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Beauty Industry

IFF Reports Second Quarter 2011 Results

Reported sales increased seven percent.

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By: Jamie Matusow

Editor-in-Chief

International Flavors & Fragrances Inc., a leading global creator of flavors and fragrances for consumer products, reported second quarter 2011 revenue of $716 million, seven percent higher than the prior year period. Excluding the impact of foreign currency, revenue in local currency increased three percent. Reported earnings per share increased 12 percent to $0.93 compared to $0.83 for the second quarter 2010.

For the Fragrance Business Unit, local currency sales in the second quarter declined two percent against a record 23 percent comparable in the prior year period. Fine Fragrance & Beauty Care results were challenged by a very strong year-ago comparison of 37 percent, as net new business was more than offset by volume declines, according to Doug Tough, chairman and chief executive officer. Functional Fragrance grew slightly supported by net new business across all categories and a solid performance in the Home Care category. Fragrance Ingredients results were down year-over-year against the company’s strongest year-ago comparison, as lower consumption rates impacted results, he noted.

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