{"id":45625,"date":"2023-08-07T20:46:03","date_gmt":"2023-08-08T00:46:03","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/iff-stock-plunges-nearly-20-as-inventory-costs-fuel-big-miss-sales-outlook-cut\/"},"modified":"2023-08-07T20:46:06","modified_gmt":"2023-08-08T00:46:06","slug":"iff-stock-plunges-nearly-20-as-inventory-costs-fuel-big-miss-sales-outlook-cut","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=45625","title":{"rendered":"IFF stock plunges nearly 20% as inventory costs fuel big miss, sales outlook cut"},"content":{"rendered":"
\n

International Flavors & Fragrances Inc. shares fell off a cliff in the extended session Monday after the company said higher inventory costs nearly doubled, and cut its sales forecast for the year. <\/p>\n

IFF
\n IFF,
\n -0.20%<\/bg-quote>
\n shares dropped 19% after hours, following a 0.2% decline in the regular session to close at $80.34, as the S&P 500 index
\n SPX
\n finished the day up 0.9%. IFF shares closed Monday down 23.4% for the year, while the S&P 500 has gained 17.7%. <\/p>\n

\n

The company reported second-quarter net income of $27 million, or 11 cents a share, compared with $107 million, or 43 cents a share, in the year-ago period. <\/p>\n

Adjusted earnings, which exclude stock-based compensation expenses and other items, were 34 cents a share, compared with 93 cents a share in the year-ago period. Analysts surveyed by FactSet had forecast earnings of $1.10 a share.<\/p>\n

Revenue declined to $2.93 billion from $3.31 billion in the year-ago quarter, while analysts had estimated $3.07 billion.<\/p>\n

Sales in food products, IFF\u2019s largest segment, fell 14% to $1.56 billion, while sales in the health and biosciences segment dropped 21.5% to $522 million. Analysts had forecast $1.68 billion for foods, and $550.5 million in health and biosciences sales.<\/p>\n

<\/p>\n
<\/p>\n
<\/div>\n<\/figure><\/div>\n

\u201cThe continued customer destocking and volume pressures in the second quarter reflect the broader macroeconomic challenges facing our industry, and for IFF,\u201d said Frank Clyburn, IFF\u2019s chief executive, in a statement.<\/p>\n

Clyburn added that the pressures are \u201clargely isolated\u201d in its functional ingredients business within its food, or \u201cNourish,\u201d segment, which covers food ingredients, flavors and designs.<\/p>\n

IFF said it now expects full-year sales to be between $11.3 billion and $11.6 billion, down from a previous estimate of about $12.3 billion, on the \u201cexpectation that volumes in the second half of 2023 will not recover as previously expected, driven particularly by continued customer destocking.\u201d <\/p>\n

Analysts, on average, forecast $12.16 billion.<\/p>\n

The company said it expects \u201chigher manufacturing absorption\u201d costs for the year of about $180 million, up from its previous estimate of about $100 million.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

International Flavors & Fragrances Inc. shares fell off a cliff in the extended session Monday after the company said higher inventory costs nearly doubled, and cut its sales forecast for the year. IFF IFF, -0.20% shares dropped 19% after hours, following a 0.2% decline in the regular session to close at $80.34, as the S&P […]<\/p>\n","protected":false},"author":1,"featured_media":45626,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-45625","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nIFF stock plunges nearly 20% as inventory costs fuel big miss, sales outlook cut | iFintechWorld<\/title>\n<meta name=\"description\" content=\"International Flavors & Fragrances Inc. shares fell off a cliff in the extended session Monday after the company said higher inventory costs nearly\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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