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International Flavors & Fragrances Inc plunged 19% to $65 after the company reported weaker-than-expected quarterly results.

Revenue in the second quarter declined 11% to $2.9 billion from $3.3 billion and net income plunged 75% to $27 million from $109 million and diluted earnings per share dropped to 11 cents from 43 cents a year ago.

The company revised lower its full-year revenue outlook to between $11.3 billion and $11.6 billion from the previous estimate of $12.3 billion.

the fragrance company also lowered its adjusted earnings outlook to between $1.85 billion and $2.0 billion from the previous estimate of $2.34 billion.

The company declared a regular dividend of 81 cents a share payable to shareholders on October 5 to shareholders on record September 22.

08 Aug, 2023

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