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Jun 30, 2020
IFF Q2 2020 Earnings Report
IFF's financial performance was impacted by COVID-19, with sales down but some segments showing resilience.
Key Takeaways
IFF reported a 7% decrease in sales to $1.20 billion for the second quarter of 2020, impacted by COVID-19 related pressures, particularly in Fine Fragrance and Food Service. Despite the sales decline, the company highlighted robust cash flow and announced an increase in the quarterly dividend, reflecting confidence in the business's long-term strategy.
Second quarter sales totaled $1.20 billion, a 7% decrease compared to 2019, with currency neutral sales down 4%.
Reported operating profit decreased by 40% to $119.4 million.
Adjusted EPS excluding amortization was $1.36 per diluted share, compared to $1.61 in the year-ago period.
The Board of Directors authorized a 3% increase in the quarterly dividend to $0.77 per share.
Revenue by Segment
Forward Guidance
Due to the uncertainty surrounding the COVID-19 pandemic, the company's full year financial results cannot be reasonably estimated at this time.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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