2023-03-27 07:12:48 ET
International Flavors & Fragrances ( NYSE: IFF ) reaffirmed its first quarter guidance on Monday.
The company expects sales between $2.95B and $3B to be reported in early May, when the company is due to provide its Q1 update. The consensus estimate now stands at $2.99B. Additionally, adjusted operating EBITDA of approximately $470M to $490M is expected for the quarter.
The 8-K filing affirming the guidance also outlined a number of debt agreement amendments first disclosed on Friday .
Elsewhere, the company announced a “technical breakthrough” in plant-based, soft-shell capsules to replace traditional animal-based gelatin. The capsules are slated to appeal to vegan and vegetarian consumers.
"The importance of SeaGel cannot be understated when supporting the delivery of ingredients of such high viscosity such as liquid curcumin," said Benjamin Roscoe, application development and innovation manager at IFF. "We are thrilled with this new breakthrough in one of the most technically challenging aspects in plant-based softgels."
Read more on the earnings expectations for the company .
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International Flavors & Fragrances reaffirms Q1 guidance