International Flavors & Fragrances Inc. (NYSE: IFF), a leading global creator of flavors and fragrances for consumer products, reported first quarter 2011 revenue of $714 million, 9% higher than the prior year period. Revenue in local currency also increased nine percent as foreign currency had a limited impact on results in the quarter. Reported earnings per share (EPS) increased 29 percent to $1.03 compared to $0.80 for the first quarter 2010. Excluding an expense of $0.05 per share in the first quarter 2010 related to restructuring efforts in Europe, adjusted EPS for the quarter increased 21 percent to $1.03 versus $0.85 in the prior year quarter.

“We are pleased with our excellent start to 2011, especially given that we are comparing to a very strong year-ago performance of double-digit growth,” says Doug Tough, chairman and CEO. “Our top-line performance was once again driven by double-digit growth in the emerging markets. In the developed markets, strong demand for our innovative products, such as healthier and more natural offerings, drove high single-digit growth. This strong top-line performance provided operational leverage that when combined with our continued focus on cost discipline drove a double-digit increase in operating profit.”

Tough continues, “While our first quarter performance was strong, our initial local currency sales levels have shown some pressure as we enter the second quarter, in light of challenging year-over-year comparisons. Nonetheless, we are optimistic that our performance in the first quarter, coupled with the opportunities we see throughout the remainder of the year, give us the confidence to achieve our long-term targets of four to six percent local currency sales growth, seven to nine percent operating profit growth and 10 percent plus EPS growth for the full year 2011.”