August 9/New York/Business Wire -- International Flavors & Fragrances Inc. (IFF) reported second quarter 2011 revenue of $716 million, 7% higher than the prior year period. Excluding the impact of foreign currency, revenue in local currency increased three percent. Reported earnings per share (EPS) increased 12% to $0.93 compared to $0.83 for the second quarter 2010. EPS in 2011 included a $0.04 per share expense related to the conclusion of our restructuring efforts in Europe as compared to a $0.02 expense related to similar restructuring activities in the prior year period. Excluding these items from each period, adjusted EPS for the second quarter increased 14% to $0.97 versus $0.85 in the prior year quarter.
"We are pleased with our second quarter performance in light of our challenging 17% local currency sales growth comparison and the significant increases in raw material costs," said Doug Tough, chairman and chief executive officer. "The diversification of our product and geographic portfolio provided us the ability to deliver solid local currency sales growth. From a profitability perspective, our initial pricing actions and continued cost discipline helped mitigate raw material pressures to drive double-digit adjusted operating profit and adjusted EPS growth."