Charles Sternberg, Assistant Editor02.11.21
International Flavors & Fragrances Inc. has reported financial results for the fourth quarter and full year ended December 31, 2020.
Reported net sales for the fourth quarter totaled $1.27 billion, a decrease of 1% from $1.28 billion in 2019. On a reported basis, fragrance sales increased 5% to $504.2 million, or 3% on a currency neutral basis, with growth in nearly all regions and most categories.
Performance was strongest in Consumer Fragrance driven by strong growth in Home Care & Personal Wash. Fine Fragrance returned to growth led by new wins in North America and Europe. Fragrance Ingredients was solid driven by double-digit growth in Cosmetic Actives.
Reported net sales for the full year totaled $5.08 billion, a decrease of 1% from $5.14 billion in 2019. On a reported basis, fragrance sales increased 2%, or $34.9 million, to $2.0 billion.
Comments from CEO
"I'm pleased to say that we ended 2020 and started 2021 with positive momentum amid the continued challenges of the pandemic," said IFF chairman and CEO Andreas Fibig. "This performance is a direct testament to the diversity of our portfolio, the essential nature of our products, and the resiliency of our global teams. Our return to comparable currency neutral sales growth this quarter gives us confidence that we can generate strong value creation for our shareholders going forward."
Fibig continued, "I'm proud that we have completed our transformational combination to become a new industry leader. Now the work to create shareholder value by executing IFF’s core business objectives and realizing our synergy plans truly begins. I'm excited for the potential of our company as our future is bright and we are well-positioned to seize the opportunities ahead to deliver profitable growth for years to come."
Other IFF News
Earlier this month, IFF completed the previously announced merger of IFF and DuPont’s Nutrition & Biosciences (N&B) business. The combined company will continue to operate under the name IFF.
Reported net sales for the fourth quarter totaled $1.27 billion, a decrease of 1% from $1.28 billion in 2019. On a reported basis, fragrance sales increased 5% to $504.2 million, or 3% on a currency neutral basis, with growth in nearly all regions and most categories.
Performance was strongest in Consumer Fragrance driven by strong growth in Home Care & Personal Wash. Fine Fragrance returned to growth led by new wins in North America and Europe. Fragrance Ingredients was solid driven by double-digit growth in Cosmetic Actives.
Reported net sales for the full year totaled $5.08 billion, a decrease of 1% from $5.14 billion in 2019. On a reported basis, fragrance sales increased 2%, or $34.9 million, to $2.0 billion.
Comments from CEO
"I'm pleased to say that we ended 2020 and started 2021 with positive momentum amid the continued challenges of the pandemic," said IFF chairman and CEO Andreas Fibig. "This performance is a direct testament to the diversity of our portfolio, the essential nature of our products, and the resiliency of our global teams. Our return to comparable currency neutral sales growth this quarter gives us confidence that we can generate strong value creation for our shareholders going forward."
Fibig continued, "I'm proud that we have completed our transformational combination to become a new industry leader. Now the work to create shareholder value by executing IFF’s core business objectives and realizing our synergy plans truly begins. I'm excited for the potential of our company as our future is bright and we are well-positioned to seize the opportunities ahead to deliver profitable growth for years to come."
Other IFF News
Earlier this month, IFF completed the previously announced merger of IFF and DuPont’s Nutrition & Biosciences (N&B) business. The combined company will continue to operate under the name IFF.
