International Flavors & Fragrances Inc. Reports Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Year 2015
Aug 10 15
International Flavors & Fragrances Inc. reported unaudited consolidated financial results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net sales of $767,541,000 compared to $788,414,000 a year ago. Operating profit was $148,821,000 compared to $153,115,000 a year ago. Income before taxes was $136,978,000 compared to $146,353,000 a year ago. Net income was $105,374,000 compared to $110,285,000 a year ago. Diluted earnings per share were $1.29 compared to $1.35 a year ago. Non-GAAP operating profit was $155,310,000 compared to $156,410,000 a year ago. Non-GAAP income before taxes was $143,467,000 compared to $149,648,000 a year ago. Non-GAAP net income was $111,043,000 compared to $112,453,000 a year ago. Non-GAAP diluted earnings per share were $1.36 compared to $1.37 a year ago.
For the six months, the company reported net sales of $1,542,448,000 compared to $1,558,638,000 a year ago. Operating profit was $310,613,000 compared to $309,168,000 a year ago. Income before taxes was $293,386,000 compared to $289,286,000 a year ago. Net income was $233,632,000 compared to $216,992,000 a year ago. Diluted earnings per share were $2.86 compared to $2.64 a year ago. Net cash provided by operating activities was $166,318,000 compared to $154,030,000 a year ago. Additions to property, plant and equipment was $37,937,000 compared to $60,244,000 a year ago. Non-GAAP operating profit was $318,070,000 compared to $315,204,000 a year ago. Non-GAAP income before taxes was $300,843,000 compared to $295,322,000 a year ago. Non-GAAP net income was $229,481,000 compared to $220,981,000 a year ago. Non-GAAP diluted earnings per share were $2.81 compared to $2.69 a year ago.
For the full year 2015, the company expects currency neutral sales to grow about 6%, including approximately 2 percentage points related to the acquisitions of Ottens Flavors and Lucas Meyer Cosmetics. It expects this growth, combined with continued cost control, should lead to approximately 9% adjusted operating profit growth and about 10% adjusted EPS growth, all on a currency neutral basis. Based on where exchange rates are at present, it would expect full year sales to be down approximately 1% and adjusted operating profit to rise 4% including the impact of currency.
International Flavors & Fragrances Inc. Declares Regular Quarterly Cash Dividend, Payable on October 6, 2015
Aug 6 15
International Flavors & Fragrances Inc. announced that its Board of Directors has authorized a quarterly dividend of $0.56 per share of the company’s common stock, an increase of $0.09 or 20% from the current quarterly dividend of $0.47 per share, which will result in a more competitive dividend yield. The quarterly dividend will be payable on October 6, 2015 to shareholders of record as of September 25, 2015.