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Share Name | Share Symbol | Market | Type |
---|---|---|---|
International Flavors and Fragrances Inc | NYSE:IFF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 83.99 | 0 | 09:00:00 |
Sales +5%; Adjusted Operating Profit +8%; Adjusted EPS +11%, all on a currency neutral basis
Regulatory News:
International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris:IFF) reported financial results and strategic achievements for the fourth quarter and full year ended January 1, 2016.
Management Commentary
“2015 was a successful year for IFF as we embarked on a new chapter in our 126 year journey of discovery and pioneering firsts,” said Chairman and CEO Andreas Fibig. “I am pleased with the progress we’ve made in terms of our financial performance and strategic execution. From a strategic perspective, since the initiation of our Vision 2020 strategy we believe we have taken the right steps in our ambition to build greater differentiation, accelerate profitable growth and increase shareholder value. In the Middle East & Africa, one of our targeted areas of focus in the emerging markets, we saw a 14% increase for 2015 with strong growth across flavors and fragrances on a currency neutral basis. In Latin America, Flavors grew 16% on a currency neutral basis, driven in part by key customers and our proprietary delivery system. We also fortified our market share in North America – achieving the number two position in Flavors – with the successful acquisition of Ottens Flavors.
“Delivery systems across both flavors and fragrances continued to drive solid results. In Fragrances, encapsulation-related sales grew mid-teens, led by Fabric Care and Home Care, while in Flavors, sweetness & savory modulation portfolio sales grew strong double-digits, led by Savory, Dairy and Beverage. We also commercialized four captive fragrance ingredients in 2015 – doubling IFF’s historical annual output. These accomplishments are a testament to our continued commitment to advance our innovation and R&D capabilities.
“To support our goal to become our “customers’ partner of choice” we launched a new branding initiative by unveiling our new purpose statement, visual identity and refreshed tone of voice to ensure all our current and future customers understand our vision, imagination and innovative focus. We were also recognized by several customers to be among their top performing business partners and received several innovation awards for IFF | Lucas Meyer Cosmetics. We also made significant progress working towards creating a sustainable future. In 2015, we reached a series of sustainability achievements, including surpassing our initial 2020 water reduction goal of 25%, being recognized on the CDP Climate “A” List, receiving “For Life” social responsibility certification for Turkish Rose, Patchouli, Basil and Vetiver, and being first in our industry to join the Together for Sustainability sustainable sourcing initiative.
“In terms of strengthening and expanding our portfolio, M&A, partnerships and collaborations have become a more pronounced element of our strategy. Over the course of the year, we successfully completed the acquisition of Ottens Flavors and Lucas Meyer Cosmetics. We also established collaborations with Duke University for flavor modulation, the University of Liverpool for delivery systems in fragrances, and announced a partnership with Vapor Communications to pioneer the future of digital scent.
“Financially, we delivered solid growth across all our key financial metrics with sales improving 5%, adjusted operating profit growing 8%, and adjusted EPS increasing 11%, all on a currency neutral basis. In the fourth quarter, we experienced softness in our year-over-year organic top-line growth, which included an additional week of sales in 2014. In addition, our performance was also impacted by increased economic pressures in key emerging markets, a more pronounced portfolio rationalization by one of our largest Fragrance Ingredients customers, and efforts by some of our larger customers to manage their inventories. Despite these fourth quarter challenges, we delivered positive currency neutral sales growth, including M&A, and solid improvements in profitability and EPS.
“As we look ahead to 2016, we are preparing ourselves for even more challenging conditions given a higher level of economic uncertainty and the more cautious volume outlook of consumer packaged goods companies. We remain confident in our ability to navigate through these uncertain times as we strive to deliver between 3.5% and 4.5% sales growth, between 5% and 7% adjusted operating profit growth and between 6.5% and 8.5% adjusted EPS growth, all on a currency neutral basis. Inclusive in our guidance is approximately 1.5% contribution related to our two acquisitions.”
