IFF revenue flat and profits down in COVID-hit Q3
International Flavors & Fragrances, the Wall Street quoted company with a major base in Haverhill, has talked up future progress despite a COVID-hit downturn in the third quarter of 2020 to September.
Chairman and CEO Andreas Fibig has never been less than honest and remains hopeful for future months. He said: “Despite the COVID-19 related headwinds, we achieved a strong sequential improvement in our financial results in the third quarter.
“Our business continues to be resilient, growing three per cent excluding the impact of Fine Fragrance and Food Service, led by a third consecutive quarter of robust growth in Consumer Fragrance. Fine Fragrance and Food Service improved relative to the second quarter, yet still declined as a result of COVID-19.”
President and CFO Rustom Jilla added: “From a profitability perspective, we have also seen a sequential improvement in the third quarter even as we continued to incur higher pandemic related operating costs.
“Looking ahead to the fourth quarter, while the level of COVID-19 uncertainty remains too high to provide guidance, we face a roughly 400 basis point sales headwind solely as a result of 2019’s fourth quarter which included an additional week of sales.”