International Flavors & Fragrances (IFF) FY2018 results: revenue $4.0 billion, up 17.0% on the year
International Flavors & Fragrances Inc. (IFF) reported revenue of $4.0 billion for fiscal 2018, the year ended 31 December 2018, up 17.0% on the year before. Net income was $340 million, up 14.9%, and diluted earnings per share $3.79. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2019.
Revenue
$4.0 billion
+17.0% on the year
FY2011FY2018
Operating margin
14.7%
16.3% a year earlier
FY2011FY2018
Net income
$340 million
+14.9% on the year
FY2011FY2018
Diluted EPS
$3.79
+1.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
3,978
3,399
3,116
+17.0%
Cost of revenue
2,295
1,926
1,721
+19.1%
Gross profit
1,683
1,472
1,396
+14.3%
Gross margin
42.3%
43.3%
44.8%
Research and development
312
295
259
+5.5%
Selling, general and administrative
707
570
573
+24.1%
Operating income
584
553
553
+5.7%
Operating margin
14.7%
16.3%
17.7%
Interest expense
133
65.4
53.0
+102.8%
Pre-tax income
448
537
524
-16.6%
Income tax
108
241
119
-55.3%
Effective tax rate
24.1%
44.9%
22.7%
Net income
340
296
405
+14.9%
Net margin
8.5%
8.7%
13.0%
Diluted EPS
$3.79
$3.72
$5.05
+1.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
438
391
550
+12.0%
Capital expenditure
170
129
126
+31.9%
Free cash flow
267
262
424
+2.2%
Free cash flow margin
6.7%
7.7%
13.6%
Cash from investing
-5,013
-300
-355
Cash from financing
4,871
-42.6
-34.4
Depreciation and amortisation
174
118
102
+47.3%
Share-based compensation
29.4
26.6
24.6
+10.7%
Buybacks
15.5
58.1
127
-73.4%
Dividends paid
230
206
185
+11.7%
Dividend per share
$2.84
$2.66
$2.40
+6.8%
Diluted shares, weighted
88m
79m
80m
+11.0%
Shares outstanding at period end
107m
79m
79m
+35.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
6,033
1,684
1,626
+258.2%
Non-controlling interest
10.4
5.1
4.9
+104.7%
Redeemable equity
81.8
0.0
n/a
Debt
4,595
1,644
1,325
+179.4%
Other liabilities
2,169
1,265
1,060
+71.4%
Total liabilities and equity
12,889
4,599
4,017
+180.3%
Fixed assets
1,241
881
776
+40.9%
Goodwill
5,378
1,156
1,000
+365.1%
Intangible assets
3,039
416
366
+631.0%
Cash and equivalents
635
368
324
+72.5%
Receivables
63.5
664
551
-90.4%
Inventory
1,079
649
592
+66.1%
Other assets
1,454
465
409
+212.5%
Total assets
12,889
4,599
4,017
+180.3%
10-K for the year ended 31 December 2018, filed 26 February 2019: the filing.