Full Year 2015 Consolidated Summary: Growth vs. Prior Year ¹
Adjusted Currency Neutral(Non-GAAP)
Adjusted (Non-GAAP) Reported (GAAP) SalesOperatingProfit
EPS SalesOperatingProfit
EPS SalesOperatingProfit
EPS Consolidated 5% 8% 11% (2)% 2% 3% (2)% (2)% 0% Acquisition Impact 2% 2% 2% 2% 2% 1%¹ Schedules at the end of this release contain reconciliations of reported GAAP to non-GAAP metrics.
Full Year 2015 Strategic Highlights: Currency Neutral Performance
Win Where We Compete: achieve market leadership position in key markets, categories & customers
Innovating Firsts: strengthen position and drive differentiation in priority R&D platforms
Become Our Customers’ Partner of Choice: attain commercial excellence
Strengthen and Expand the Portfolio: pursue value creation through collaborations & acquisitions
Announced collaboration with Vapor Communications to pioneer the future of digital scent
Full Year 2015 Segment Summary: Growth vs. Prior Year
Reported (GAAP) Currency Neutral (Non-GAAP) SalesSegmentProfit
SalesSegmentProfit
Fragrances: (3)% (4)% 4% 6% Acquisition Impact 1% 2% 1% 2% Flavors: (1)% (4)% 6% 4% Acquisition Impact 3% 1% 3% 2%Fragrances Business Unit
Flavors Business Unit
Fourth Quarter 2015 Segment Summary: Growth vs. Prior Year
Reported (GAAP) Currency Neutral (Non-GAAP) SalesSegmentProfit
SalesSegmentProfit
Fragrances: (5)% (9)% 1% 1% Acquisition Impact 3% 5% 4% 5% Flavors: (6)% (15)% 1% (9)% Acquisition Impact 4% 2% 4% 2% Total Company: (5)% (15)% 1% 3% Acquisition Impact 4% 4% 4% 4%Fragrances Business Unit
Flavors Business Unit
Q4 2015 Profit Improvement Initiative
During the fourth quarter, the Company established a series of initiatives that are expected to streamline our management structure, simplify decision-making and accountability, better leverage and align our capabilities across the organization and improve the efficiency of our global manufacturing and operations network. As a result, the Company recorded a pre-tax charge of approximately $8 million to cover severance and related costs associated with expected terminations, a portion of which are subject to consultation processes. The Company expects to realize pre-tax savings of $7-9 million once fully implemented in the second half of 2017, half of which is expected to be realized in 2016.
Separately, the Company recorded a charge of approximately $7 million associated with the acceleration from 2016 to 2015 of contingent consideration payments from the Aromor acquisition that were triggered by certain of the affected positions noted above.
FY 2016 Guidance: Growth vs. Prior Year
The Company’s full year 2016 guidance:
Currency Neutral FX Impact Reported Organic M&A Total Sales 2.0 - 3.0% ~1.5% 3.5 - 4.5% ~(2.5)% 1.0 - 2.0% Operating Profit3.5 - 5.5%
~1.5%5.0 - 7.0%
~(5)%0.0 - 2.0%
EPS5.0 - 7.0%
~1.5%6.5 - 8.5%
~(5)%1.5 - 3.5%
A copy of the Company’s Annual Report on Form 10-K will be available on its website at www.iff.com or at sec.gov by March 1, 2016.
Audio Webcast
A live webcast to discuss the Company’s fourth quarter and full year 2015 financial results will be held on February 11, 2016, at 10:00 a.m. EST. Investors may access the webcast and accompanying slide presentation on the Company's IR website at ir.iff.com. For those unable to listen to the live webcast, a recorded version will be made available on the Company's website approximately one hour after the event and will remain available on IFF’s website for one year.
