth strategy,” said Doug
Tough, Chairman and CEO of IFF. “We are pleased with our growth momentum on
both the top and bottom lines, especially in light of a more challenging
comparison to the third quarter of last year. This is the sixth consecutive
quarter that our gross profit margin, adjusted operating profit margin and
adjusted net income as a percent of sales have all increased versus the
year-ago period.”

Mr. Tough continued, “Our consolidated local currency sales growth of 4% was
led by 8% growth in the emerging markets, which continue to grow at two to
three times the rate of the developed markets with strong performance across
both of our business units. We are also beginning to see greater stability in
our Fragrance Ingredients business. Our broad and diverse portfolio of end-use
product categories combined with our diverse regional footprint continues to
be a source of strength for us.

“IFF’s gross margin progression this quarter reflects a continued focus on
strategic initiatives, as well as a more benign raw material cost environment.
As previously communicated, we continue to reinvest in our Research &
Development platforms to support future growth, and to ensure a strong
innovation pipeline for the near, mid and longer-term. We believe these
investments will enable us to better serve our customers and provide them with
new and innovative ways to drive consumer engagement.”

Mr. Tough concluded, “Looking forward, we expect to see moderate growth in the
fourth quarter, given the strong growth achieved in the prior year period. We
continue to expect that the Company will deliver on its long-term growth
targets for the full year 2013.”

Third Quarter 2013 Operating Highlights

  *Local currency sales in the emerging markets accounted for 48% of total
    company sales in the quarter and delivered growth of 8%.
  *Gross profit, as a percent of sales, was 43.8% compared with 42.5% in the
    prior year. Gross profit for the quarter includes both operational
    improvement costs related to a plant closing in Europe and a partial plant
    closing in Asia, and accelerated depreciation related to the closing of
    our Fragrance Ingredients plant in Augusta. Excluding these charges,
    adjusted gross profit was 44.2%, compared with 42.5% in the prior year.
    The 170 basis point gross margin improvement was due to the net impact of
    pricing and moderating raw material costs, ongoing cost reduction efforts
    in Fragrances, and volume and mix gains related to new business wins.
  *Research, selling and administrative (RSA) expenses, as a percent of
    sales, increased 120 basis points to 24.8% compared with 23.6% in the
    third quarter of 2012. The RSA increase this quarter reflects higher
    incentive compensation costs as well as R&D costs associated with our
    biotechnology program for Fragrances and continued investments in
    technology. Excluding incentive compensation, adjusted RSA as a percentage
    of sales would have been constant.
  *Adjusted operating profit increased 7% or $9.9 million to $144.1 million
    from $134.2 million in the prior year quarter. The improvement in the
    adjusted operating profit was due to solid sales growth combined with
    gross margin expansion, offset in part by higher incentive compensation
    accruals and R&D investments.
  *The effective tax rate (ETR) for the quarter was 26.1% compared with 86.6%
    in the prior year quarter. Excluding the tax impact on restructuring and
    operational improvements costs in the current quarter, and the Spanish tax
    charge in the prior year quarter, the adjusted effective tax rate for the
    quarter was 26.2% compared with an adjusted effective tax rate of 27.2% in
    the prior year period. The 100 basis point reduction in the adjusted
    effective tax rate was primarily driven by the benefit associated with the
    restoration of the U.S. R&D tax credit combined with a more favorable mix
    of earnings, partially offset by the reduction of deferred tax assets
    associated with a U.K. rate change.

Fragrances Business Unit

  *Net sales increased 7% to $392.9 million, compared with $368.3 million in
    the third quarter of 2012. Excluding the impact of foreign currency, local
    currency sales increased 5%.
  *Fragrance Compounds achieved local currency sales growth of 7% in the
    third quarter led by double-digit growth in the emerging markets. The
    emerging markets accounted for 50% of Fragrance Compounds’ sales this
    quarter.
  *Fragrance Ingredients’ local currency sales growth was flat,
    year-over-year, and is showing signs of stabilization. The majority of
    product families experienced volume growth this quarter.
  *Within Fragrance Compounds, our Fine & Beauty Care category had local
    currency sales growth of 5% led by double-digit growth in EAME, Latin
    America and Greater Asia. Functional Fragrances had local currency sales
    growth of 8%, led by double-digit growth in Greater Asia and Latin
    America. This marks the 21st consecutive quarter of growth in Functional
    Fragrances, due to a high level of new wins with both global and regional
    customers.
  *Gross margins in our Fragrances business unit increased over the prior
    year quarter, primarily due to moderating raw material costs, a strong
    level of new wins combined with an improved business mix, and ongoing cost
    reduction efforts.
  *Fragrances segment profit increased $16 million, or 24%, to $81.3 million
    in the third quarter of 2013, up from $65.3 million in the prior year
    quarter. The segment profit margin increased 300 basis points to 20.7%, up
    from 17.7%. The segment profit improvement was the result of solid sales
    growth combined with gross margin expansion and ongoing productivity
    initiatives.

