US: International Flavors & Fragrances posts FY sales, profit increase
IFF enjoyed strong growth in emerging markets
US-based food ingredients group International Flavors & Fragrances saw sales and profits grow in 2013 amid "double-digit" revenue growth in emerging markets.
Reported net income was US$353.5m, or $4.29 per share, compared with net income of $254.1m, or $3.09 per share, a year earlier.
Operating profit stood at $516m in 2013 compared with $487m in 2012. The results included charges of $22.9m related to a Spanish capital tax charge and other costs associated with restructuring and operational improvement programs.
Revenue increased 5% to $3.0bn. Local currency sales increased 5%, reflecting "strong growth from new business wins and positive volume on existing business", IFF said.
Like-for-like, local-currency sales, which exclude the end of "low-margin sales activities" in IFF's flavours business, increased 6%. The emerging markets grew by 10% and accounted for 49% of annual sales, IFF revealed.
Looking at IFF's flavours arm, profit was up 9% at $324m on the back of "strong volume growth" and higher gross margins.
Reported revenue increased 3% to $1.4bn. The flavours business contributed 48% of IFF's total revenue.
"2013 was an extremely productive year for IFF," chairman and CEO Doug Tough said.
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