International Flavors & Fragrances Inc. (IFF), a company that manufactures and sells cosmetic active and natural health ingredients, has declined 11.16% in the after-market trading session and consequently, was trading at $131 when last checked. On Friday, IFF closed the day at $147.45 after declining 0.69% during regular trading hours. The decline could be attributed to the announcement of the quarterly result’s release date.
Why is IFF declining?
On 28th October, IFF announced that it would release its third-quarter 2021 earnings results after the closure of the marker on 8th November 2021. The management team of the company was to also host a live webcast to discuss the results of the quarter and future outlook with the investors.
CEO plans to retire
On 30th September, IFF announced that its Chairman and Chief Executive Officer Andreas Fibig plans to retire after a 10-year tenure with the company and about 7 years as CEO and Chairman of the company. The Board of Directors was evaluating the candidates who could replace Mr Fibig as his successor. The company said that Mr Fibig looks forward to continuing as CEO and Chairman till the announcement regarding his successor is made. At the time of retirement, Mr Fibig would also step down from the company’s Board of Directors
Q2 2021 financial highlights
On 5th August, IFF reported the financial results for the second quarter of the fiscal year 2021. The quarter ended on 30th June 2021. The company reported net sales of $3.09 billion during the quarter, an increase of 158% when compared with the same period of 2020. The income before taxes for the period was $44 million. The adjusted operating EBITDA was $679 million, an increase of 184% when compared with the same period of 2020. The reported Earnings per Share for the period were $0.11. The cash flow increased 235% from the same period of 2020 to $689 million.
IFF Executive Vice President and CFO, Rustom Jilla, while commenting on the results said that the company depicted strong performance during the quarter as evident from broad-based improvements from a year age. Looking forward, he said, the company is confident that it would display a robust performance.
What’s next for IFF?
During the last month, IFF has increased more than 10%. This steady increase depicts the stability associated with IFF stock. So, potential investors should keep a close eye on the future performance of IFF stock to make an informed decision regarding their investments.