Flavors Business Unit

  *Reported net sales increased 3% to $349.4 million, compared with $340.7
    million in the prior year quarter. Excluding the impact of foreign
    currency, local currency sales also increased 3%, marking the 31^st
    quarter of consecutive local currency sales growth for Flavors.
  *Flavors delivered growth in every region, led by high single-digit growth
    in Latin America and low single-digit growth in Greater Asia, EAME and
    North America.
  *On an end-use category basis, sales growth was led by high single-digit
    growth in Beverage and mid-single digit growth in Savory and Sweet,
    partially offset by a decline in Dairy.
  *Gross margins in the Flavors business increased over the prior year
    quarter primarily as a result of the net impact of moderating raw material
    costs and pricing.
  *Flavors segment profit increased $5 million, or 7%, to $81.1 million in
    the third quarter of 2013, compared to $76.1 million the prior year
    quarter. The segment profit margin increased 80 basis points to 23.2%, up
    from 22.4% in the prior year.

Audio Webcast

A live webcast to discuss the Company's third quarter financial results and
full year outlook will be held today, November 5, 2013, at 10:00 a.m. ET.
Investors may access the webcast and accompanying slide presentation on the
Company's website at www.iff.com under the Investor Relations section. For
those unable to listen to the live broadcast, a recorded version of the
webcast will be made available on the Company's website approximately one hour
after the event and will remain available on IFF’s website for one year.

About IFF

International Flavors & Fragrances Inc. (NYSE:IFF) is a leading global creator
of flavors and fragrances used in a wide variety of consumer products.
Consumers experience these unique scents and tastes in fine fragrances and
beauty care, detergents and household goods, as well as beverages, sweet goods
and food products. The Company leverages its competitive advantages of
consumer insight, research and development, creative expertise, and customer
intimacy to provide customers with innovative and differentiated product
offerings. A member of the S&P 500 Index, IFF has more than 5,800 employees
working in 32 countries worldwide. For more information, please visit our
website at www.iff.com.

Cautionary Statement Under The Private Securities Litigation Reform Act of
1995

This press release includes “forward-looking statements” under the Federal
Private Securities Litigation Reform Act of 1995, including statements
regarding the Company’s expectations concerning (i) growth in the fourth
quarter of 2013; (ii) the impact of R&D investments on future growth and
innovation; and (iii) its ability to execute on its long-term strategic plan
and reach its long-term growth targets in 2013. These forward-looking
statements are qualified in their entirety by cautionary statements and risk
factor disclosures contained in the Company’s Securities and Exchange
Commission filings, including the Company’s Annual Report on Form 10-K filed
with the Commission on February 26, 2013. The Company wishes to caution
readers that certain important factors may affect and could in the future
affect the Company’s actual results and could cause the Company’s actual
results for subsequent periods to differ materially from those expressed in
any forward-looking statements made by or on behalf of the Company. With
respect to the Company’s expectations regarding these statements, such factors
include, but are not limited to: (1) the economic climate for the Company’s
industry and demand for the Company’s products; (2) the ability of the Company
to successfully implement its restructuring initiative and achieve the
estimated savings; (3) fluctuations in the price, quality and availability of
raw materials; (4) decline in consumer confidence and spending; (5) changes in
consumer preferences; (6) the Company’s ability to predict the short and
long-term effects of global economic conditions; (7) movements in interest
rates; (8) the effects of any unanticipated costs and construction or start-up
delays in the expansion of any of the Company’s facilities; (9) the Company’s
ability to implement its business strategy and ongoing profit and operational
improvement initiatives, including the achievement of anticipated cost
savings, profitability, realization of price increases and growth targets;
(10) the Company’s ability to successfully develop new and competitive
products and enter and expand its sales in new and other emerging markets;
(11) the impact of currency fluctuations or devaluations in the Company’s
principal foreign markets; (12) any adverse impact on the availability,
effectiveness and cost of the Company’s hedging and risk management
strategies; (13) uncertainties regarding the outcome of, or funding
requirements, related to litigation or settlement of pending litigation,
uncertain tax positions or other contingencies; (14) the impact of possible
pension funding obligations and increased pension expense, particularly as a
result of changes in asset returns or discount rates, on the Company’s cash
flow and results of operations; (15) the effect of legal and regulatory
proceedings, as well as restrictions imposed on the Company, its operations or
its representatives by U.S. and foreign governments; (16) adverse changes in
federal, state, local and foreign tax legislation or adverse results of tax
audits, assessments, or disputes; (17) the direct and indirect costs and other
financial impact that may result from any business disruptions due to
political instability, armed hostilities, incidents of terrorism, natural
disasters or the responses to or repercussion from any of these or similar
events or conditions; (18) the Company’s ability to quickly and effectively
implement its disaster recovery and crisis management plans; and (19) adverse
changes due to accounting rules or regulations. New risks emerge from time to
time and it is not possible for management to predict all such risk factors or
to assess the impact of such risks on the Company’s business. Accordingly, the
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events, or otherwise.

