IFF reports Q2 adjusted EPS 86c, consensus $1.10

Reports Q2 revenue $2.9B, consensus $3.07B. “Amid the current operating environment, IFF has performed near expectations across the majority of our portfolio, led by strong top- and bottom-line results in Scent and Pharma Solutions,” said IFF CEO Frank Clyburn. “The continued customer destocking and volume pressures in the second quarter reflect the broader macroeconomic challenges facing our industry, and for IFF, this softness has been largely isolated in our Functional Ingredients business within Nourish. From a profitability perspective, our adjusted operating EBITDA was in line with our guidance range, excluding a one-time inventory write-down due to unprecedented cost fluctuations for one ingredient. Our focus on cash flow generation has also yielded solid results – improving sequentially and versus the prior year period – as we successfully executed on our inventory reduction program.”