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International Flavors & Fragrances Inc. reported a 2% sales increase for the fourth quarter 2008; sales for the fiscal year were up 5% from 2007 to $2,389 million. Net income was $230 million, compared to $247 million in 2007. The company attributed this change to $32 million in interest expense in 2008.
Reported sales for IFF’s fragrance business were down 4%. The operating profit was reported at $41 million, an increase of $4 million versus the comparable period in 2007.
“Margin pressure increased through most of 2008 as a result of higher input costs and weaker sales mix," said Robert Amen, chairman and CEO, IFF. "In the fourth quarter, we were able to largely mitigate these factors and reduce the year-over-year gap in operating margins through internal improvements and cost recovery initiatives. I remain cautiously optimistic about 2009.”