* Q1 adj shr 85 cts vs. Street 82 cts
* Revenue up 16.8 pct
* Results jump around the globe
(Adds CEO, more earns info, byline, stock)
By Ernest Scheyder
NEW YORK, May 6 International Flavors and
Fragrances Inc (IFF.N) posted a better-than-expected
first-quarter profit on Thursday as sales jumped across the
world for nearly all product categories.
The company makes fragrances and flavors used in a wide
range of consumer products, such as perfume and food dyes.
"We continue to be mindful that economic conditions remain
fluid and that a portion of our success can be attributed to
the benefits of customer restocking," Chief Executive Doug
Tough said in a statement. "Nonetheless, we feel confident that
the underlying health of our commercial performance is
Net income rose to $63.8 million, or 80 cents per share,
compared with $47.2 million, or 60 cents per share, a year
Excluding one-time items, including the restructuring of
European operations, the company earned 85 cents per share.
By that measure, analysts expected earnings of 82 cents per
share, according to Thomson Reuters I/B/E/S.
Revenue rose 16.8 percent to $653.9 million. Analysts
expected $622.1 million.
Sales and operating profit in the company's flavor and
fragrance units both rose, though IFF said it had challenges in
its confectionary business.
Swiss rival Givaudan GIVN.VX said last month its
first-quarter sales rose 9.2 percent as consumers splurged
again on expensive perfumes. [ID:nLDE63801K]
IFF named Tough as chief executive on March 1. Tough had
served as nonexecutive chairman since last October after
then-Chief Executive Robert Amen abruptly left his position.
Shares of IFF, which closed Wednesday at $48.50, have
traded between $29.77 and $51.77 in the past 52 weeks.
(Reporting by Ernest Scheyder; Editing by Derek Caney, Dave