International Flavors & Fragrances (NYSE:IFF) shares rose around 2% pre-market today after the company reported mixed third-quarter results, with a slight earnings miss offset by a revenue beat that led the company to raise its full-year outlook. Adjusted earnings per share came in at $1.04, just below analyst estimates of $1.07, while revenue reached $2.93 billion, exceeding the expected $2.83 billion.
In the third quarter, IFF achieved growth across all its segments, with comparable currency-neutral sales increasing 9% year-over-year. The Health & Biosciences and Scent divisions saw double-digit growth, while Nourish and Pharma Solutions posted high single-digit increases. CEO Erik Fyrwald credited the performance to market recovery and a strong focus on meeting customer needs, which bolstered volumes across divisions.
Looking forward, the company raised its full-year 2024 revenue guidance to $11.3-$11.4 billion, up from a previous range of $11.1-$11.3 billion, and now anticipates volume growth of 5-6%, higher than the prior forecast of 3-5%.