Cautionary Statement Under The Private Securities Litigation Reform Act of 1995
This press release includes “forward-looking statements” under the Federal Private Securities Litigation Reform Act of 1995, including statements regarding our outlook for fiscal year 2016 and beyond, expected returns from our recent acquisitions and partnerships, our ability to accelerate growth and maximize shareholder value and expected impact and savings from our profitability improvement plan. These forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission filings, including the Company’s Annual Report on Form 10-K filed with the Commission on March 2, 2015. The Company wishes to caution readers that certain important factors may have affected and could in the future affect the Company’s actual results and could cause the Company’s actual results for subsequent periods to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. With respect to the Company’s expectations regarding these statements, such factors include, but are not limited to: (1) the Company’s ability to implement its Vision 2020 strategy; (2) the Company’s ability to successfully identify and complete acquisitions in line with its Vision 2020 strategy, and to realize the anticipated benefits of those acquisitions; (3) the Company’s ability to effectively complete in its market, and to successfully develop new and competitive products that appeal to its customers and consumers; (4) changes in consumer preferences and demand for the Company’s products or a decline in consumer confidence and spending; (5) the Company’s ability to benefit from its investments and expansion in emerging markets; (6) the impact of currency fluctuations or devaluations in the principal foreign markets in which it operates, including the devaluation of the Euro; (7) the economic and political risks associated with the Company’s international operations, including current challenging economic conditions in China and Latin America; (8) the impact of any failure of the Company’s key information technology systems or a breach of information security; (9) the Company’s ability to attract and retain talented employees; (10) the Company’s compliance with environmental protection laws; (11) the Company’s ability to realize expected cost savings and efficiencies from its profitability improvement initiative and other optimization activities; (12) volatility and increases in the price of raw materials, energy and transportation; (13) fluctuations in the quality and availability of raw materials; (14) the impact of a disruption in the Company’s supply chain or its relationship with its suppliers; (15) any adverse impact on the availability, effectiveness and cost of the Company’s hedging and risk management strategies; (16) the Company’s ability to successfully manage it working capital and inventory balances; (17) the effect of legal and regulatory proceedings, as well as restrictions imposed on the Company, its operations or its representatives by U.S. and foreign governments; (18) adverse changes in federal, state, local and international tax legislation or policies and adverse results of tax audits, assessments, or disputes; and (19) changes in market conditions or governmental regulations relating to our pension and postretirement obligations. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on the Company’s business. Accordingly, the Company undertakes no obligation to publicly revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Meet IFF
International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris: IFF) is a leading innovator of sensorial experiences that move the world. At the heart of our company, we are fueled by a sense of discovery, constantly asking “what if?”. That passion for exploration drives us to co-create unique products that consumers taste, smell, or feel in fine fragrances and beauty, detergents and household goods, as well as beloved foods and beverages. Our 6,800 team members globally take advantage of leading consumer insights, research and development, creative expertise, and customer intimacy to develop differentiated offerings for consumer products. Learn more at www.iff.com, Twitter , Facebook, Instagram, and LinkedIn.
International Flavors & Fragrances Inc.
Consolidated Income Statement
(Amounts in thousands except per diluted share data)
(Unaudited)
Three Months Ended December 31, Twelve Months Ended December 31, 2015 2014%Change
2015 2014%Change
Net sales $ 715,649 $ 756,082 (5 )% $ 3,023,189 $ 3,088,533 (2 )% Cost of goods sold 402,493 428,102 (6 )% 1,671,590 1,726,383 (3 )% Gross margin 313,156 327,980 (5 )% 1,351,599 1,362,150 (1 )% Research and development 57,376 62,005 (7 )% 246,101 253,640 (3 )% Selling and administrative 137,527 135,027 2 % 520,087 514,891 1 % Restructuring and other charges 7,764 386 1,911 % 7,594 1,298 485 % Operating Profit 110,489 130,562 (15 )% 577,817 592,321 (2 )% Interest expense 11,705 12,019 (3 )% 46,062 46,067 (0 )% Other (income) expense, net 6,499 954 581 % 3,184 (2,807 ) (213 )% Pretax income 92,285 117,589 (22 )% 528,571 549,061 (4 )% Income taxes 20,700 27,454 (25 )% 116,906 134,518 (13 )% Net income $ 71,585 $ 90,135 (21 )% $ 411,665 $ 414,543 (1 )% Earnings per share - basic $ 0.89 $ 1.11 $ 5.09 $ 5.09 Earnings per share - diluted $ 0.89 $ 1.10 $ 5.06 $ 5.06 Average shares outstanding Basic 79,978 80,810 80,449 80,936 Diluted 80,400 81,312 80,891 81,494International Flavors & Fragrances Inc.