International Flavors & Fragrances Inc.

Consolidated Income Statement

(Amounts in thousands except per share data)

(Unaudited)
                                                                             
                 Three Months Ended September 30,   Nine Months Ended September 30,
                                                                 
                 2013          2012        %        2013            2012          %
                                           Change                                 Change
                                                                                  
Net sales        $ 742,256     $ 708,955   5   %    $ 2,227,727     $ 2,140,888   4   %
Cost of goods     416,852     407,431   2   %     1,256,977     1,252,422   0   %
sold
Gross margin       325,404       301,524   8   %      970,750         888,466     9   %
Research and       65,654        57,658    14  %      189,428         171,467     10  %
development
Selling and        118,221       109,691   8   %      357,687         327,942     9   %
administrative
Restructuring
and other          —             —                    2,105           1,668
charges
Interest           11,625        9,907                35,637          31,330
expense
Other (income)    (4,080  )    2,424               (16,359   )    1,333
expense, net
Pretax income      133,984       121,844   10  %      402,252         354,726     13  %
Income taxes      34,938      105,481   (67 )%    110,187       168,710     (35 )%
Net income       $ 99,046     $ 16,363    505 %    $ 292,065      $ 186,016     57  %
                                                                                  
                                                                                  
                                                                                  
Earnings per     $ 1.21        $ 0.20               $ 3.57          $ 2.28
share - basic
Earnings per
share -          $ 1.20        $ 0.20               $ 3.54          $ 2.26
diluted
                                                                                  
Average shares
outstanding
Basic              81,437        81,246               81,349          81,241
Diluted            82,043        81,898               81,959          81,984

International Flavors & Fragrances Inc.

Condensed Consolidated Balance Sheet

(Amounts in thousands)

(Unaudited)
                                                          
                                             September 30,   December 31,
                                             2013            2012
Cash & cash equivalents                      $  343,149      $  324,422
Receivables                                     553,884         499,443
Inventories                                     520,707         540,658
Other current assets                           216,127        208,164
Total current assets                            1,633,867       1,572,687
                                                             
Property, plant and equipment, net              656,662         654,641
Goodwill and other intangibles, net             697,716         702,270
Other assets                                   336,266        316,594
Total assets                                 $  3,324,511    $  3,246,192
                                                             
Bank borrowings and overdrafts, and
current portion of long-term debt            $  144          $  150,071
Other current liabilities                      509,432        479,807
Total current liabilities                       509,576         629,878
                                                             
Long-term debt                                  933,464         881,104
Non-current liabilities                         441,941         482,655
                                                             
Shareholders' equity                           1,439,530      1,252,555
Total liabilities and shareholders' equity   $  3,324,511    $  3,246,192

International Flavors & Fragrances Inc.

