IFF reports 7% rise in Q2 revenue
Diversified portfolio has helped, says ceo
International Flavors & Fragrances (IFF) has reported a 7% rise in sales for the second quarter 2011, totalling $716m. Excluding the impact of foreign currency, revenue in local currency also increased by 3%. The company’s reported operating profit was up 9% while the adjusted operating profit also put on 11%.
IFF ceo, Doug Tough, commented: “We are pleased with our second quarter performance in light of our challenging 17% local currency sales growth and the significant increase in raw material costs.
“The diversification of our product and geographic portfolio provided us the ability to deliver solid local currency sales growth. From a profitability perspective, our initial pricing actions and continued cost discipline helped mitigate raw material pressures to drive double-digit adjusted operating profit and adjusted EPS growth.”