Condensed Consolidated Balance Sheet
(Amounts in thousands)
(Unaudited)
December 31, 2015 December 31, 2014 Cash & cash equivalents $ 181,988 $ 478,573 Receivables 537,896 493,768 Inventories 592,703 568,729 Other current assets 136,451 168,957 Total current assets 1,449,038 1,710,027 Property, plant and equipment, net 732,794 720,268 Goodwill and other intangibles, net 1,247,393 752,041 Other assets 284,639 312,285 Total assets $ 3,713,864 $ 3,494,621 Bank borrowings and overdrafts, and current portion of long-term debt $ 132,349 $ 8,090 Other current liabilities 610,514 510,718 Total current liabilities 742,863 518,808 Long-term debt 937,844 934,232 Non-current liabilities 444,447 518,892 Shareholders' equity 1,588,710 1,522,689 Total liabilities and shareholders' equity $ 3,713,864 $ 3,494,621International Flavors & Fragrances Inc.
Consolidated Statement of Cash Flows
(Amounts in thousands)
(Unaudited)
Twelve Months Ended December 31, 2015 2014 Cash flows from operating activities: Net income $ 411,665 $ 414,543 Adjustments to reconcile to net cash provided by operations: Depreciation and amortization 89,597 89,354 Deferred income taxes 13,043 23,350 Gain on disposal of assets (622 ) (3,768 ) Stock-based compensation 23,160 22,648 Pension contributions (67,897 ) (43,982 ) Changes in assets and liabilities, net of acquisitions Trade receivables (91,712 ) (2,635 ) Inventories (37,628 ) (40,042 ) Accounts payable 94,522 19,403 Accruals for incentive compensation (17,399 ) (30,947 ) Other current payables and accrued expenses 20,926 (30,982 ) Changes in other assets/liabilities, net (4,077 ) 101,448 Net cash provided by operating activities 433,578 518,390 Cash flows from investing activities: Cash paid for acquisition, net of cash received (including $15 million of contingent consideration related to the Aromor acquisition in 2014) (493,424 ) (102,500 ) Additions to property, plant and equipment (101,030 ) (143,182 ) Proceeds from disposal of assets 4,302 3,295 Maturity of net investment hedges 12,128 3,304 Proceeds from life insurance contracts 868 17,750 Net cash used in investing activities (577,156 ) (221,333 ) Cash flows from financing activities: Cash dividends paid to shareholders (158,870 ) (133,239 ) Net change in revolving credit facility borrowings and overdrafts 136,826 8,332 Deferred financing costs — (1,023 ) Proceeds from issuance or drawdown of long-term debt — 3,609 Proceeds from issuance of stock under stock plans 886 1,864 Excess tax benefits on stock-based payments 12,055 6,330 Purchase of treasury stock (122,193 ) (88,203 ) Net cash used in financing activities (131,296 ) (202,330 ) Effect of exchange rates changes on cash and cash equivalents (21,711 ) (21,659 ) Net change in cash and cash equivalents (296,585 ) 73,068 Cash and cash equivalents at beginning of year 478,573 405,505 Cash and cash equivalents at end of period $ 181,988 $ 478,573International Flavors & Fragrances Inc.
