Here is all you need to know about International Flavors & Fragrances Inc. (IFF) stock

International Flavors & Fragrances Inc. (IFF) shares remained unchanged in the after-hours on Friday, October 29, 2021, and closed the normal trading at $147.45. However, in the regular trading session, IFF’s stock lost 0.69%. IFF shares have risen 43.27% over the last 12 months, and they have moved up 1.47% in the past week. Over the past three months, the stock has lost 1.43%, while over the past six months, it has gained 2.31%.

Let’s have a look at its recent news and developments.

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IFF upcoming financial results announcement

International Flavors & Fragrances Inc (IFF) will release its third-quarter 2021 earnings results following the market close on Monday, November 8, 2021.

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IFF corporate changes

On September 30, 2021, the Chairman and Chief Executive Officer of International Flavors & Fragrances Inc (IFF) announced plans to retire after a 10-year tenure with the company and more than seven years as IFF’s Chairman and CEO. Mr. Fibig will continue in his role as Chairman and CEO until a successor is named, which is expected by early 2022, and he has agreed to stay on for a while to support a seamless transition.

Also on September 16, 2021, the company appointed Glenn Richter as Executive Vice President and Chief Financial Officer, replacing Rustom Jilla, who will be leaving the Company following a period of transition. Mr. Richter was most recently Chief Financial Officer of TIAA.

IFF sold Microbial Control business

On August 23, 2021, International Flavors & Fragrances Inc (IFF) entered into an agreement to sell its Microbial Control business unit to LANXESS. The transaction is valued at $1.3 billion and the cash proceeds net of taxes and expenses will be primarily used to reduce outstanding debt.

IFF recent financial results announcement

On August 05, 2021, International Flavors & Fragrances Inc. (IFF) released financial results for the second quarter ended June 30, 2021.

Q2 2021 financial highlights

  • IFF reported net sales of 3.09 billion in Q2 2021 compared to $1.2 billion net sales in Q2 2020.
  • The cost of goods was $2.18 billion in Q2 2021 compared to $717 million in Q2 2020.
  • Research and development expenses were $164 million compared to $81 million in Q2 2020.
  • Net loss was $30 million in Q2 2021 compared to a net loss of $88 million in Q2 2020.
  • Adjusted operating EBITDA for the second quarter was $679 million, compared to $239 million in Q2 2020.

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Well, there is no recent news or development but its financial results will be announced next Monday and we hope that it will remain in positive mode till that announcement.

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