NEW YORK (AP) — NEW YORK (AP) — International Flavors & Fragrances Inc. (IFF) on Wednesday reported fourth-quarter profit of $3 million.
On a per-share basis, the New York-based company said it had profit of 1 cent. Earnings, adjusted for one-time gains and costs, came to 97 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 94 cents per share.
The ingredients producer for food, cosmetics and consumer products industries posted revenue of $2.84 billion in the period, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $2.88 billion.
For the year, the company reported a loss of $1.84 billion, or $7.21 per share, swinging to a loss in the period. Revenue was reported as $12.44 billion.
International Flavors expects full-year revenue of $12.5 billion.
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