![International Flavors & Fragrances Inc [IFF] reports quarterly net loss of $61 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FIFF.png&w=1200&q=75)
INTERNATIONAL FLAVORS & FRAGRANCES INC [IFF] has reported a net loss of $61 million for quarter ended Dec 31, 2022.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $2.9 billion
Based in NEW YORK, New York, INTERNATIONAL FLAVORS & FRAGRANCES INC operates in the MANUFACTURING sector.
During the 3 months ended March 31, 2024, the company reported a decrease in net sales to $2.899 billion from $3.027 billion in the same period in 2023. This decline in revenue can be attributed to lower demand or other market factors impacting sales.
The cost of goods sold also decreased to $1.875 billion compared to $2.063 billion in the previous year. This reduction in costs positively impacted the gross profit, which increased to $1.024 billion from $964 million.
Operating profit saw a significant improvement, rising to $199 million from $131 million in the same period a year ago. This increase was driven by the optimization of operating expenses and improved profitability across business segments.
Net income for the current period stood at $61 million, marking a significant turnaround from a net loss of $8 million in the previous year. This improvement in profitability reflects the company's efforts to enhance operational efficiency and drive bottom-line growth.
The earnings per share (EPS) for basic and diluted amounts for the current period were reported at $0.23, a notable increase from the negative $0.04 EPS in the comparative period last year. This positive EPS signifies stronger earnings performance on a per-share basis.
Overall, the comprehensive income (loss) attributable to the company's shareholders for the current quarter was a loss of $235 million, contrasting with a comprehensive income of $273 million in the same quarter of the previous year. This change in comprehensive income is impacted by various factors such as foreign currency translation adjustments and other comprehensive income components.
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