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The company, which supplies food and pharmacy solutions to manufacturers, has seen the cost of raw materials and energy jump, while soaring inflation has forced end-users of its products to opt for cheaper alternatives.
The New-York based firm cut its full-year sales forecast, excluding anticipated Savory Solutions and Flavor Specialty Ingredients divestiture, to $12.3 billion compared with its prior forecast of about $12.5 billion.
Analysts on average had estimated the company to report full-year sales of $12.41 billion, according to Refinitiv data.
It sees second quarter net sales to be between $3.0 billion to $3.1 billion compared with analysts’ average estimate of $3.24 billion.
Net loss for the quarter ended March 31 was $9 million compared to a net profit of $246 million in the year-ago quarter.
The company’s revenue fell 6% to $3.03 billion from a year earlier. Analysts on average were expecting $2.99 billion, according to Refinitiv data.
International Flavors & Fragrances reported first-quarter adjusted net income of 87 cents per share, in-line with analysts’ average estimate.
