International Flavors & Fragrances Inc. (IFF) announced its fourth quarter revenue grew 8% over the prior year period to $630 million. Excluding the impact of foreign currency, revenue in local currency increased 9%. For the full year, the company reported revenue of $2.6 billion, a 13% increase over the prior fiscal year.
"IFF had an outstanding year in 2010 led by strong new business wins across both flavors and fragrances," said Doug Tough, IFF chairman and CEO. "Our double-digit top-line performance reflects strong growth in the emerging markets, increased levels of innovation and an underlying strength across our product portfolio. We accomplished these excellent results while simultaneously working through a strategic assessment of our company. As we enter 2011, we are optimistic in our ability to deliver local currency sales and EPS growth in line with our long-term financial targets and a margin profile that is approaching our long-term target."
For the fragrance business unit’s fourth quarter, local currency sales increased 8% versus the prior year period. Overall growth can once again be attributed to strong emerging market performance, as new business wins in Latin America and greater Asia continued to drive results. For the fourth consecutive quarter, IFF realized double-digit growth in fine fragrance and beauty care, as new business wins and increased volumes with existing customers drove results. Functional fragrance results were solid as new business win performance across all categories more than offset volume erosion on existing business, and fragrance ingredients sales continued to perform well as an underlying improvement in demand drove results.