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.
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.
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.