Consolidated Statement of Cash Flows

(Amounts in thousands)

(Unaudited)
                                             
                                               Nine Months Ended September 30,
                                               2013              2012
Cash flows from operating activities:
                                                                  
Net income                                     $  292,065         $ 186,016
Adjustments to reconcile to net cash
provided by operations:
Depreciation and amortization                     61,084            56,332
Deferred income taxes                             (5,167    )       (13,830  )
Gain on disposal of assets                        (18,859   )       (2,243   )
Stock-based compensation                          18,919            15,363
Pension settlement/curtailment                    —                 874
Spanish tax charge                                —                 72,362
Payments pursuant to Spanish tax                  —                 (105,503 )
settlement
Changes in assets and liabilities
Current receivables                               (72,051   )       (66,364  )
Inventories                                       10,679            (3,751   )
Accounts payable                                  (11,581   )       (33,652  )
Accruals for incentive compensation               (1,298    )       14,927
Other current payables and accrued                27,416            29,095
expenses
Changes in other assets/liabilities              (43,891   )      (12,048  )
Net cash provided by operating activities        257,316         137,578  
                                                                  
Cash flows from investing activities:
                                                                  
Additions to property, plant and equipment        (86,448   )       (84,176  )
Purchase of life insurance contracts              —                 (1,127   )
Proceeds from termination of life                 793               5,327
insurance contracts
Maturity of net investment hedges                 626               1,960
Proceeds from disposal of assets                 16,782          223      
Net cash used in investing activities            (68,247   )      (77,793  )
                                                                  
Cash flows from financing activities:
Cash dividends paid to shareholders               (55,525   )       (75,458  )
Net change in revolving credit facility           (282,915  )       8,376
borrowings and overdrafts
Deferred financing costs                          (2,800    )       —
Repayments of long-term debt                      (100,000  )       —
Proceeds from long-term debt                      297,786           —
Proceeds from issuance of stock under             3,613             7,664
stock plans
Excess tax benefits on stock-based                5,583             6,920
payments
Purchase of treasury stock                       (31,923   )      —        
Net cash used in financing activities            (166,181  )      (52,498  )
Effect of exchange rates changes on cash and      (4,161    )       1,615
cash equivalents
Net change in cash and cash equivalents           18,727            8,902
Cash and cash equivalents at beginning of        324,422         88,279   
year
Cash and cash equivalents at end of period     $  343,149        $ 97,181   

International Flavors & Fragrances Inc.

Business Unit Performance

(Amounts in thousands)

(Unaudited)
                                              
                     Three Months Ended          Nine Months Ended
                     September 30,               September 30,
                     2013         2012          2013           2012
Net Sales
Flavors              $ 349,385     $ 340,674     $ 1,079,786     $ 1,051,932
Fragrances            392,871     368,281     1,147,941     1,088,956 
Consolidated           742,256       708,955       2,227,727       2,140,888
                                                                 
Segment Profit
Flavors                81,101        76,145        254,055         236,458
Fragrances             81,309        65,331        221,577         185,049
Global Expenses        (18,313 )     (7,301  )     (47,236   )     (32,450   )
Restructuring and      —             —             (2,105    )     (1,668    )
other charges, net
Operational
improvement           (2,568  )    —           (4,761    )    —         
initiative costs
Operating profit       141,529       134,175       421,530         387,389
                                                                 
Interest Expense       (11,625 )     (9,907  )     (35,637   )     (31,330   )
Other income          4,080       (2,424  )    16,359        (1,333    )
(expense), net
Income before        $ 133,984    $ 121,844    $ 402,252      $ 354,726   
taxes
                                                                 
Operating Margin
Flavors                23.2    %     22.4    %     23.5      %     22.5      %
Fragrances             20.7    %     17.7    %     19.3      %     17.0      %
Consolidated           19.1    %     18.9    %     18.9      %     18.1      %

International Flavors & Fragrances Inc.

