IFF QUARTER NET UP 6.5%

NEW YORK — In a reflection of strong fragrance sales worldwide, International Flavors & Fragrances Inc. reported profits rose 6.5 percent in the second quarter to $64.9 million, or 58 cents a share, from $60.9 million, or 53 cents, a year ago. In the quarter ended June 30, sales were up 7 percent to $345.2 million, from $321.3 million.
Thomas H. Hoppel, corporate vice president and chief financial officer, said fragrance industry sales were strong worldwide, showing 8 percent gains in the quarter.
North America and Europe were particularly strong, he added, with fine fragrances registering substantial sales increases in these markets.
In the half, IFF earnings increased 5.7 percent to $123.9 million, or $1.11 a share, from $117.2 million, or $1.02. Earnings per share reflect the three-for-one stock split on Jan. 19.
Sales in the half rose 6 percent to $668.7 million, from $630.4 million.
“The second half should continue strong in fragrance sales,” said Hoppel, noting that “overall profitability should be somewhat better in the second half.”
— Fairchild News Service

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