International Flavors & Fragrances (IFF) has announced its preliminary, unaudited financial results for the quarter ended December 31, 2020 and will release fourth quarter and full year 2020 results on February 10, 2021.
Related: IFF Previews Combined DuPont N&B Company
The results reflect preliminary expectations of financial results for the fourth quarter and full year ended December 31, 2020.
Based on the information currently available, IFF estimates the following preliminary results for the fourth quarter and full year 2020:
Net sales for the fourth quarter of 2020 are expected to be approximately $1,270 million as compared to $1,284 million for the same period in 2019. Net sales on a currency neutral basis are expected to increase approximately 2% excluding approximately a 4% point impact of the additional week of sales in the prior year period. Total net sales for the full year 2020 are expected to be approximately $5,084 million.
Reported operating profit for the fourth quarter of 2020 is expected to be approximately $100 million, and full year reported operating profit is expected to be approximately $566 million. Adjusted operating profit excluding amortization for the fourth quarter of 2020 is expected to be approximately $203 million, and full year 2020 adjusted operating profit excluding amortization is expected to be approximately $922 million.
IFF's management team will host a live webcast on February 11, 2021 at 10 a.m. ET to discuss results and outlook with the investor community.
IFF chairman and CEO Andreas Fibig said, “In collaboration with DuPont’s financial announcement today, and in connection with the Exchange Offer related to our combination with DuPont Nutrition & Biosciences, we are providing preliminary financial results for the fourth quarter and full year 2020. We expect to finish 2020 with results coming in ahead of our expectations despite continued challenges and complexity of the pandemic. This performance is a direct testament to the diversity of our portfolio, the essential nature of our products, and the resiliency of our global teams to continuously deliver for our customers.”
Fibig continued, “With the completion of our merger with DuPont N&B now just days away, we continue to see multiple paths to strong value creation for all our stakeholders. Upon closing the transaction, IFF will be a stronger company, well-positioned to deliver meaningful synergies as we execute on our core business objectives and strengthen our partnerships with customers worldwide. We are laser-focused on execution to build strong business momentum and successfully integrate our two great companies to deliver our financial aspirations and maximize shareholder value.”