IFF falls after projecting 'cautiously optimistic' Q4 2024 forecast
** Shares of ingredients maker International Flavors & Fragrances IFF.N down ~11% at $88.56 in afternoon trading
** Company expects to be "cautiously optimistic" in Q4 2024, owing to the impact from seasonality and foreign exchange on sales growth
** Expect Q4 sales volumes to be lower in the nourish segment and some degradation of 50 to 90 basis points in quarter-to-quarter margin - a company executive said in a post-earnings call on Wednesday
** "We are cautious given a potential that customers could adjust inventory at the end of the year which has happened in the last few years" - CEO Erik Fyrwald
** On Tuesday, IFF posted Q3 adj. profit of $1.04 per share missing analysts' estimates of $1.08 per share, according to data compiled by LSEG
** Company, however, expects annual sales to be in the range of $11.3 bln to $11.4 bln vs prior forecast of $11.1 bln to $11.3 bln
** Posted Q3 sales of $2.93 bln topping analysts' ests. of $2.83 bln
** Including session moves, stock up about 9% YTD
Reporting by Anuja Bharat Mistry in Bengaluru
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