International Flavors & Fragrances Inc.’s third-quarter profits surpassed analysts’ expectations despite the settlement of a dispute with Spanish authorities that raised its effective tax rate and cut sharply into the bottom line.
In the three months ended Sept. 30, the New York-based firm reported net income of $16.4 million, or 20 cents a diluted share, down 80.1 percent from $82.2 million, or $1, in the year-ago quarter. On an adjusted basis, omitting special items including the settlement, adjusted earnings per share were $1.08, 4 cents above the consensus estimate of $1.04. The $72.4 million tax settlement elevated the company’s effective tax rate to 86.6 percent of pretax income, up from 26.9 percent in the 2011 period.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"