IFF reports $666M in Q2 revenue

International Flavors & Fragrances (IFF) has reported that both of its local currency sales and reported sales increased 17% in Q2 of 2010.

Adjusted earnings per share (EPS) increased 31% and reported EPS was up 38%.

It's Q2 2010 revenue was reportedly $666 million, which is 17% higher than the prior year quarter.

Revenue in local currency increased 17% as foreign currency had a limited impact on results.

"We are very pleased to report strong year-over-year improvements across all our financial metrics. While we have benefited from some elements of restocking and favorable prior year comparisons, the team was successful in winning key new business that will support our efforts to drive market share improvements," said Doug Tough, Chairman and CEO.

Local currency sales for the flavor business unit in Q2 increased 11% over the comparable 2009 period.

The strong trends in Europe, Africa, Middle East (EAME) and Greater Asia continued, as strong demand and new business wins once again led to double-digit growth.

In North America, sales increased seven percent as double-digit performances in both confectionery and beverage sectors drove results.

Performance in Latin America was solid as the company more than offset the loss of non-strategic business that began in the third quarter of 2009.