International Flavors & Fragrances Inc. - IFF STOCK NEWS

IFF reported second quarter 2024 results with sales of $2.9B and adjusted operating EBITDA of $588M. The company saw a 7% increase in comparable currency neutral sales led by growth in Scent, Health & Biosciences, and Nourish segments. Adjusted EPS excluding amortization was $1.16 per diluted share. IFF is raising its full-year 2024 guidance, now expecting sales between $11.1B to $11.3B and adjusted operating EBITDA of $2.1B to $2.17B. The company projects volume growth of 3% to 5% across most of its portfolio. CEO Erik Fyrwald expressed satisfaction with the company's performance, citing improvements in volume growth and productivity initiatives.

IFF, a global leader in food, beverage, and personal care products, has announced plans to complete the renovation and expansion of its Shanghai Creative Center by August 2024. This 16,000 square-meter facility, IFF's largest in Asia, is designed to drive innovation across the company's portfolio in China and the Greater Asia market. The center will feature state-of-the-art labs, a culinary demo kitchen, and a digital space for immersive olfactory experiences.

CEO Erik Fyrwald emphasized that this investment follows the opening of their Singapore Innovation Center in 2022, reaffirming IFF's commitment to innovation in Asia. With China being a important market for flavors and fragrances, and the region's growing demand for bioscience-based products, the Shanghai Creative Center positions IFF to capture a greater share of the Asian market and support customers' brand growth strategies.

IFF (NYSE: IFF), a leader in food, beverage, scent, health, and biosciences, has announced a regular quarterly cash dividend of $0.40 per share of its common stock. This dividend is payable on October 9, 2024 to shareholders of record as of September 20, 2024. IFF is an international collective of thinkers partnering with customers to create essential solutions for a better world, combining science and creativity to develop innovative products. The company focuses on doing more good for people and the planet through its diverse portfolio of scents, tastes, experiences, ingredients, and solutions.

IFF (NYSE:IFF) will release its second quarter 2024 earnings results on August 6, 2024, after the market closes.

A live webcast to discuss the results and future outlook will be hosted by the management team on August 7, 2024, at 9:00 a.m. ET.

Investors can access the live webcast and slide presentation via the company's website, with a recorded version available for replay.

IFF specializes in creating solutions for the food, beverage, health, biosciences, and scent industries, blending science and creativity.

For further information, media and investor relations contacts are provided.

IFF has received EU-wide regulatory approval for two new feed solutions for poultry: Axtra® XAP and Syncra® AVI. These products, developed by Danisco Animal Nutrition & Health, aim to improve poultry performance and reduce feed costs.

Axtra® XAP is a blend of xylanase, amylase, and protease enzymes, which enhances nutrient absorption and allows for flexible dietary formulations. Syncra® AVI combines enzymes and probiotics to optimize gut health and overall productivity. These solutions are also available in North America, South Africa, and Asia Pacific.

IFF (NYSE: IFF) has appointed Margarita Paláu-Hernández to its Board of Directors, effective June 3, 2024. This appointment aligns with IFF's cooperation agreement with Icahn Capital LP. The Board will now consist of 11 members, 10 of whom are independent. Roger Ferguson, lead director of IFF, emphasized Paláu-Hernández's legal expertise and consumer insights as critical assets for IFF's growth and transformation plan. Carl Icahn, CEO of Icahn Capital, also expressed confidence in Paláu-Hernández's ability to contribute to IFF's strategic advancements and shareholder value.

IFF has released its 2023 Do More Good Report, detailing its progress in environmental, social, governance, and sustainability (ESG+) strategies. Key accomplishments include helping avoid 24.6 million tonnes of CO2e emissions, achieving ESG leadership recognition, and reducing Scope 1 and 2 GHG emissions by 21% from 2021 levels. The report highlights the company's four strategic pillars: Sustainable Solutions, Climate & Planetary Health, Equity & Wellbeing, and Transparency & Accountability. Additional achievements include completing nine human rights impact assessments, obtaining zero waste to landfill verification for ten new facilities, and achieving no statistically relevant gender pay gap in 27 countries. IFF continues to support sustainable innovation, emphasizing its role in driving industry-wide change.

IFF (NYSE: IFF), a leader in food, beverage, health, and personal care, will unveil groundbreaking alginate biopolymer technologies at two major biomedical conferences. At the World Biomaterials Congress (WBC) in Daegu, South Korea, from May 26-31, IFF will present a self-gelling alginate hydrogel system that offers a minimally invasive way to deliver therapeutics. This system combines calcium alginate suspension with soluble sodium alginate, which self-gels within minutes of injection.

In June, IFF will present at the TERMIS World Congress in Seattle, showcasing macroporous alginate foam scaffolds for 3D cell culture. These innovations provide non-animal-based cell culture environments, supporting tissue engineering and therapeutic screening. IFF's NovaMatrix® portfolio of ultrapure alginate biopolymers is poised to revolutionize regenerative medicine and 3D cell culture applications.

On May 15, 2024, IFF (NYSE: IFF), a global leader in various consumer markets, announced the launch of a new controlled release platform. This platform includes their established products METHOCEL™, ETHOCEL™, and POLYOX™. Marketed under the slogan, 'Timing is Everything,' this initiative aims to enhance pharmaceutical therapies by improving the controlled release of active ingredients, thereby boosting patient compliance. The platform also offers educational resources and access to subject matter experts. Jason Hunt, IFF's global strategic marketing manager, highlighted the company's commitment to supporting pharmaceutical formulators and accelerating therapeutic innovations to the market.