International Flavors & Fragrances (IFF) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

August 8, 2023 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning. Thank you for attending today's IFF Second Quarter Conference Call. My name is Megan, and I'll be your moderator for today's call. [Operator Instructions] I would now like to pass the conference over to Michael DeVeau. Michael, please go ahead.

Michael DeVeau

Thank you. Good morning, good afternoon and good evening, everyone. Welcome to IFF's second quarter conference call. Yesterday afternoon, we issued a press release announcing our financial results. A copy of the release can be found on our IR website at ir.iff.com. Please note that this call is being recorded live and will be available for replay.

Please take a moment to review our forward-looking statements. During the call, we will be making forward-looking statements about the company's performance and business outlook. These statements are based on how we see things today and contain elements of uncertainty. For additional information concerning the factors that can cause actual results to differ materially, please refer to our cautionary statement and risk factors contained in our 10-K and press release.

Today's presentation will include non-GAAP financial measures, which exclude those items that we believe affect comparability. A reconciliation of these non-GAAP financial measures to their respective GAAP measures is set forth in the press release.

With me on the call today is our CEO, Frank Clyburn, and our Executive Vice President and Chief Financial and Business Transformation Officer, Glenn Richter. We will begin with prepared remarks and then take any questions that you have.

With that, I would now like to turn the call over to Frank.

Frank Clyburn

Thanks, Mike, and thanks, everyone, for joining today for an important discussion on our business performance and the critical actions underway to create an even stronger IFF. As you are aware, recent results from across our industry and many of our largest customers has clearly demonstrated that macroeconomic headwinds continue largely unabated. This environment has challenged financial performance of IFF and our peers in the first half of 2023 and has resulted in a more cautious outlook for the remainder of the year.

However, despite this tough environment, it is also important that we highlight the significant progress we are making on transforming and strengthening IFF's business. Consequently, today, we will share promising early results from the strategic transformation initiatives we have been discussing with you as well as some additional actions we are taking, summarize our performance for the second quarter 2023 and outline the additional steps we are taking to drive shareholder value creation at IFF's. Then we will be happy to take any questions you have at the end.