On August 6, International Flavors & Fragrances rose 7.22% in regular trading, trading at $86.66/share, with turnover of $101 million.
On the news front, the company released its Q2 earnings on August 5, reporting revenue of $1.95 billion, up 1.6% year-over-year, and adjusted EPS of $0.82, up 6.5% from $0.77 a year earlier. Simultaneously, the board authorized a $500 million accelerated share repurchase program and disclosed the detailed capital allocation plan for proceeds from its food ingredients business sale to CVC Capital Partners.
The food ingredients divestiture, valued at approximately $4.3 billion, is expected to generate around $3.8 billion in net cash proceeds. IFF plans to deploy the funds toward debt reduction, share repurchases, and reinvestment in its core portfolio. The company also provided full-year guidance of $7.4 billion to $7.6 billion in revenue, excluding $3.2 billion related to discontinued operations. IFF retains a 10% minority equity interest in the divested business.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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