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International Flavors & Fragrances 8-K Report, Financial Results (Feb 18, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 18, 2025
Period End
February 18, 2025
Security
IFF
In the record · 2016–202610-K1110-Q338-K151

IFF filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 151 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Oct ’18Oct ’18
  2. Deal closed8-K · Feb ’21Feb ’21
  3. Leadership change8-K · Feb ’23Feb ’23
  4. Leadership change8-K · Nov ’26Nov ’26

01—Abstract

Summary

Summary of the 8-K filed February 18, 2025. Cited figures are marked; the original filing is the authoritative source.

International Flavors & Fragrances Inc. (NYSE: IFF) reported fourth quarter and full year 2024 results in this Form 8-K, furnished under Item 2.02 with the press release attached as Exhibit 99.1.

For full year 2024, reported net sales were $11.48 billiona, flat compared with the prior year. On a comparable, currency neutral basis, sales increased 6%, led by a double-digit increase in Scent, high-single digit growth in Health & Biosciences and a mid-single digit increase in Nourish. Reported income before taxes was $278 million and reported EPS was $0.95, while adjusted EPS excluding amortization was $4.31 per diluted share.

Adjusted operating EBITDA was $2.21 billionb, with a 19.2% margin. Reported results were affected by a $64 million goodwill impairment tied to the Pharma Solutions disposal group and a $347 million loss on assets classified as held for sale. For the fourth quarter, reported net sales were $2.77 billion, up 3% year over year, and the company reported a loss before taxes of $(115) million and a reported EPS loss of $(0.18).

Adjusted operating EBITDA for the quarter was $471 millionc, and the company stated that on a comparable basis it increased 5%. Cash flow from operations for the full year was $1,070 million, and free cash flow was $607 million. Net debt to credit-adjusted EBITDA was 3.8x at the end of the fourth quarter.

For 2025, the company guided to sales of $10.6 billion to $10.9 billiond and adjusted operating EBITDA of $2.0 billion to $2.15 billion. The guidance assumes six months of Pharma Solutions results, with the divestiture assumed to close on June 30, 2025. Management said it will increase investment in R&D, commercial activities, capacity and technology in 2025.

02—Key points

Key Highlights

  1. Full year 2024 reported net sales were $11.48 billion, flat versus the prior year; currency neutral comparable sales rose 6%.
  2. Full year reported EPS was $0.95, while adjusted EPS excluding amortization was $4.31 per diluted share.
  3. Fourth quarter reported net sales were $2.77 billion, up 3%, and the company reported a fourth quarter loss before taxes of $(115) million.
  4. Full year adjusted operating EBITDA was $2.21 billion, with a 19.2% margin, and comparable adjusted operating EBITDA increased 16%.
  5. Scent led growth in 2024, with comparable currency neutral sales up 12% and comparable adjusted operating EBITDA up 25%.
  6. Full year cash flow from operations was $1,070 million and free cash flow was $607 million; net debt to credit-adjusted EBITDA was 3.8x.
  7. 2025 guidance calls for sales of $10.6 billion to $10.9 billion and adjusted operating EBITDA of $2.0 billion to $2.15 billion, including six months of Pharma Solutions results.

03—Questions

Frequently Asked Questions

  1. How did IFF perform in full year 2024 on a reported basis?

    Reported net sales were $11.48 billion, flat versus 2023. Income before taxes was $278 million, and reported EPS was $0.95. Net income attributable to IFF shareholders was $243 million, compared with a net loss of $(2,567) million in 2023.

  2. What drove the difference between reported and adjusted results?

    Adjusted results exclude items such as a $64 million goodwill impairment related to the Pharma Solutions disposal group, a $347 million loss on assets classified as held for sale, $434 million of specified items in the credit-adjusted EBITDA reconciliation, and a $130 million pension settlement loss tied to termination of the IFF Pension Plan. Adjusted EPS excluding amortization was $4.31.

  3. What is the company's 2025 outlook?

    The company expects 2025 sales of $10.6 billion to $10.9 billion and adjusted operating EBITDA of $2 billion to $2.15 billion. It expects comparable currency neutral sales growth of 1% to 4% and comparable currency neutral adjusted operating EBITDA growth of 5% to 10%. Foreign exchange is expected to have an approximately 4% adverse impact on sales growth, and divestitures an approximately 5% adverse impact.

  4. How is the Pharma Solutions divestiture affecting the outlook?

    Full year 2025 guidance includes six months of Pharma Solutions results, with the divestiture assumed to close on June 30, 2025. The filing notes that the Pharma Solutions disposal group carried assets held for sale of $3.03 billion at December 31, 2024.

  5. What was the fourth quarter 2024 performance like?

    Fourth quarter reported net sales were $2.77 billion, up 3%, and comparable currency neutral sales rose 6%. The company reported a loss before taxes of $(115) million and a reported EPS loss of $(0.18). Adjusted operating EBITDA was $471 million, and comparable adjusted operating EBITDA increased 5%.

04—Continue

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