IFF reports mixed results for 2009
International Flavors and Fragrances (IFF) has reported that while its fourth quarter sales last year grew by 9% to $586m, it experienced a disappointing year overall as annual sales fell by 3%.
International Flavors and Fragrances (IFF) has reported that while its fourth quarter sales last year grew by 9% to $586m, it experienced a disappointing year overall as annual sales fell by 3%.
For the full year, the company reported a revenue total of $2.3bn with reported earnings per share falling to $2.46 compared with $2.86 in 2008. However, by the fourth quarter things had started to lift a little with Kevin Berryman, executive vice president of IFF, commenting: “Given the economic challenges we faced over the course of the year, we are very pleased with how we finished 2009.
“The combination of focused strategies, disciplined cost control and prudent working capital management enabled us to build sales, earnings and cash flow momentum in the second half of the year. As our strategic initiatives continue to gain traction and we adapt to an ever changing economy, we believe that we are well positioned to return to local currency sales growth and improve on our overall profitability in 2010.”