- Business Wire
International Flavors & Fragrances Inc. (NYSE: IFF) (Euronext Paris: IFF) reported financial results and strategic achievements for the fourth quarter and full year ended December 31, 2017.
â2017 was another notable year in terms of progress, both strategically and in regards to our financial performance,â said Chairman and CEO Andreas Fibig. âWe continued to advance our long-term strategy that will enable us to deliver strong returns for our shareholders. We successfully launched three new captive fragrance ingredients, commercialized three natural modulators, expanded our core list participation with several key accounts, and launched TastepointÃÂ¢ÃâÃÂ by IFF - a fully dedicated organization within IFF designed to service middle-market customers in North America. In addition, we continued to make progress towards our M&A ambition, adding nearly $90 million in expected annualized revenue with the acquisitions of Fragrance Resources & PowderPure.
âIn terms of full year financial performance, we achieved currency neutral growth across all of our key metrics. Both business units successfully delivered solid top-line growth â with a marked acceleration in the second half of 2017. Bottom-line performance was supported by strong benefits from cost and productivity initiatives and value-enhancing acquisitions.â
Full Year 2017 Consolidated Financial Highlights
U.S. Tax Reform
Full Year 2017 Strategic Highlights:
Flavors Business Unit
Fragrances Business Unit
Flavors Business Unit
Fragrances Business Unit
FY 2018 Financial Guidance: Percent Change vs. Prior Year
Mr. Fibig continued, âAs we enter 2018 â recognizing that uncertainty remains in the operating environment â we are targeting growth across all of our key financial metrics. We are doing so by taking action to accelerate sales growth in advantaged categories, deliver innovation that is truly differentiated and generate higher returns via continued cost and productivity initiatives. This in turn is expected to lead to currency neutral adjusted operating profit growth in line with our long-term target, absent of a two percentage point headwind related to a supply issue of a commonly used raw material, and ultimately generate strong returns for our shareholders.â
U.S. Tax Reform
FASB Amendment: Compensation - Retirement Benefits
A copy of the Companyâs Annual Report on Form 10-K will be available on its website at www.iff.com or at sec.gov by February 27, 2018.
A live webcast to discuss the Companyâs fourth quarter and full year 2017 financial results will be held on February 15, 2018, at 10:00 a.m. ET. Investors may access the webcast and accompanying slide presentation on the CompanyÂ´s IR website at ir.iff.com. For those unable to listen to the live webcast, a recorded version will be made available on the CompanyÂ´s website approximately one hour after the event and will remain available on IFFâs website for one year.
Cautionary Statement Under The Private Securities Litigation Reform Act of 1995
This press release includes âforward-looking statementsâ under the Federal Private Securities Litigation Reform Act of 1995, including statements regarding our outlook in 2018, including accelerated sales and profitable growth, the expected impact of and benefits from cost and productivity initiatives, the impact of the Tax Act on 2018 the Companyâs effective tax rate, and the impact of our actions on value creation for our shareholders. These forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in the Companyâs Securities and Exchange Commission filings, including the Companyâs Annual Report on Form 10-K filed with the Commission on February 28, 2017. The Company wishes to caution readers that certain important factors may have affected and could in the future affect the Companyâs actual results and could cause the Companyâs actual results for subsequent periods to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. With respect to the Companyâs expectations regarding these statements, such factors include, but are not limited to: (1) macroeconomic trends affecting the emerging markets; (2) the Companyâs ability to implement and adapt its refreshed Vision 2020 strategy; (3) the Companyâs ability to successfully identify and complete acquisitions in line with its Vision 2020 strategy, and to realize the anticipated benefits of those acquisitions; (4) the Companyâs ability to realize the benefits of its cost and productivity initiatives, (5) the impact of the disruption in supply of citral from BASF on the price and availability of citral in 2018; (6) the Companyâs ability to effectively compete in its market, and to successfully develop new, cost-effective and competitive products that appeal to its customers and consumers; (7) changes in consumer preferences and demand for the Companyâs products or a decline in consumer confidence and spending; (8) the Companyâs ability to benefit from its investments and expansion in emerging markets; (9) the impact of recently enacted U.S. tax legislation on