IFF reported net sales of $2.9 billion for the third quarter ended September 30, 2024, representing a 4% increase on a reported basis. Adjusted operating EBITDA reached $568 million, with a margin of 19.4%, demonstrating significant bottom-line improvement.
The company achieved growth across all business segments, with comparable currency-neutral sales increasing by 7% in Nourish, 12% in Health & Biosciences, 10% in Scent, and 8% in Pharma Solutions. This performance was driven by notable volume recovery in every division and a focus on productivity.
Based on these strong results, IFF increased its full-year 2024 financial guidance. The company now expects sales to be in the range of $11.3 billion to $11.4 billion, up from the previously expected $11.1 billion to $11.3 billion. Adjusted operating EBITDA is now anticipated to be at the high-end of its prior range of $2.1 billion to $2.17 billion.
Volume growth for the full year 2024 is now projected to be between 5% to 6%, an improvement from the earlier 3% to 5% range. The Pharma Solutions divestiture remains on track for an expected close by the first half of 2025, further supporting the company's strategic transformation.
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