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.