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Mar 31, 2023
IFF Q1 2023 Earnings Report
IFF reported first quarter 2023 results, delivering in line with or ahead of expectations amidst a challenging operating environment.
Key Takeaways
IFF's first quarter 2023 sales were $3.03 billion, flat versus the prior-year period. Adjusted EPS excluding amortization was $0.87 per diluted share. The company expects full year 2023 sales to be approximately $12.3 billion and adjusted operating EBITDA of approximately $2.34 billion.
Reported net sales for the first quarter were $3.03 billion, flat versus the prior-year period.
On a comparable basis, currency neutral sales increased 1% versus the prior-year period, led by Scent and Pharma Solutions.
Adjusted EPS excluding amortization was $0.87 per diluted share.
Cash flows from operations at the end of the first quarter was $127 million, and free cash flow totaled $(48) million.
Revenue by Segment
Forward Guidance
The Company expects full year 2023 sales to be approximately $12.3 billion, with an expected full year 2023 adjusted operating EBITDA of approximately $2.34 billion. Comparable currency neutral sales growth for 2023 is expected to be approximately 5%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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