International Flavors & Fragrances Inc. - IFF STOCK NEWS

IFF has appointed Dennis Maroney as Master Perfumer, recognizing his 32-year career and significant contributions to the global perfumery industry. Maroney, IFF's ninth Master Perfumer, is acknowledged for his exceptional leadership and influence. Ceo Frank Clyburn highlighted Maroney's unique ability to merge science and creativity, creating iconic fragrances across beauty and home care products. His background includes roles at Kato and IFF’s predecessor. Maroney has won multiple Perfumer Choice Awards and served in leadership roles in industry organizations, further underscoring his impact in perfumery.

IFF (NYSE: IFF) has announced its 2022 Investor Day presentation, scheduled for Wednesday, Dec. 7, 2022, at 1:00 p.m. ET. Investors can access the live webcast and slide presentation through the company's website at ir.iff.com. A recorded version will also be available for those unable to attend live. IFF is a leader in food, beverage, health, biosciences, and scent, combining science and creativity to deliver essential solutions.

IFF has announced a strategic partnership with Salus Optima to enter the personalized nutrition sector, targeting metabolic health issues affecting over 25% of adults globally. The collaboration aims to offer brand owners a digital platform populated with health-focused products while leveraging IFF's health-enabling ingredients. The platform will provide real-time consumer data and personalized suggestions via mobile and wearables, enhancing consumer engagement and brand value.

IFF reported Q3 2022 results, revealing consolidated sales of $3.06 billion, flat year-over-year. A significant goodwill impairment charge of $2.25 billion was recorded due to increased interest rates and lower business projections. Adjusted EBITDA reached $612 million, with an operating margin of 20%. EPS was reported at $(8.60), while adjusted EPS was $1.36. The company revised its full-year sales guidance to $12.4-$12.5 billion, down from $12.6-$13.0 billion, citing adverse foreign exchange impacts. Nonetheless, the firm anticipates a 9-10% growth in comparable currency neutral sales.

IFF has launched its innovative plant-based protein, SUPRO® TEX, aimed at enhancing the meat alternative market. This product mimics the texture of whole muscle meat with 80% soy protein and offers ease of production without significant capital investment or refrigerated supply chains. Market researchers predict a shift towards plant-based proteins, with consumer demand driven by health and ethical concerns. SUPRO® TEX enables manufacturers to create various meat-like textures and flavors, catering to a growing market interest in sustainable food options.

IFF (NYSE: IFF) will release its third quarter 2022 earnings results after market close on November 7, 2022. Following this, a live webcast is scheduled for November 8, 2022, at 9:00 a.m. ET, where the management team will discuss the results and future outlook with investors. Access to the webcast and related presentation will be available on the Company's website at ir.iff.com. IFF is a leader in food, beverage, health, biosciences, and scent.

IFF has appointed Ralf Finzel as the new executive vice president and global operations officer, effective November 1, 2022. Finzel, a seasoned operations executive with over 30 years of experience, previously served as vice president of Integrated Supply Chain at Honeywell. He has a strong background in operations and supply chain management and holds multiple academic degrees in Chemistry. The change follows the departure of Francisco Fortanet, who exits after a transition period. CEO Frank Clyburn expresses confidence in Finzel's ability to drive IFF's success.