Why International Flavors & Fragrances Shares Are Diving Today
Portfolio Pulse from Lekha Gupta
International Flavors & Fragrances Inc (IFF) shares dropped by over 22% following worse-than-expected Q2 results and a reduced FY23 outlook. The company reported flat revenue of $2.93 billion, missing the consensus of $3.11 billion. Adjusted EPS of $0.86 also missed the street view of $1.10. IFF lowered its FY23 sales guidance to $11.3 billion-$11.6 billion from around $12.3 billion prior. The company is focusing on enhancing the performance of its Functional Ingredients business and expects to see improvements in 2024.
August 08, 2023 | 10:58 am
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IFF shares dropped significantly due to disappointing Q2 results and a reduced FY23 outlook. The company's strategic focus on its Functional Ingredients business may lead to improvements in the future.
IFF's worse-than-expected Q2 results and reduced FY23 outlook have led to a significant drop in its share price. However, the company's strategic focus on its Functional Ingredients business may lead to improvements in the future, potentially positively impacting its stock price.
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