International Flavors & Fragrances Inc. 's (IFF) first-quarter sales rose $4.7 million, or 1%, to $774.9 million from $770.2 million in the prior year, led by sales increases in its flavors unit.
Net income rose to $128.3 million from $106.7 million a year earlier.
Fragrances Business Unit
- Currency neutral sales growth was 5% as nearly all regions delivered mid to high single-digit growth.
- Fine fragrances currency neutral sales declined by 2%, against very strong 10% growth reported in the year-ago period.
- A double-digit increase in Greater Asia was more than offset by softness in North America and Europe, Africa, Middle East (EAME), both of which compared to double-digit growth in the prior-year period.
- Consumer fragrances delivered strong currency neutral sales growth of 9% led by double-digit growth in fabric care and home care, as well as mid-single digit growth in hair care.
- Fragrance ingredients currency neutral sales declined 2% compared to high double-digit gains in the prior year quarter.
- Reported sales fell 1% to $397.8 million in the first quarter of 2015 compared with $403.7 million in the prior year quarter.
Flavors Business Unit
- Currency neutral sales grew 9% in the first quarter, against a 5% year-ago comparison, with growth across all regions led by double-digit growth in Latin America and North America and high single-digit growth in EAME.
- On a category basis, beverages grew high double-digits with growth across all regions driven by new win performance and strong innovative solutions for better-for-you products. Growth was also achieved in all other categories including dairy, sweet and savory.
- Reported sales increased 3%, or $10.6 million, to $377.1 million from $366.5 million in the prior year quarter.
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