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International Flavors & Fragrances profit misses consensus by 18.3% in Q2

International Flavors & Fragrances Inc. said its normalized net income for the second quarter was $1.19 per share, compared with the S&P Capital IQ consensus estimate of $1.46 per share.

In the prior-year period, the per-share result came in at a profit of $1.20.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $94.5 million, a decrease from $95.7 million in the year-earlier period.

The normalized profit margin declined to 11.2% from 12.1% in the year-earlier period.

Total revenue climbed 6.2% year over year to $842.9 million from $793.5 million, and total operating expenses increased 7.5% year over year to $674.6 million from $627.8 million.

Reported net income fell 6.3% on an annual basis to $109.4 million, or $1.38 per share, from $116.9 million, or $1.46 per share.