IFF (IFF) Tops Q1 EPS by 27c, Offers Guidance

IFF (NYSE: IFF) reported Q1 EPS of $1.13, $0.27 better than the analyst estimate of $0.86. Revenue for the quarter came in at $2.9 billion versus the consensus estimate of $2.78 billion.

GUIDANCE:

IFF sees FY2024 revenue of $10.8-11.1 billion, versus the consensus of $11.05 billion.

• The Company now expects full year 2024 results to trend towards the higher-end of its previously announced sales guidance range of $10.8 billion to $11.1 billion and adjusted operating EBITDA guidance range of $1.9 billion to $2.1 billion. The Company expects volume to trend towards the higher-end of its previously announced 0% to 3% range, with improvements across the majority of the portfolio. Pricing is now expected to increase approximately 1% versus a decline of approximately 2.5%, principally driven by the impact of foreign exchange rate changes in emerging markets where the Company has index pricing to US and/or EURO exchange rates.
• Based on current market foreign exchange rates, the Company expects that foreign exchange will have a 3% to 4% (versus 0 to 1% previously) adverse impact to sales growth.

For earnings history and earnings-related data on IFF (IFF) click here.

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