International Flavors & Fragrances Inc. (IFF) Q1 2023 Earnings Call Transcript

International Flavors & Fragrances Inc. (NYSE:IFF) Q1 2023 Earnings Conference Call May 9, 2023 9:00 AM ET

Company Participants

Michael DeVeau - Senior Vice President, Corporate Finance & Investor Relations

Frank Clyburn - Chief Executive Officer

Glenn Richter - Executive Vice President, Chief Financial & Business Transformation Officer

Conference Call Participants

Heidi Vesterinen - BNP Paribas

Mark Astrachan - Stifel

Gunther Zechmann - Bernstein

John Roberts - Credit Suisse

Lucas Beaumont - UBS

Ghansham Panjabi - Baird

Andrew Keches - Barclays

Christopher Parkinson - Mizuho

Lauren Lieberman - Barclays

Matthew DeYoe - Bank of America

Operator

Good morning. At this time, I would like to welcome everyone to the IFF First Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode until the formal Q&A portion of the call. [Operator Instructions]

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

Michael DeVeau

Thank you. Good morning, good afternoon and good evening, everyone. Welcome to IFF's first 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 minute to review our forward-looking statements. During the call, we'll 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 our 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 at the end.

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

Frank Clyburn

Thanks, Mike. And hello, everyone. We delivered first quarter 2023 results in line or ahead of our expectations amidst a challenging operating environment. Our team successfully navigated soft end market demand and customer inventory destocking as they executed on our priorities to deliver on our financial commitments. We are proud of the results and want to thank the entire IFF team for their contribution. However, year-on-year comparisons in a number of areas showed the backdrop in which we are operating remains challenging as I acknowledged on our last call.