International Flavors & Fragrances Inc. (NYSE:IFF), a leading global creator of flavors and fragrances for consumer products, today reported financial results for the third quarter ended September 30, 2013.
Third Quarter 2013 Results
Revenue for the quarter totaled $742.3 million, an increase of 5% from $709.0 million in the third quarter of 2012.
Excluding the impact of foreign currency, local currency sales increased 4%, led by 8% growth in the emerging markets.
Operating profit for the quarter totaled $141.5 million, compared with $134.2 million in the prior year. Excluding restructuring and other charges and operational improvement costs in the current quarter1, adjusted operating profit increased 7% to $144.1 million, or 19.4% of sales, up from $134.2 million, or 18.9% of sales, in the prior year.
Reported net income totaled $99.0 million, compared with $16.4 million in the third quarter of 2012. Excluding restructuring and other charges and operational improvement initiative costs from the current quarter, and a $72.4 million charge related to the Spanish tax settlement from the prior year’s results1, adjusted net income increased 14% to $100.8 million from $88.7 million in the prior year.
Reported earnings per share totaled $1.20 compared with earnings per share of $0.20 in the third quarter of 2012. Excluding restructuring and other charges from the current quarter and the Spanish tax charge from the prior year quarter1, adjusted earnings per share increased 13% to $1.22 from $1.08 per share in the third quarter of 2012.
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