NEW YORK (Thomson Financial) - International Flavors & Fragrances Inc. Wednesday said third-quarter net income fell to $58.4 million, or 67 cents a share, which includes 4 cents a share loss related to pension curtailment.
The mean estimate of analysts polled by Thomson Financial was 70 cents a share.
Net sales for the New York-based fragrances creator rose 8% to $583.3 million. The company credited the rise in sales with beneficial currency exchange rates and growth in its flavors business unit.
In the year-ago period, the company posted net income of $63.6 million, or 70 cents a share, on sales of $539.1 million. The 2006 earnings include various charges related to the disposition of assets and an insurance recovery.
Shares of International Flavors closed Tuesday at $51.88. Ryan Vlastelica rv/pc COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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