International Flavors & Fragrances (IFF) has reported a net income of $59m, or $0.23 per diluted share, for the third quarter ended 30 September 2024, a 136% rise compared to $25m, or $0.1 per diluted share, for the respective period in 2023.
The ingredients maker’s net income for the third quarter (Q3) of 2024 declined compared to $170m for the second quarter (Q2) of 2024.
IFF reported net sales of $2.92bn for Q3 2024, a 4% increase compared to $2.82bn for the same quarter in 2023, and a 1% increase compared to $2.88bn for Q2 2024.
The company reported an operating profit of $249m for Q3 2024, a 66% increase compared to $150m for the same quarter in the previous year.
IFF reported an income before tax of $95m for Q3 2024, a 61% rise compared to $59m for the respective quarter in 2023.
IFF CEO Erik Fyrwald said: “We are pleased to report a strong performance in the third quarter, with growth across all business segments.
“Market recovery off prior year lows and our global team’s passion to address the needs of our customers drove notable volume recovery in every division.
“This achievement, coupled with our focus on productivity, has resulted in significant bottom-line improvement compared to the same period last year.
“Taking into account our strong performance in the third quarter and our continued cautiously optimistic outlook for the fourth quarter, we are increasing our full-year 2024 financial guidance.”
IFF reported a net income of $289m, or $1.13 per diluted share, for the first nine months (9M) of 2024, compared to $43m, or $0.16 per diluted share, for the same period in 2023.
The ingredients maker reported net sales of $8.71bn for 9M 2024, a 1% decline compared to $8.77bn for the respective period in the previous year.
The company reported an operating profit of $639m for 9M 2024, a 50% increase compared to $426m for the same period in 2023.
IFF reported income before tax of $393m for 9M 2024, compared to $123m for the respective period in the previous year.
Earlier this year, IFF agreed to sell its Pharma Solutions business unit to French plant-based ingredients provider Roquette for up to $2.85bn.
The Pharma Solutions business develops pharmaceutical excipients, and Global Specialty Solutions business supports industrial and methyl cellulosic food applications.
