"We are very pleased with the continued strength of our flavors business, which has delivered market share growth for seven consecutive quarters," said Robert M. Amen, chairman and CEO, IFF. "Our fragrance business results were mixed. Functional fragrance sales were strong in Asia and Europe, although this performance was offset by weakness in global fine fragrance and North America functional fragrance sales."
Earnings per share as reported were $.69 in both the first quarter of 2008 and 2007. Operating profit for the quarter was 16% of sales, including the pre-tax restructuring charges of $6.2 million, compared to 16.8 percent in the prior year period.
"Despite the challenging U.S. economic environment, which we anticipate will continue for some time, we remain confident about our growth prospects—particularly in the emerging markets—and our ability to deliver on our financial goals," said Amen.
For a complete report, click here.