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International Flavors & Fragrances Inc. (New York) has reported first quarter 2007 (ending March 31) of $566 million, an increase of 11% over the prior year quarter. (All percentage gains and losses are measured against the same period 2006.) Net income for the quarter totaled $63 million, a 17% increase.
Fragrance and flavor sales each increased by 11%. The increase in total fragrance sales was driven by higher fragrance ingredient and fine fragrance and beauty care sales of 17% and 11%, respectively. The growth in fine fragrance and beauty care was driven by new product introductions, while ingredient sales growth was mainly volume related. Functional fragrance sales increased 5% on a combination of new wins and improved volumes. Flavor sales increased 11%, due to new wins and volume growth. In addition, flavor sales increased in each region, both in local currency and in dollars.
Of the results, IFF chairman and CEO Robert Amen said, “IFF is off to a solid start in 2007 with double-digit increases in sales and net income. We continue to make progress toward the financial goals we outlined for 2007–2009 by strengthening our customer focus and executing on our plans.”