International Flavors & Fragrances Inc
IFF: XNYS (USA)
| Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
|---|---|---|---|
| $331.00 | Jdxs | Cbvhmrmz |
International Flavors & Fragrances Earnings: Volume Growth Spurs Profit Recovery
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International Flavors & Fragrances generated solid first-quarter results. Adjusted operating EBITDA was up 20% versus the prior-year quarter, driven by volume growth and reduced unit production costs in the flavors, health and biosciences, and scent businesses, IFF's three specialty businesses. The results were in line with our thesis that IFF would see a recovery in demand in 2024 that would generate solid profit growth. Having updated our model to incorporate IFF's first-quarter results, we maintain our $130 fair value estimate and wide-moat rating.