the Companyâs effective tax rate in 2018 and beyond; (10) the impact of currency fluctuations or devaluations in the principal foreign markets in which it operates; (11) the economic and political risks associated with the Companyâs international operations, including challenging economic conditions in China and Latin America; (12) the impact of any failure or interruption of the Companyâs key information technology systems or a breach of information security; (13) the Companyâs ability to attract and retain talented employees; (14) the Companyâs ability to comply with, and the costs associated with compliance with U.S. and foreign environmental protection laws; (15) the Companyâs ability to realize expected cost savings and efficiencies from its profitability improvement initiative and other optimization activities; (16) volatility and increases in the price of raw materials, energy and transportation; (17) price realization in a rising input cost environment (18) fluctuations in the quality and availability of raw materials; (19) the impact of a disruption in the Companyâs supply chain or its relationship with its suppliers; (20) any adverse impact on the availability, effectiveness and cost of the Companyâs hedging and risk management strategies; (21) the Companyâs ability to successfully manage its working capital and inventory balances; (22) uncertainties regarding the outcome of, or funding requirements related to litigation or settlement of pending litigation uncertain tax positions or other contingencies; (23) the effect of legal and regulatory developments, as well as restrictions or costs that may be imposed on the Company or its operations by U.S. and foreign governments; (24) adverse changes in federal, state, local and international tax legislation or policies, including with respect to transfer pricing and state aid, and adverse results of tax audits, assessments, or disputes; and (25) changes in market conditions or governmental regulations relating to our pension and postretirement obligations. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on the Companyâs business. Accordingly, the Company undertakes no obligation to publicly revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Use of Non-GAAP Financial Measures
We provide in this press release (1) Currency Neutral Sales, (2) Adjusted Operating Profit and Currency Neutral Adjusted Operating Profit and (3) Adjusted EPS and Currency Neutral Adjusted EPS, which exclude restructuring costs and other significant items of a non-recurring and/or nonoperational nature such as legal charges/credits, gain on sale of assets, operational improvement initiatives and acquisition related costs (often referred to as âItems Impacting Comparabilityâ) and, with respect to the currency neutral items, the impact of foreign currency movements. We provide these metrics as we believe that they are useful in providing period to period comparisons of the results of our operational performance. When we provide our expectations for our currency neutral metrics in our full year 2018 guidance, we estimate the anticipated FX impact by comparing prior year results to the prior year results restated at exchange rates in effect for the current year based on the currency of the underlying transaction. When we provide our expectations for our Adjusted Operating Profit and our Adjusted EPS in our full year 2018 guidance, the closest corresponding GAAP measures (expected reported Operating Profit and EPS) and a reconciliation of the differences between the non-GAAP expectation and the corresponding GAAP measure generally are not available without unreasonable effort due to inherent difficulty of forecasting the timing and amount of reconciling items that would be excluded from the GAAP measure in the relevant future period and the relevant tax impact of such reconciling items on EPS. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results. Currency Neutral Sales, Adjusted Operating Profit, Currency Neutral Adjusted Operating Profit, Adjusted EPS and Currency Neutral Adjusted EPS should not be considered in isolation or as substitutes for analysis of the Companyâs results under GAAP and may not be comparable to other companiesâ calculation of such metrics.
International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris: IFF) is a leading innovator of sensorial experiences that move the world. At the heart of our company, we are fueled by a sense of discovery, constantly asking âwhat if?â. That passion for exploration drives us to co-create unique products that consumers taste, smell, or feel in fine fragrances and beauty, detergents and household goods, as well as beloved foods and beverages. Our 7,300 team members globally take advantage of leading consumer insights, research and development, creative expertise, and customer intimacy to develop differentiated offerings for consumer products. Learn more at www.iff.com, Twitter , Facebook, Instagram, and LinkedIn.
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