Business Unit Performance
(Amounts in thousands)
(Unaudited)
Three Months Ended December 31, Twelve Months Ended December 31, 2015 2014 2015 2014 Net Sales Flavors $ 334,262 $ 356,329 $ 1,442,951 $ 1,457,055 Fragrances 381,387 399,753 1,580,238 1,631,478 Consolidated 715,649 756,082 3,023,189 3,088,533 Segment Profit Flavors 61,931 72,641 318,476 331,257 Fragrances 69,348 76,194 321,764 335,447 Global Expenses (1,115 ) (16,259 ) (28,180 ) (65,443 ) Restructuring and other charges, net (7,764 ) (386 ) (7,594 ) (1,298 ) Operational improvement initiative costs (274 ) (1,628 ) (1,115 ) (7,642 ) Acquisition related costs (4,445 ) — (18,342 ) — Accelerated contingent consideration (7,192 ) — (7,192 ) — Operating profit 110,489 130,562 577,817 592,321 Interest Expense (11,705 ) (12,019 ) (46,062 ) (46,067 ) Other (expense) income, net (6,499 ) (954 ) (3,184 ) 2,807 Income before taxes $ 92,285 $ 117,589 $ 528,571 $ 549,061 Operating Margin Flavors 18.5 % 20.4 % 22.1 % 22.7 % Fragrances 18.2 % 19.1 % 20.4 % 20.6 % Consolidated 15.4 % 17.3 % 19.1 % 19.2 %International Flavors & Fragrances Inc.
Sales Performance by Region and Category
(Unaudited)
Fourth Quarter 2015 vs. 2014 Percentage Change in Sales by Region of Destination FineConsumerFragrances(*)
Ingredients Total Frag. Flavors Total North America Reported -3% -9% 7% -4% 8% 2% EAME Reported -7% -11% 1% -7% -15% -10% Currency Neutral 5% 1% 11% 4% -4% 1% Latin America Reported -3% -7% 7% -5% -2% -4% Currency Neutral 5% -3% 7% -1% 8% 2% Greater Asia Reported -14% -2% 7% -1% -9% -6% Currency Neutral -12% 1% 10% 2% -3% -1% Total Reported -5% -7% 4% -5% -6% -5% Currency Neutral 3% -2% 9% 1% 1% 1% Full Year 2015 vs. Full Year 2014 Percentage Change in Sales by Region of Destination FineConsumerFragrances
Ingredients Total Frag. Flavors Total North America Reported -5% 1% -7% -2% 11% 4% EAME Reported -9% -8% -7% -8% -11% -9% Currency Neutral 6% 8% 4% 7% 4% 5% Latin America Reported -10% 7% 1% 2% 7% 4% Currency Neutral -5% 10% 3% 6% 16% 9% Greater Asia Reported -2% 0% 3% 0% -3% -2% Currency Neutral -1% 2% 8% 3% 2% 2% Total Reported -8% -1% -5% -3% -1% -2% Currency Neutral 1% 5% 2% 4% 6% 5%Currency neutral growth is calculated by translating prior year sales at the exchange rates used for the corresponding 2015 period.
International Flavors & Fragrances Inc.
