International Flavors & Fragrances reports $82 million in profits

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International Flavors & Fragrances Inc., which has a facility in south Augusta, said Tuesday that third-quarter net income rose 7 percent, missing expectations as higher raw material costs pressured results.

Net income rose to $82.2 million, or $1 per share, from $77 million, or 95 cents per share.

Revenue rose 6 percent to $713.8 million from $673.3 million.

The flavors business gained market share, the New York-based company said, but its fragrance division was weaker, hurt by price-driven volume declines. High raw material costs have forced many food and ingredient makers to raise prices.

Higher pricing and cost cuts helped results, the company said.

The company said that its year-to-date performance and a more cautious outlook for the fourth quarter makes it expect local-currency sales growth and adjusted earnings per share growth will be at the low end of its long-term financial targets for the full year 2011. It did not give specific guidance, however.


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