International Flavors & Fragrances Inc. said its first-quarter normalized net income amounted to $1.21 per share, compared with the S&P Capital IQ consensus estimate of $1.43 per share.
EPS rose 8.4% year over year from $1.11.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $98.0 million, an increase of 7.7% from $91.0 million in the prior-year period.
The normalized profit margin rose to 12.7% from 11.8% in the year-earlier period.
Total revenue came to $774.9 million, compared with $770.2 million in the year-earlier period, and total operating expenses came to $612.6 million, compared with $611.4 million in the year-earlier period.
Reported net income grew 20.0% from the prior-year period to $127.5 million, or $1.57 per share, from $106.3 million, or $1.30 per share.
