IFF revises sales guidance
This article was originally published in The Rose Sheet
Executive Summary
International Flavors & Fragrances expects second quarter earnings per share will be in line with previous guidance, despite lower than anticipated sales in the quarter, the company states. Flavors and fragrance house anticipates reported dollar sales to increase 2%-3% in the period rather than 5% as previously predicted. Sales benefited from the strengthening of various currencies in relation to the U.S. dollar, but had exchange rates remained constant between 2003 and 2002, sales for Q2 would have declined approximately 5%-6%. Sales performance reflects "marked slow-down in customer order activity" in the quarter, particularly in Europe and North America, IFF adds...