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International Flavors & Fragrances profit misses consensus by 16.8% in Q3

International Flavors & Fragrances Inc. said its normalized net income for the third quarter came to $1.13 per share, compared with the S&P Capital IQ consensus estimate of $1.35 per share.

EPS increased year over year from $1.10.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $91.1 million, an increase from $89.4 million in the year-earlier period.

The normalized profit margin climbed to 12.3% from 11.6% in the year-earlier period.

Total revenue decreased year over year to $765.1 million from $773.8 million, and total operating expenses fell from the prior-year period to $605.6 million from $620.3 million.

Reported net income totaled $105.8 million, or $1.31 per share, compared with $106.8 million, or $1.31 per share, in the prior-year period.