International Flavors & Fragrances Beats By 11 Cents (IFF)

International Flavors & Fragrances Inc. IFF released financial results on Thursday morning that beat Wall Street estimates. International Flavors & Fragrances Inc announced that its 3rd quarter net income climbed to $77 million, or 95 cents per share, up from $52.8 million, or 66 cents per share, a year earlier. Excluding special items, the company reported earnings of 98 cents per share. Revenue rose to $673.28 million, up from $612.63 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 87 cents per share, on revenue of $651.2 million. Chairman and chief executive officer Doug Tough said, “Our third quarter performance marks the continuation of excellent results. All categories performed at or above expectations, as both Flavor and Fragrance results were once again supported by strong new win performance. This outstanding top-line performance combined with our continued focus on cost discipline enabled us to deliver a margin profile that has not been achieved in over five years.” International Flavors & Fragrances Inc. (IFF) finished the previous trading day at $50.72 per share. The consensus price target of analysts covering the company's stock is $54.88 per share. Read more from Benzinga's Company news.