IFF reports positive 2012 Q2 results

International Flavors & Fragrances Inc (IFF), a global creator of flavours and fragrances for consumer products, has announced successful Q2 results for 2012.

Reported revenue for the quarter totaled $721.3m, up 1% from $715.6m in Q2 2011. Net income totaled $88.6m or $1.08 per diluted share compared with $76.2m or $0.93 per share in the same period last year.

The company’s growth in Q2 was driven by the flavours side of the business, which achieved 8% growth overall and high single digit currency growth in every region. This added to the 8% growth in the prior year. In comparison, the fragrance business grew by 6% overall and was led by strong growth in Latin America and greater Asia.

“We are pleased with our performance in this quarter,” said Doug Tough, chairman and ceo of IFF. “We delivered solid top line growth and even stronger double digit EPS growth, despite the challenges presented by the ongoing difficulties in western Europe and volume declines in fragrance ingredients. Our performance against this backdrop underscores the strength and diversity of our portfolio and geographic reach, as well as our ability to drive manufacturing efficiencies and control operating costs. As expected, increases in raw material costs are beginning to moderate and price realisation has improved, resulting in margin expansion and operating profit growth.”