International Flavors & Fragrances has posted a 5% increase in sales to US$597m in the first quarter 2007 as a result of a weak US dollar against the Euro.
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Operating profit for the quarter was 16% of sales, including the pre-tax restructuring charges of $6.2m, compared to 16.8% in the prior year period.
Earnings per share for the global creator of flavours and fragrances were $0.69 in both the first quarter of 2008 and 2007.
“We are very pleased with the continued strength of our flavours business, which has delivered market share growth for seven consecutive quarters,” said Robert Amen, chairman and CEO.
The company said functional fragrance sales were strong in Asia and Europe, although the performance was offset by weakness in Global Fine Fragrance and North America Functional Fragrance Sales.
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By GlobalData“Despite the challenging US economic environment, which we anticipate will continue for some time, we remain confident about our growth prospects, particularly in the emerging markets and our ability to deliver on our financial goals,” said Amen.
