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IFF 3rd-quarter net income rises

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The Associated Press | November 5, 2013 11:41 AM EST | AP

NEWS: International Flavors & Fragrances, which makes ingredients for a range of food, cosmetics and consumer products, said Tuesday third-quarter net income jumped steeply as year-ago results were weighed down by a hefty tax charge. Adjusted income beat expectations.

DETAILS: IFF, based in New York, said sales growth was led by emerging markets, which continue to grow at two to three times the rate of developed markets.

NUMBERS: Net income for the three months ended Sept. 30 increased fivefold to $99 million, or $1.20 per share. That compares with net income of $16.4 million, or 20 cents per share, in the prior-year quarter.

Excluding restructuring and other one-time costs in the current quarter, and a Spanish tax charge in the year-ago quarter, income rose 14 percent to $100.8 million, or $1.22 per share, from $88.7 million, or $1.08 per share. Analysts expected income of $1.19 per share, according to FactSet.

Revenue rose 5 percent to $742.3 million from $709 million last year. Analysts expected revenue of $739.1 million.

FUTURE: CEO Doug Tough said he expects "moderate growth" in the fourth quarter and continues to expect the company will reach its long-term growth targets in 2013.

STOCK: Shares slipped $1.20 to $82.32 in morning trading. The stock has risen 24 percent since the beginning of the year.