International Flavors & Fragrances（IFF）2016Q3決算と株価

企業概要

International Flavors & Fragrances は大手の香料メーカーです。

香粧品用香料（Fragrances）と食品用香料（Flavors）の取扱いをしています。

サマリー

・決算発表日 2016/11/7 アフターマーケット
・売上は$777M +1.6%でコンセンサス予想より-$8M
・non-GAAP EPSは$1.34 -3.6%でコンセンサス予想より-$0.07
・non-GAAP 純利益は$107M
・GAAP EPSは$1.12
・GAAP 純利益は$89M
・2016FYの予想売上は+2.5〜3.5%（+1.5〜2.5%から上方修正）
・2016FYの予想GAAP EPSは+3〜4%（+4.5〜6.5%から下方修正）
・決算発表後の株価の終値は-3.85%
・PER（ttm）は24.62
・http://ir.iff.com/phoenix.zhtml?c=65743&p=irol-news&nyo=0

売上・EPSとも予想に届きませんでした。ガイダンスはまちまちでした。

投資タイミングのせいで、Q3の業績は悪いと予想してましたが、予想より悪くはなかったとのことでした。また、Sales mixが悪く、グロスマージンが良くなかったということです。

From a currency neutral operating profit perspective, we expected quarter's three performance to be muted, given the timing of planned investments. Yet, results came in softer than expected. This is largely attributed to lower than expected gross margin performance.

...

The greatest gap to our previous guidance came in the form of weaker sales mix. Beverages, our highest margin category in Flavors, had limited growth in the quarter. While Savory, a less profitable category, performed very well, growing high single digits. On the Fragrance side, we experienced a similar dynamic, with Fine Fragrances, a strong margin category, declining year-over-year, while we experienced growth for the first time in approximately two years in our Fragrance Ingredients business, which is a less profitable category. Net-net, this led to an unfavorable sales mix, which represented a 3% drag to operating profit. In addition, we were also pressured by year-over-year manufacturing performance, principally related to manufacturing yields in our Fragrance Ingredient manufacturing network.

http://seekingalpha.com/article/4021261-international-flavors-and-fragrances-iff-q3-2016-results-earnings-call-transcript?part=single