International Flavors & Fragrances Inc. (IFF) Q4 2022 Earnings Call Transcript

International Flavors & Fragrances Inc. (NYSE:IFF) Q4 2022 Earnings Conference Call February 9, 2023 9:00 AM ET

Company Participants

Michael DeVeau – Head Investor Relations

Frank Clyburn – Chief Executive Officer

Glenn Richter – Executive Vice President, Chief Financial Officer

Conference Call Participants

Heidi Vesterinen – BNP Paribas

Gunther Zechmann – Bernstein

Mike Sison – Wells Fargo

Josh Spector – UBS

Ghansham Panjabi – Baird

John Roberts – Credit Suisse

David Begleiter – Deutsche Bank

Mark Astrachan – Stifel

Adam Samuelson – Goldman Sachs

Jonathan Feeney – Consumer Edge

Christopher Parkinson – Mizuho

Jeff Zekauskas – JPMorgan

Lauren Lieberman – Barclays

Operator

I would like to welcome everyone to the IFF Fourth Quarter and Full Year 2022 Earnings Conference Call. All participants will be in a listen-only mode into the formal Q&A portion of the call. [Operator Instructions]

I would now like to introduce Michael DeVeau, Head of Investor Relations. You may begin.

Michael DeVeau

[Audio Dip]

Frank Clyburn

Good morning to everybody. I want to start today's call by recognizing our teams in the incredible work they've done throughout 2022 to bolster IFF's industry leadership and also to continue delivering innovative solutions for our customers amid the challenging operating environment. As part of our Investor Day in December, we unveiled the next phase of our strategic transformation including our strategic priorities and a refreshed operating model that will better position IFF to drive long-term profitable growth and capitalize on the market opportunities ahead of us.

The plan seeks to maximize our competitive advantage and ensure that we are operating as an even more innovative, efficient and disciplined company. As we delivered solid 2022 result and 2023 is in full swing, I’m pleased to share that we are advancing key elements of this plan and excited to update you on today's call. It is a true privilege to work along such talented and dedicated colleagues. Across our global platform, it is clear that our teams are committed to IFF's continued transformation as we delivered unmatched innovation, service and quality in the solutions that meet the needs of our customers, both today and tomorrow.

Now on Slide 6, I'd like to reiterate the financial and strategic initiatives central to the strategic refresh that we were discussing during our Investor Day last December. Following an extensive assessment with our key stakeholders, including our customers, shareholders and key partners, we've identified several top priorities that will guide IFF's next chapter.