By Denny Jacob
International Flavors & Fragrances shares rose 5.1% to $76 following an agreement with Icahn Capital and its affiliates as well as the company’s latest quarterly results.
The stock is down about 31% on the year.
The company, which manufactures flavors and fragrances used in food, beverage, personal care and household products, disclosed the continuation of a cooperation agreement with Icahn Capital and its affiliates. Icahn Capital and the company have agreed to renominate one Icahn director and one mutually agreed director to International Flavors & Fragrances’ board for the 2024 proxy season.
“I believe the IFF Board and management team are poised to capture further value for shareholders as they continue on their strategic transformation to optimize the portfolio,” said Carl Icahn, chief executive of Icahn Capital.
The New York-based company also reported results for the three months ended Sept. 30. The company saw sales decline 8% in the quarter from a year earlier while swinging to net income from a loss during the same period.
Additionally, International Flavors & Fragrances disclosed that it now expects to be at the mid to high of its adjusted operating earnings before interest, taxes, depreciation and amortization guidance in the range of $1.85 billion and $2 billion primarily driven by favorable price to inflation and better productivity.
Write to Denny Jacob at denny.jacob@wsj.com
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