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Mar 31, 2024
IFF Q1 2024 Earnings Report
IFF's first quarter 2024 results were reported, demonstrating volume growth and productivity gains.
Key Takeaways
IFF reported a 4% decrease in net sales to $2.90 billion, but comparable currency neutral sales increased by 5%. The company's adjusted operating EBITDA improved by 20% on a comparable basis, reaching $578 million. Reported EPS was $0.23, while adjusted EPS ex amortization was $1.13. The company has raised its full year guidance.
Net sales were $2.90 billion, a decrease of 4% versus the prior-year period.
Adjusted operating EBITDA improved 20% versus the prior-year period, led by volume growth and productivity gains.
Reported earnings per share (EPS) was $0.23.
The Company now expects full year 2024 results to trend towards the higher-end of its previously announced sales guidance range of $10.8 billion to $11.1 billion and adjusted operating EBITDA guidance range of $1.9 billion to $2.1 billion.
IFF
IFF
IFF Revenue by Segment
Revenue by Segment
Taste Revenue
CapyFin.comFood Ingredients Revenue
CapyFin.comHealth & Biosciences Revenue
CapyFin.comScent Revenue
CapyFin.comPharma Solutions Revenue
CapyFin.com Forward Guidance
The Company now expects full year 2024 results to trend towards the higher-end of its previously announced sales guidance range of $10.8 billion to $11.1 billion and adjusted operating EBITDA guidance range of $1.9 billion to $2.1 billion.
Positive Outlook
- Volume to trend towards the higher-end of its previously announced 0% to 3% range.
- Improvements across the majority of the portfolio.
- Pricing is now expected to increase approximately 1% versus a decline of approximately 2.5%.
- Driven by the impact of foreign exchange rate changes in emerging markets where the Company has index pricing to US and/or EURO exchange rates.
- Foreign exchange will have a 3% to 4% adverse impact to sales growth.
Challenges Ahead
- Uncertainty remains.
- Still early in the year.
- Foreign exchange will have a 3% to 4% adverse impact to sales growth.
- Cannot reconcile its expected adjusted operating EBITDA without unreasonable effort.
- Certain items that impact net income and other reconciling metrics are out of the Company's control and/or cannot be reasonably predicted at this time.
Revenue & Expenses
Visualization of income flow from segment revenue to net income