International Flavors & Fragrances Inc. said Thursday that it registered a 17.6 percent rise in fourth-quarter profits on increased sales, but that wasn’t enough to meet Wall Street’s expectations.
For the quarter ended Dec. 31, IFF’s net income totaled $55.6 million, or 68 cents a diluted share, compared with income of $47.4 million, or 59 cents a share, in the year-ago period.
Excluding restructuring charges, the company recorded EPS of 69 cents, which fell below analysts’ estimates of 74 cents a share.
Net sales increased 7.6 percent for the quarter to $629.9 million, from $585.6 million a year earlier.
“As we enter 2011, we are optimistic in our ability to deliver local currency sales and EPS growth in line with our long-term financial targets and a margin profile that is approaching our long-term target,” said chairman and chief executive officer Doug Tough.
For complete coverage, see Friday’s WWD.