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iff FOR IMMEDIATE RELEASE Contact : Michael De Veau Chief Investor Relations & Communications Officer 212.708.7164 Michael . De Veau@iff.com PRESS RELEASE IFF Reports Second Quarter 2021 Results Achieves strong double - digit sales growth ; Raises full year 2021 sales outlook Increases quarterly dividend for twelfth consecutive year NEW YORK , N.Y. , ( August 5 , 2021 ) - International Flavors & Fragrances Inc. ( NYSE : IFF ) reported financial results for the second quarter ended June 30 , 2021 . Second Quarter 2021 Consolidated Summary : Income Before Taxes $ 3.1 B $ 44 M $ 0.11 First Six Months 2021 Consolidated Summary : Sales Sales Reported ( GAAP ) $ 5.6 B Reported ( GAAP ) Loss Before Taxes $ ( 10 ) M EPS EPS $ ( 0.06 ) Operating EBITDA $ 679 M 1 Operating ÉBITDA $ 1.2 B Adjusted ( Non - GAAP ) ¹ Operating EBITDA Margin 22.0 % Adjusted ( Non - GAAP ) ¹ Operating EBITDA Margin 22.5 % EPS ex Amortization $ 1.50 EPS ex Amortization $ 3.09 Management Commentary " We delivered a strong second quarter performance , with double - digit sales growth and a solid improvement in overall profitability , " said IFF Chairman and CEO Andreas Fibig . " Both businesses performed well - with legacy IFF growing strong double - digits and legacy N & B improving mid - single digits all while we continue to successfully integrate two great organizations . Our synergy realization is on track and the overall business performance underscores the strength and diversity of our portfolio as well as our position as an essential partner to our customers . " IFF Executive Vice President and CFO , Rustom Jilla commented , " Profit and free cash flow were both solid in the second quarter , with broad - based improvements versus the year - ago period . We continued to optimize our cost structure , implement price increases and capture cost synergies to support profitability , however , margin in the second quarter was adversely impacted by higher raw material and logistics costs . As we look ahead , we are confident that our cash flow generation will remain robust , and have announced that we are raising our quarterly dividend , marking the twelfth consecutive year of dividend increases . " Andreas Fibig concluded , " We have increased our sales expectation for the full year , and now expect to deliver approximately 7 % growth on a combined company basis . Given the inflationary environment , we are successfully increasing prices over time and driving expense reductions to support long - term profitability - albeit we have some short - term pressure in 2021. We are also investing in incremental capacity and strategically increasing inventory levels in our high value ¹ Schedules at the end of this release contain reconciliations of reported GAAP to non - GAAP metrics .