U.S. Markets close in 21 mins

International Flavors & Fragrances Plummets After Poor Fourth Quarter

Alexander Nicoll

tumbled after fourth-quarter earnings came in short of analysts' estimates. Shares of the fragrance company plunged about $16 - a drop of 11% - to $130.52 a share after it reported fourth-quarter earnings of $1.22 a share vs. consensus estimates of $1.30. The taste and smell business segments of International Flavors posted a loss as management cited higher input costs and manufacturing expenses as being the reason for the decrease.