International Flavors falls nearly 20% after weak Q2, full-year sales guidance (NYSE:IFF)

International Flavors & Fragrances (NYSE:IFF) -18.8% post-market Monday after missing estimates for Q2 adjusted earnings and revenues, and slashing its full-year sales guidance on weak demand and sharply higher inventory costs.

Q2 net income fell to $27M, or $0.11/share, from $107M, or $0.43/share, in the year-ago quarter, and revenues slumped to $2.93B from $3.31B, with sales in the food products segment falling 14% Y/Y to $1.56B and sales in the health and biosciences unit dropping 21.5% to $522M; analysts had forecast revenues of $1.68B for foods and $550.5M in health and biosciences.