International Flavors & Fragrances tops quarterly results estimates on steady solutions demand

Feb 18 (Reuters) - International Flavors & Fragrances IFF.N beat Wall Street expectations for fourth-quarter sales and profit on Tuesday, owing to steady demand for its solutions supply, including fragrances and food flavors.

WHY IT'S IMPORTANT

Packaged food companies and perfume makers have seen consumers continue to buy their products, boosting demand for solutions such as scents and flavors, which help companies that provide raw materials to bigger manufacturers, such as IFF.

BY THE NUMBERS

Sales in IFF's nourish segment, which is a major revenue contributor that provides ingredients and flavor solutions for food and beverage products, saw sales rise 1% in the reported quarter.

The company's quarterly net sales rose 3% to $2.77 billion, compared with the analysts' average estimate of $2.68 billion, according to data compiled by LSEG.

IFF posted adjusted profit of 97 cents per share, compared with the analysts' estimate of 81 cents.

The company expects annual sales to be in the range of $10.6 billion to $10.9 billion, compared to estimates of $11.16 billion.

MARKET REACTION

Shares of the New York-based company, which had risen over 4% in 2024, were down marginally in after-market trading.