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International Flavors and Fragrances (New York Stock Exchange:IFF) reaffirmed its first-quarter guidance on Monday.
The company expects sales of between $2.95 billion and $3 billion in early May, when the company is due to provide its first-quarter update. The consensus estimate it now sits at $2.99B. In addition, adjusted operating EBITDA of approximately $470 million to $490 million is expected for the quarter.
The 8-K filing that the guidance affirms also outlined a series of amendments to the debt agreement first disclosed Friday.
Elsewhere, the company announced a “technical breakthrough” in plant-based softshell capsules to replace traditional animal-based gelatin. The capsules are slated to appeal to vegan and vegetarian consumers.
“The importance of SeaGel cannot be underestimated when supporting the delivery of ingredients as highly viscous as liquid curcumin,” said Benjamin Roscoe, IFF manager of innovation and application development. “We are delighted with this new breakthrough in one of the most technically challenging aspects of plant-based softgels.”
Learn more about the company’s earnings expectations.
