International Flavors & Fragrances Inc. said its normalized net income for the first quarter amounted to $1.16 per share, compared with the S&P Capital IQ consensus estimate of $1.51 per share.
EPS declined year over year from $1.20.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $91.8 million, a decline from $96.0 million in the year-earlier period.
The normalized profit margin fell to 11.1% from 12.3% in the year-earlier period.
Total revenue climbed 5.7% year over year to $828.3 million from $783.3 million, and total operating expenses increased 9.0% on an annual basis to $670.3 million from $614.7 million.
Reported net income decreased year over year to $115.1 million, or $1.45 per share, from $117.7 million, or $1.47 per share.