International Flavors (IFF) Expands Collaboration With Kemira
International Flavors & Fragrances Inc. IFF announced an expansion of its collaboration with Kemira to commercialize a portfolio of unique, renewable polymers generated from IFF's cutting-edge Designed Enzymatic Biomaterials (“DEB”) technology platform. This move will allow International Flavors to commercially supply lead customers and scale strategic application development programs.
This collaboration is a significant step forward in Kemira's growth strategy implementation and mission to establish a leading renewable material portfolio.
Unique, sustainable polymers generated from plant sugars will be available at commercial scale for the first time, supplying a variety of sectors. This new market development biomanufacturing facility will be incorporated into Chemigate Ltd.'s biorefinery in Finland, which is part of the Berner Group. The facility will be operational in the middle of 2024.
DEB technology was introduced in 2023 for application in the home and personal care markets. IFF customers will now have access to the new product lines of high-performance material solutions. These materials also complement IFF's AURISTTM biopolymers and Nuvolve-tailored polysaccharides for personal care and industrial applications.
International Flavors recently provided details of its updated strategic plan and new operating model. The financial and strategic initiatives that the company elaborated on were growth-focused strategy, enhanced cost and productivity initiatives, financial guidance, redesigning operating model, portfolio optimization, and governance and leadership.
The company reported adjusted earnings of 89 cents per share in third-quarter 2023, beating the Zacks Consensus Estimate of earnings of 76 cents. The bottom line declined 35% from the year-ago quarter. International Flavors’ net sales dipped 8% year over year to $2,820 million but surpassed the Zacks Consensus Estimate of $2,765 million.
Price Performance
In the past year, IFF shares have lost 20% compared with the industry’s 21% decline.
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Zacks Rank & Stocks to Consider
International Flavors currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Consumer Staples sector are Fomento Económico Mexicano, S.A.B. de C.V. FMX, e.l.f. Beauty, Inc. ELF and Ingredion Incorporated INGR. FMX flaunts a Zacks Rank #1 (Strong Buy) at present, and ELF and INGR have a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Fomento Económico Mexicano has an average trailing four-quarter earnings surprise of 23%. The Zacks Consensus Estimate for FMX’s fiscal 2023 earnings is pegged at $5.69 per share. The consensus estimate for 2023 earnings has moved 6% north in the past 60 days. Its shares gained 73% in the last year.
e.l.f. Beauty has an average trailing four-quarter earnings surprise of 90%. The Zacks Consensus Estimate for ELF’s fiscal 2024 earnings is pegged at $2.69 per share. This indicates a 62% increase from the prior-year reported figure. The consensus estimate for fiscal 2024 earnings has moved 9% north in the past 60 days. ELF shares have gained 179.2% in the past year.
The Zacks Consensus Estimate for Ingredion’s fiscal 2023 earnings per share is pegged at $9.29, indicating growth of 24.7% from the prior-year actual. Earnings estimates have moved 3% north in the past 60 days. INGR shares have gained 3.9% in the past year.
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Fomento Economico Mexicano S.A.B. de C.V. (FMX) : Free Stock Analysis Report
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