International Flavors & Fragrances Inc. (NYSE:IFF) Q4 2019 Earnings Conference Call - Final Transcript

Feb 13, 2020 • 10:00 am ET


International Flavors & Fragrances Inc. (NYSE:IFF) Q4 2019 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


At this time, I would like to welcome everyone to the IFF Fourth Quarter and Full year 2019 Earnings Conference Call. [Operator Instructions] I would now like to introduce Michael DeVeau, Head of Investor Relations. You may begin.

Michael D.

Thank you. Good morning, good afternoon, and good evening, everyone. Welcome to IFF's Fourth Quarter and Full year 2019 Conference Call. Yesterday evening, we distributed a press release announcing our financial results. A copy of the release can be found on our IR website at Please note that this call is being recorded live and will be available for replay on our website. 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, particularly with regard to the outlook for the first quarter and full year 2020. 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 from our forward-looking statements, please refer to our cautionary statement and risk factors contained in our 10-K filed on February 26, 2019, and in our 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 that we issued yesterday and is posted on our website. With me on the call today is our Chairman and CEO, Andreas Fibig; and our Executive Vice President and CFO, Rustom Jilla. We will begin with prepared remarks and then take any questions that you may have.

With that, I would now like to introduce Andreas.

Andreas Fibig

Thank you, Mike. And a very special welcome to Rustom, our recently appointed CFO, who joined us about three weeks ago. We could not be more excited to welcome him to the IFF team as he brings a strong track record over 30 years of operational and financial leadership across several international markets with significant experience in managing global finance teams, developing strategy, driving efficiency initiatives and completing acquisitions. So welcome, Rustom. I would like to take the opportunity to thank Rich O'Leary for his service as our CFO and looking forward to his contributions as our integration lead for the DuPont Nutrition & Biosciences combination. He has deep institutional knowledge, insights and perspectives both financially and strategically and will be enormously valuable as it takes on his new role as our Integration Officer. On today's call, as usual, I will give an executive overview of our performance for the fourth quarter and full year 2019, including an update on the progress we are making with the integration of Frutarom.

Following the discussion, I will ask Rustom to provide a financial review of the business and take you through our financial expectations for 2020. We will also recap IFF's transformational journey and the exciting opportunities we see with our combination with DuPont Nutrition & Biosciences business,