...November 10, 2021 NEW YORK (S&P Global Ratings) Nov. 10, 2021--S&P Global Ratings said today that International Flavors & Fragrances Inc. (IFF; ###/Negative/--) is on track to meet cash flow and deleveraging expectations despite ongoing margin pressure underpinned by raw material inflation and overall supply chain disruption. Below is a summary of our key takeaways from IFF's third-quarter earnings call. Sales growth has rebounded well across most of IFF's segments, but lower margins stemming from raw material inflation and supply chain challenges remain a headwind. Sales for the quarter ended Sept. 30, 2021, increased 12% year over year reflecting double-digit growth in its Nourish and Scent segments from strong growth in flavors and ingredients, a rebound in food service demand, and a strong comparison in fragrances given last year's depressed volumes from the pandemic. The company reaffirmed its recent positive revision in annual sales growth guidance of 8.5% for fiscal 2021 (up from...
