International Flavors & Fragrances Inc. Q2 FY2024 results: revenue $2.9 billion, down 1.4% on the year

International Flavors & Fragrances Inc. (IFF) reported revenue of $2.9 billion for Q2 FY2024, the quarter ended 30 June 2024, down 1.4% on the same quarter a year earlier. Net income was $170 million, up 529.6% on the year, and diluted earnings per share $0.66. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2024.

Revenue$2.9 billiondown 1.4%

Net income$170 millionup 529.6%

Diluted EPS$0.66

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	2,889	2,899	n/a	n/a
Cost of revenue	1,821	1,875	n/a	n/a
Gross profit	1,068	1,024	n/a	n/a
Gross margin	37.0%	35.3%	n/a
Research and development	173	166	n/a	n/a
Selling, general and administrative	493	490	n/a	n/a
Operating income	191	199	n/a	n/a
Operating margin	6.6%	6.9%	n/a
Interest expense	79.0	83.0	n/a	n/a
Pre-tax income	183	115	n/a	n/a
Income tax	11.0	54.0	n/a	n/a
Effective tax rate	6.0%	47.0%	n/a
Net income	170	60.0	n/a	n/a
Net margin	5.9%	2.1%	n/a
Diluted EPS	$0.66	$0.23	n/a	n/a

$ million except per share. Free 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 and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	237	99.0	n/a	n/a
Capital expenditure	82.0	118	n/a	n/a
Free cash flow	155	-19.0	n/a	n/a
Free cash flow margin	5.4%	-0.7%	n/a
Depreciation and amortisation	246	278	n/a	n/a
Share-based compensation	26.0	18.0	n/a	n/a
Dividends paid	102	207	n/a	n/a
Dividend per share	$0.40	$0.40	n/a	n/a
Diluted shares, weighted	256m	256m	n/a	n/a
Shares outstanding at period end	256m	255m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	29,543	30,642	n/a	n/a
Cash and equivalents	671	732	n/a	n/a
Receivables	1,775	1,977	n/a	n/a
Inventory	2,160	2,411	n/a	n/a
Goodwill	9,282	10,538	n/a	n/a
Long-term debt	8,596	9,150	n/a	n/a
Borrowings, as the company tags them	9,379	10,298	n/a	n/a
Shareholders' equity	14,254	14,291	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,820	2,703	2,899	2,889	2,925	2,771	2,843	2,764	2,694	2,589	2,741	1,954
Cost of revenue	1,896	1,843	1,875	1,821	1,873	1,791	1,808	1,734	1,711	1,699	1,723	1,101
Gross profit	924	860	1,024	1,068	1,052	980	1,035	1,030	983	890	1,018	853
Gross margin	33%	32%	35%	37%	36%	35%	36%	37%	36%	34%	37%	44%
R&D	157	157	166	173	162	170	164	182	174	174	166	170
SG&A	444	444	490	493	495	517	461	483	421	469	427	437
Operating income	150	-2,536	199	191	249	127	-903	198	226	97.0	273	158
Operating margin	5%	-94%	7%	7%	9%	5%	-32%	7%	8%	4%	10%	8%
Interest expense	110	43.0	83.0	79.0	74.0	69.0	71.0	61.0	48.0	49.0	44.0	46.0
Pre-tax income	59.0	-2,641	115	183	95.0	-115	-994	534	56.0	n/a	209	64.0
Tax rate	54%	n/a	47%	6%	37%	n/a	n/a	-15%	27%	n/a	19%	48%
Net income	25.0	-2,610	60.0	170	59.0	-46.0	-1,018	612	40.0	n/a	169	50.0
Net margin	1%	-97%	2%	6%	2%	-2%	-36%	22%	1%	n/a	6%	3%
Diluted EPS	$0.10	-$10.22	$0.23	$0.66	$0.23	-$0.17	-$3.98	$2.38	$0.16	n/a	$0.66	$0.20
Operating cash flow	420	644	99.0	237	366	368	127	241	164	318	257	422
Capital expenditure	100	113	118	82.0	103	160	179	95.0	132	188	165	136
Free cash flow	320	531	-19.0	155	263	208	-52.0	146	32.0	130	92.0	286
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	n/a	n/a	35.0	36.0
Dividends paid	206	207	207	102	102	103	102	102	102	103	102	102
Shares outstanding	255m	255m	255m	256m	256m	256m	256m	256m	256m	256m	255m	255m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 6 August 2024, accession 0000051253-24-000032: the filing on EDGAR. All of International Flavors & Fragrances Inc.'s filings: EDGAR company page.

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