International Flavors & Fragrances Inc. missed Wall Street’s expectations Thursday when it posted a third-quarter profit decline of 2 percent, due in part to rising interest payments, higher raw material costs and slowing sales in North America.
For the three months ended Sept. 30, the New York-based global maker of flavors and scents reported income of $57.7 million, or 73 cents a diluted share, compared with $58.7 million, or 67 cents, for the same quarter last year. Sales grew 5.9 percent to $617.5 million, from $583.3 million. Analysts polled by Yahoo expected earnings per share of 77 cents on revenue of $629.2 million.
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?"