GAAP to Non-GAAP Reconciliation
Foreign Exchange Impact
(Unaudited)
Q4 Consolidated
SalesOperatingProfit
EPS % Change - Reported (GAAP) -5% -15% -20% Items Impacting Comparability 0% 13% 18% % Change - Adjusted (Non-GAAP) -5% -2% -2% Currency Impact 6% 5% 11% % Change - Currency Neutral (Adjusted) 1% 3% 9%Q4 Flavors
SalesSegmentProfit
% Change - Reported (GAAP) -6% -15% Currency Impact 7% 6% % Change - Currency Neutral 1% -9%Q4 Fragrances
SalesSegmentProfit
% Change - Reported (GAAP) -5% -9% Currency Impact 6% 10% % Change - Currency Neutral 1% 1%FY Consolidated
SalesOperatingProfit
EPS % Change - Reported (GAAP) -2% -2% 0% Items Impacting Comparability 0% 4% 3% % Change - Adjusted (Non-GAAP) -2% 2% 3% Currency Impact 7% 6% 8% % Change - Currency Neutral (Adjusted) 5% 8% 11%FY Flavors
SalesSegmentProfit
% Change - Reported (GAAP) -1% -4% Currency Impact 7% 8% % Change - Currency Neutral 6% 4%FY Fragrances
SalesSegmentProfit
% Change - Reported (GAAP) -3% -4% Currency Impact 7% 10% % Change - Currency Neutral 4% 6%International Flavors & Fragrances Inc.GAAP to Non-GAAP Reconciliation(Amounts in thousands)(Unaudited)
The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.
Fourth quarter 2015 Items Impacting ComparabilityReported (GAAP)
Restructuring
and OtherCharges
Operational
ImprovementInitiativeCosts
AcceleratedContingentConsideration
AcquisitionrelatedCosts
Adjusted(Non-GAAP)
Net Sales 715,649 Cost of Goods Sold 402,493 (274 ) (b) (3,515 ) (d) Gross Profit 313,156 274 3,515 316,945 Research and Development 57,376 Selling and Administrative 137,527 (7,192 ) (c) (930 ) (d) 129,405 RSA Expense 194,903 Restructuring and other charges, net 7,764 (7,764 ) (a) Operating Profit 110,489 7,764 274 7,192 4,445 130,164 Interest Expense 11,705 Other (Income) expense, net 6,499 Income before taxes 92,285 7,764 274 7,192 4,445 111,960 Taxes on Income 20,700 2,362 69 — 4,346 27,477 Net Income 71,585 5,402 205 7,192 99 84,483 Earnings per share - diluted $ 0.89 $ 0.07 $ — $ 0.09 $ — $ 1.05(a)
Restructuring costs related to Q4 2015 Profit Improvement Initiative.
(b)
Related to plant closings in Europe and partial closing in Asia.
(c)
Represents the acceleration of the contingent consideration payment related to the Aromor acquisition.
(d)
Transaction costs related to acquisitions (Ottens Flavors and Lucas Meyer Cosmetics) as well as expense related to the fair value step up of inventory for Lucas Meyer.
*
The Company tracks the amount of amortization recorded on recent acquisitions in order to monitor its progress with respect to its Vision 2020 goals. The following amounts were recorded with respect to recent acquisitions: $2.9M.
Fourth quarter 2014 Items Impacting ComparabilityReported(GAAP)
Restructuringand OtherCharges
OperationalImprovementInitiativeCosts
Spanish TaxGain on Saleof Asset
Adjusted(Non-GAAP)
Net Sales 756,082 Cost of Goods Sold 428,102 (1,628 ) (b) Gross Profit 327,980 1,628 329,608 Research and Development 62,005 Selling and Administrative 135,027 RSA Expense 197,032 Restructuring and other charges, net 386 (386 ) (a) Operating Profit 130,562 386 1,628 132,576 Interest Expense 12,019 Other (Income) expense, net 954 (723 ) (d) Income before taxes 117,589 386 1,628 (723 ) 118,880 Taxes on Income 27,454 135 410 3,825 (c) (253 ) 31,571 Net Income 90,135 251 1,218 (3,825 ) (470 ) 87,309 Earnings per share - diluted $ 1.10 $ — (e) $ 0.01 (e) $ (0.05 ) (e) $ — (e) $ 1.07(a)
Costs related to the Fragrance Ingredients Rationalization
(b)
Related to a plant closing, partial closings and other organizational realignments, principally in Europe and Asia
(c)
Related to favorable ruling on 2001 dividend withholding case
(d)
Represents gain on the sale of a non-operating asset
(e)
The sum of these items do not foot due to rounding
International Flavors & Fragrances Inc.GAAP to Non-GAAP Reconciliation(Amounts in thousands)(Unaudited)
The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.
