INTERNATIONAL FLAVORS & FRAGRANCES INC. $54(New York symbol IFF; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 81.1 million; Market cap: $4.4 billion; Price-to-sales ratio: 1.6; Dividend yield: 2.3%; TSINetwork Rating: Above Average; www.iff.com) produces over 34,000 compounds that improve the taste of food and make consumer products smell better. It gets 75% of its sales from outside the U.S.
In the three months ended March 31, 2012, IFF’s sales fell 0.5%, to $710.6 million from $714.3 million a year earlier. Sales at the Fragrances division (which supplies 51% of IFF’s total sales) fell 4.0%, mainly because the company’s competitors cut their prices. That offset a 3.3% gain at the Flavors division (49% of sales). Earnings fell 3.6%, to $81.1 million, or $0.99 a share. A year earlier, the company earned $84.0 million, or $1.03 a share.
IFF is now conducting a strategic review of its Fragrances business. That could result in a number of changes, including the closure of some manufacturing plants or the sale of the entire division. It will take the company several months to complete its review.
The stock trades at 13.5 times the $4.00 a share that IFF is likely to earn this year. The $1.24 dividend yields 2.3%.
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