IFF scents fresh billions
International Flavors & Fragrances, the US business scaling in Haverhill in the Cambridge technology cluster, has reported second quarter revenues of $1.2 billion.
The Wall Street-quoted company employs more than 400 people in Haverhill and is currently advertising another dozen vacancies there.
IFF, which is also quoted in Paris, produces flavours and fragrances and cosmetic actives, which it markets globally.
The bumper results are for the quarter ended June 30 but an updated full-year guidance is also strong.
Andreas Fibig, IFF chairman and CEO, says: “For the full year we remain confident in our ability to achieve an improvement in adjusted operating profit as productivity initiatives and integration-related synergies largely offset a modest revision in sales expectation.”
Reflecting this confidence, iFF is hoisting its quarterly dividend three per cent, or $0.02, to $0.75 per share.
For the full year, the company now expects to deliver between $5.15bn and $5.25bn in sales in 2019. On a combined basis and excluding the impact of currency, growth is expected to be three-to-five per cent.