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International Flavors & Fragrances profit misses consensus by 16.0% in Q3

International Flavors & Fragrances Inc. said its third-quarter normalized net income amounted to $1.19 per share, compared with the S&P Capital IQ consensus estimate of $1.42 per share.

EPS increased 8.5% year over year from $1.10.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $94.3 million, an increase of 7.7% from $87.6 million in the prior-year period.

The normalized profit margin declined to 10.8% from 11.3% in the year-earlier period.

Total revenue rose 12.3% year over year to $872.9 million from $777.0 million, and total operating expenses rose 12.8% from the prior-year period to $705.7 million from $625.9 million.

Reported net income rose 23.2% year over year to $110.3 million, or $1.39 per share, from $89.5 million, or $1.12 per share.