Sales Performance by Region and Category

(Unaudited)
                   Third Quarter 2013 vs. 2012
                     Percentage Change in Sales by Region of Destination
                     Fine &                              Total
                     Beauty  Functional  Ingredients  Frag.  Flavors  Total
                     Care
                                                                     
North     Reported   -10%     7%           -2%           -2%     1%        0%
America
                                                                           
EAME      Reported   16%      4%           -1%           8%      5%        7%
          Local      10%      0%           -5%           3%      3%        3%
          Currency
                                                                           
Latin     Reported   7%       10%          -8%           7%      4%        6%
America
          Local      10%      12%          -9%           9%      7%        8%
          Currency
                                                                           
Greater   Reported   9%       16%          25%           15%     1%        6%
Asia
          Local      10%      16%          31%           16%     4%        8%
          Currency
                                                                           
Total     Reported   6%       9%           1%            7%      2%        5%
          Local      5%      8%          0%           5%     3%       4%
          Currency
                                                                           
                                                                           
                     2013 vs. 2012
                     Percentage Change in Sales by Region of Destination
                     Fine &                              Total
                     Beauty  Functional  Ingredients  Frag.  Flavors  Total
                     Care
                                                                           
North     Reported   -2%      1%           -4%           -1%     -1%       -1%
America
                                                                           
EAME      Reported   8%       6%           -5%           4%      5%        4%
          Local      6%       4%           -6%           3%      5%        3%
          Currency
                                                                           
Latin     Reported   12%      12%          -7%           10%     2%        7%
America
          Local      16%      13%          -7%           13%     4%        10%
          Currency
                                                                           
Greater   Reported   9%       14%          0%            10%     4%        6%
Asia
          Local      9%       14%          5%            12%     6%        8%
          Currency
                                                                           
Total     Reported   7%       8%           -4%           5%      3%        4%
          Local      7%      8%          -4%          5%     4%       5%
          Currency

Note: Local currency sales growth is calculated by translating prior year
sales at the exchange rates used for the corresponding 2013 period.

International Flavors & Fragrances Inc.

Reconciliation of Like-for-Like Sales Growth

(Unaudited)
                                                             
% Change in Sales for the Nine Months Ended September 30, 2013
                          
                             Local                               Like-for-Like
           Reported      Currency     Exit of Low-Margin   Sales Growth
              Sales Growth   Sales         Sales Activities      ^(2)
                             Growth ^(1)
 Total      4%            5%           1%                   6%
  Company
                                                                 
  Flavors:
  North       -1%            -1%           7%                    6%
  America
  EAME        5%             5%            0%                    5%
  Latin       2%             4%            4%                    8%
  America
  Greater     4%             6%            0%                    6%
  Asia
  Total       3%             4%            2%                    6%
  Flavors
                                                        

(1) Local currency sales growth is calculated by translating prior year sales
at the exchange rates used for the corresponding 2013 period.

(2) Like-for-like is a non-GAAP metric that excludes the impact of exiting
low-margin sales activities and foreign exchange.

*Note: The exit of low-margin sales activities was substantially completed as
of the second quarter.

International Flavors & Fragrances Inc.

Reconciliation of Income

(Amounts in thousands)

(Unaudited)
                                                                  
The following information and schedules provide reconciliation information between
reported GAAP amounts and certain adjusted amounts. This information and schedules
is not intended as, and should not be viewed as, a substitute for reported GAAP
amounts or financial statements of the Company prepared and presented in accordance
with GAAP.
                                                                     
                   Third Quarter 2013
                   Items Impacting Comparability
                                                                 
                                 Restructuring        Operational
                   Reported      and Other            Improvement        Adjusted
                   (GAAP)        Charges              Initiative         (Non-GAAP)
                                                      Costs
                                                                         
                                                                         
Net Sales            742,256
Cost of Goods        416,852        (2,167  )  ^(a)      (401  )  ^(b)
Sold
Gross Profit         325,404        2,167                401                327,972
Research and         65,654
Development
Selling and          118,221
Administrative
RSA Expense          183,875
Restructuring and    —
other charges, net
Operating            141,529        2,167                401                144,097
Profit
Interest             11,625
Expense
Other (Income)       (4,080  )
expense, net
Income before        133,984        2,167                401                136,552
taxes
Taxes on             34,938         758                  97                 35,793
Income
Net Income          99,046      1,409            304            100,759
                                                                         
                                                                         
Earnings per
share -            $ 1.20        $  0.02              $  0.00            $  1.22
diluted
                                                                         
               (a) Costs related to the Fragrance Ingredients Rationalization
               (b) Related to plant closing in Europe and partial closing in Asia

