NEW YORK — Strong sales and a weak dollar boosted International Flavors & Fragrances second-quarter earnings by 9 percent.
Net income for the New York-based fragrance and flavor producer was $56.5 million, or 59 cents per share, compared with $51.4 million, or 54 cents, in the year-ago period, while sales increased 9 percent to $524.2 million from $482.6 million, buoyed by the strength of foreign currencies against the dollar.
“Our results were mainly driven by new customer wins and strong demand for our core flavor and fragrance products,” said chairman and chief executive officer Richard A. Goldstein in a statement.
IFF’s net income for the six-month period rose 35 percent compared with a year ago. The company expects earnings per share for 2004 to range from $2.09 to $2.16, compared with $1.83 in 2003.
According to the company, IFF’s income would have increased 10 percent to 65 cents per share if not for $7.7 million in restructuring and other charges.
IFF is expected to close in the third quarter on its sale of German and Swiss fruit preparation businesses. Additionally, IFF is closing its Canadian manufacturing facility and transferring production to New Jersey and Texas.
— Carrie Melago