International Flavors & Fragrances falls after forecasting annual sales below estimates

International Flavors & Fragrances

Wed 16:24

** Shares of food ingredients maker International Flavors & Fragrances IFF.N fall ~4% to $88.88 in morning trading
** Co forecast annual sales below estimates on Tuesday, hurt by a challenging macroeconomic environment
** See some volume softness with co's Health and Biosciences business in Q4, say IFF executives on a post-earnings call with analysts
** Add that co remains cautious about the fragrance business in the Middle East amid geopolitical uncertainty
** Say pricing will lag input-cost inflation in Q4, with widest gap expected in Q1, and that the co is pursuing additional productivity initiatives across the business, particularly in procurement, alongside pricing actions
** As of last close, stock up about 37% YTD

(Reporting by Shania S Thomas in Bengaluru)
((shanias.thomas@thomsonreuters.com))