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International Flavors & Fragrances profit misses consensus by 21.9% in Q2

International Flavors & Fragrances Inc. said its normalized net income for the second quarter came to $1.06 per share, compared with the S&P Capital IQ consensus estimate of $1.36 per share.

EPS declined 7.7% year over year from $1.15.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $86.1 million, a decline of 8.0% from $93.5 million in the prior-year period.

The normalized profit margin dropped to 11.7% from 11.9% in the year-earlier period.

Total revenue decreased year over year to $767.5 million from $788.4 million, and total operating expenses decreased on an annual basis to $618.0 million from $632.0 million.

Reported net income fell on an annual basis to $104.7 million, or $1.29 per share, from $109.9 million, or $1.35 per share.