International Flavors & Fragrances expects Q1 earnings per share to rise by more than 10% on cost controls, higher revenue
March 16, 2011
– International Flavors & Fragrances Inc. said Tuesday that cost controls and higher revenue should lift its first-quarter earnings per share by more than 10 percent.
The maker of flavors and fragrances for consumer products and packaged goods also said its 2011 operating profit margin should come in near its previously announced long-term goal of 18 percent. In addition, the New York-based company expects to reach its long-term goal of earnings per share growth of 10 percent or more.
In the year-ago quarter, the company reported earnings excluding one-time items of 85 cents per share. Analysts surveyed by FactSet are looking for first-quarter earnings of 92 cents per share, on average.
International Flavors & Fragrances is holding an investor meeting in New York City on Tuesday. Last month the company reported that its fourth-quarter profit rose 17 percent on lower costs and an 8 percent revenue gain.
Shares fell 47 cents to $57.52 in morning trading.
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