NEW YORK (AP) _ International Flavors & Fragrances Inc. (IFF) on Wednesday reported fourth-quarter net income of $13 million, after reporting a loss in the same period a year earlier.
The New York-based company said it had net income of 9 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and amortization costs, were $1.22 per share.
The ingredients producer for food, cosmetics and consumer products industries posted revenue of $1.22 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $1.23 billion.
For the year, the company reported profit of $337.3 million, or $3.79 per share. Revenue was reported as $3.98 billion.
International Flavors expects full-year earnings in the range of $6.30 to $6.50 per share, with revenue in the range of $5.2 billion to $5.3 billion.
International Flavors shares have risen roughly 8 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed roughly 10 percent. In the final minutes of trading on Wednesday, shares hit $144.83, an increase of 1 percent in the last 12 months.