...On Feb. 9, 2023, International Flavors & Fragrances Inc. (IFF; ###-/Stable/A-3) reported fourth- quarter fiscal 2022 results well below the expectations it set at its December investor day. Management cited that EBITDA declines were largely the result of weakening consumer demand and customer destocking that led to steeper-than-anticipated volume declines, which negatively affected the company's fixed cost absorption. As a result, the company also generated negative free operating cash flow (FOCF), which was much weaker than we had expected. The company also tempered guidance for fiscal 2023 based on its expectations that demand trends will remain weak. Here, S&P Global Ratings presents frequently asked questions from investors following the recent results....