Full year 2015 Items Impacting ComparabilityReported(GAAP)
Restructuringand OtherCharges
OperationalImprovementInitiative
Costs
AcceleratedContingentConsideration
Acquisitionrelated Costs
TaxSettlements
Adjusted(Non-GAAP)
Net Sales 3,023,189 Cost of Goods Sold 1,671,590 (1,115 ) (b) (6,825 ) (d) Gross Profit 1,351,599 1,115 6,825 1,359,539 Research and Development 246,101 Selling and Administrative 520,087 (7,192 ) (c) (11,517 ) (d) 501,378 RSA Expense 766,188 Restructuring and other charges, net 7,594 (7,594 ) (a) Operating Profit 577,817 7,594 1,115 7,192 18,342 612,060 Interest Expense 46,062 Other (Income) expense, net 3,184 Income before taxes 528,571 7,594 1,115 7,192 18,342 562,814 Taxes on Income 116,906 2,302 279 — 6,225 10,478 (e) 136,190 Net Income 411,665 5,292 836 7,192 12,117 (10,478 ) 426,624 Earnings per share - diluted $ 5.06 $ 0.07 $ 0.01 $ 0.09 $ 0.15 $ (0.13 ) $ 5.25(a)
Restructuring costs related to Q4 2015 Profit Improvement Initiative.
(b)
Related to plant closings in Europe and partial closing in Asia.
(c)
Represents the acceleration of the contingent consideration payment related to the Aromor acquisition.
(d)
Transaction costs related to acquisitions (Ottens Flavors and Lucas Meyer Cosmetics) as well as expense related to the fair value step up of inventory for both acquisitions.
(e)
Settlements due to favorable tax rulings in jurisdictions for which reserves were previously recorded for ongoing tax disputes.
*
The Company tracks the amount of amortization recorded on recent acquisitions in order to monitor its progress with respect to its Vision 2020 goals. The following amounts were recorded with respect to recent acquisitions: $7.6M.
Full year 2014 Items Impacting ComparabilityReported(GAAP)
Restructuringand OtherCharges
OperationalImprovementInitiativeCosts
Spanish TaxCharges
Gain on AssetSale
Adjusted(Non-GAAP)
Net Sales 3,088,533 Cost of Goods Sold 1,726,383 (5,100 ) (a) (2,541 ) (b) Gross Profit 1,362,150 5,100 2,5411,369,791
Research and Development 253,640 Selling and Administrative 514,891 RSA Expense 768,531 Restructuring and other charges, net 1,298 (1,298 ) (a) Operating Profit 592,321 6,398 2,541 601,260 Interest Expense 46,067 Other (Income) expense, net (2,807 ) (723 ) (d) (2,084 ) Income before taxes 549,061 6,398 2,541 (723 ) 557,277 Taxes on Income 134,518 2,240 636 3,825 (c) (253 ) 140,966 Net Income 414,543 4,158 1,905 (3,825 ) (470 ) 416,311 Earnings per share - diluted $ 5.06 $ 0.05 $ 0.02 $ (0.05 ) $ — $ 5.08(a)
Costs related to the Fragrance Ingredients Rationalization
(b)
Related to a plant closing, partial closings and other organizational realignments, principally in Europe and Asia
(c)
Related to favorable ruling on 2001 dividend withholding case
(d)
Represents gain on the sale of a non-operating asset
International Flavors & Fragrances Inc.521 West 57th StreetNew York, NY 10019
T +212.765.5500F +212.708.7132iff.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20160210006618/en/
International Flavors & Fragrances Inc.Michael DeVeau, 212-708-7164VP, Global Corporate Communications & Investor RelationsMichael.DeVeau@iff.com
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