By  on November 6, 2012

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.

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