                       Third Quarter 2012
                        Items Impacting Comparability
                                                             
                        Reported       Spanish Tax              Adjusted
                        (GAAP)          Charge                    (Non-GAAP)
                                                                  
                                                                  
Net Sales               708,955
Cost of Goods           407,431
Sold
Gross Profit            301,524
Research and            57,658
Development
Selling and             109,691
Administrative
RSA Expense             167,349
Restructuring and
other charges,          —
net
Operating Profit        134,175
Interest Expense        9,907
Other (Income)          2,424
expense, net
Income before           121,844
taxes
Taxes on Income         105,481         (72,362)        ^(a)      33,119
Net Income              16,363         72,362                  88,725
                                                                  
Earnings per            $ 0.20          $ 0.88                    $ 1.08
share - diluted
                                                                  
                        Pursuant to the Spanish tax settlement; includes a
                    (a) $0.71 per share charge to net income covering the
                        fiscal years 2004-2010 and a $0.17 per share accrual
                        for uncertain tax positions for years not settled.

International Flavors & Fragrances Inc.

Reconciliation of Income

(Amounts in thousands)

(Unaudited)

The following information and schedules provide reconciliation information between reported GAAP amounts and
certain adjusted amounts. This information and schedules is not intended as, and should not be viewed as, a
substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance
with GAAP
                   
                   Third Quarter Year-to-Date 2013
                   Items Impacting Comparability
                                                                                              
                                   Restructuring      Operational
                   Reported       and Other          Improvement      Spanish         Gain on          Adjusted
                   (GAAP)          Charges            Initiative       Tax Charge      Asset Sale       (Non-GAAP)
                                                      Costs
                                                                                                        
                                                                                                        
Net Sales            2,227,727
Cost of Goods        1,256,977        (3,000  )  ^(a)    (1,761 ) ^(b)
Sold
Gross Profit         970,750          3,000              1,761
Research and         189,428
Development
Selling and          357,687
Administrative
RSA Expense          547,115
Restructuring and    2,105            (2,105  )  ^(a)
other charges, net
Operating            421,530          5,105              1,761                                            428,396
Profit
Interest             35,637
Expense
Other (Income)       (16,359   )                                                         16,093    ^(d)   (266    )
expense, net
Income before        402,252          5,105              1,761                           (16,093 )        393,025
taxes
Taxes on             110,187          1,787              412             (6,230 ) ^(c)   (5,633  )        100,523
Income
Net Income          292,065       3,318           1,349        6,230        (10,460 )      292,502 
                                                                                                        
Earnings per
share -            $ 3.54          $  0.04            $  0.02          $ 0.08          $ (0.13   )      $ 3.55
diluted
                                                                                                        
               (a) Costs related to the Fragrance Ingredients Rationalization
               (b) Related to plant closings in Europe and partial closing in Asia
               (c) Spanish tax charge related to the 2002-2003 ruling
               (d) Represents a gain on sale of a non-operating asset

                    Third Quarter Year-to-Date 2012
                    Items Impacting Comparability
                                                              
                    Reported      Restructuring      Spanish        Adjusted
                    (GAAP)       and Other          Tax            (Non-GAAP)
                                  Charges            Charge
                                                                    
                                                                    
Net Sales           2,140,888
Cost of Goods       1,252,422
Sold
Gross Profit        888,466
Research and        171,467
Development
Selling and         327,942
Administrative
RSA Expense         499,409
Restructuring and   1,668         (1,668    )   ^(a)
other charges, net
Operating Profit    387,389       1,668                             389,057
Interest Expense    31,330
Other (Income)      1,333                                           1,333
expense, net
Income before       354,726       1,668                             356,394
taxes
Taxes on Income     168,710       621                (72,362 ) ^(b) 96,969
Net Income          186,016      1,047            72,362       259,425
                                                                    
Earnings per        $ 2.26        $ 0.01             $ 0.88         $ 3.15
share - diluted
                                                                    
(a)               Related to restructuring program announced in Q1 2012
                  Pursuant to the Spanish tax settlement; includes a $0.71 per
(b)               share charge to net income covering the fiscal years
                  2004-2010, and a $0.17 per share accrual for uncertain tax
                  positions for years not settled.

Contact:

Investor Relations:
International Flavors & Fragrances Inc.
Shelley Young, 212-708-7271
Director, Investor Relations
 
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