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International Flavors & Fragrances rallies 8% after addressing allegations related to Russia and Ukraine

International Flavors & Fragrances Inc. stock rose 8.4% Tuesday, putting it on track for its biggest one-day gain since Aug. 8, 2012, after the company . The company said it had net income of $127.1 million, or $1.13 a share, in the quarter, compared with $95.7 million, or $1.17 a share, in the year-earlier period. Adjusted per-share earnings came to $1.20, or $1.53, excluding amortization. Sales rose to $1.27 billion from $907.5 million. The FactSet consensus was for EPS of $1.53 and sales of $1.29 billion. Chief Executive Andreas Fibig said scent continued to perform well, posting single-digit growth. “In Taste, our win rate remains high, yet performance continued to be impacted by volume erosion,” he said in a statement. “On a two-year basis, Taste growth remained solid when we factor in a high single-digit year-ago comparison.” The company said the fourth quarter is off to a good start and that it expects to meet the low end of guidance for adjusted EPS and sales. The company offered an update on a review of allegations that improper payments were made to customer reps in Russia and the Ukraine, and found they were substantiated, and that key members of Frutarom’s senior management were aware. Those individuals have been replaced. The stock is down about 0.6% in 2019, while the S&P 500 has gained 23%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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