IFF Q1 2024: Adjusted EBITDA $578M (+20% comparable); expects trend to higher end of guidance

INTERNATIONAL FLAVORS & FRAGRANCES INC

2024-Q1 EPS reported $0.23 revenue$2,899,000,000

Reported sales $2.9B, down 4% YoY; comparable currency-neutral sales up 5% on mid-single digit volume growth.
Adjusted operating EBITDA $578M, +20% on comparable basis; adjusted EPS ex amortization $1.13.
Management says results likely trend toward higher end of FY2024 guidance range.
Portfolio optimization: agreed to sell Pharma Solutions, completed Cosmetic Ingredients divestiture; dividend rightsized earlier.
Net debt to credit adjusted EBITDA at 4.4x; free cash flow $(19)M after capex.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

INTERNATIONAL FLAVORS & FRAGRANCES INC reported the first quarter ended March 31, 2024 results: revenue $2.9 B, net income $115 M, EPS $0.23. Guidance reaffirmed.

Period: the first quarter ended March 31, 2024
Revenue: $2.9 B
Net income: $115 M
EPS: $0.23
Guidance: reaffirmed
Result: reported results

Exact text from the filing

IFF Reports First Quarter 2024 Results NEW YORK - May 6, 2024 - IFF (NYSE: IFF) reported financial results for the first quarter ended March 31, 2024. First Quarter 2024 Consolidated Summary: Reported (GAAP) Adjusted (Non-GAAP) 1 Sales Income Before Taxes EPS Operating EBITDA Operating EBITDA Margin EPS ex Amortization $2.9 B $115 M $0.23 $578 M 19.9% $1.13

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Source: SEC EDGAR

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