IFF third quarter
This article was originally published in The Rose Sheet
Executive Summary
Fueled by growth in North America and Europe, worldwide fragrance sales increased 5% in dollars during the third quarter on pro forma basis, fragrance and flavor supplier announces in 1Oct. 24 release. North American fragrance sales grew 2%, as fine perfumery and aromachemicals each increased in "high single-digits." European fragrance sales up 8% in local currency, with 25% local currency fine fragrances gain based on new wins and pick-up in travel retail. Global flavor sales rose 5% in the quarter, contributing to 5% consolidated sales increase to $462.8 mil. versus comparable 2001 results. Net income up 18% to $49.6 mil., excluding nonrecurring charges. Integration of Bush Boake Allen completed during the quarter, IFF announces, providing savings "run rate" of $80 mil., ahead of plan. Firm projects Q4 consolidated dollar sales to increase in low single-digits, earnings per share to rise 8%-12%, excluding charges...