Loading...
•
Sep 30, 2020
IFF Q3 2020 Earnings Report
IFF's Q3 2020 results were reported, showing resilience amidst COVID-19 headwinds with sequential improvement in financial performance.
Key Takeaways
IFF reported flat sales of $1.27 billion compared to the prior year, with a 1% increase on a currency-neutral basis. The company experienced growth in Scent, while Fine Fragrance and Food Service were impacted by COVID-19. Reported EPS was $0.75, and adjusted EPS excluding amortization was $1.40. The company is progressing towards its combination with DuPont Nutrition and Biosciences, expecting completion in the first quarter of 2021.
IFF achieved a strong sequential improvement in financial results despite COVID-19 headwinds.
Sales were flat year-over-year but increased 1% on a currency neutral basis, driven by Scent.
Consumer Fragrance demonstrated robust growth for the third consecutive quarter.
The company is on track to complete its merger with DuPont Nutrition and Biosciences in Q1 2021.
Forward Guidance
Due to the evolving COVID-19 pandemic, the Company's full year financial results cannot be reasonably estimated at this time. For the fourth quarter of 2020, the prior year comparison included an additional week of sales or a 53rd week, which represented approximately 4 percentage points of currency neutral sales as disclosed in the fourth quarter 2019.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...