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IFF Q3 Sales Rise, Profits Drop
Posted: October 31, 2007
IFF (New York) has reported third quarter sales of $583.3 million, a gain of 8% over the same period, 2006 ($539.1 million). Sales in part were aided by a weak US dollar. Meanwhile, profits for the period dropped 8% due to charges related to the company's pension plan. Net income for the third quarter totaled $58.8 million, down from the same period last year ($63.6 million). Gross profit for the term rose from 2006's $228.98 million to $244.14 million.
Flavor business sales totaled $256.43 million, a 12% increase over the same period 2006 ($226.73 million). Latin American sales jumped 31% in the quarter.
The fragrance business reported flat profits, year-over-year, due to higher raw material costs and decreased fragrance ingredient sale prices. Sales for the period rose 6% to $326.89 million (2006: $309.4 million). Results included an 11% rise in fine and beauty care sales and a gain in ingredient sales.