The company said sales for Q1 2024 decreased $2.899 billion, or 4%, to $128 million on a reported basis, and decreased 1% on a currency neutral basis. Gross profit increased $1.024 billion, or 35.3% of sales, to $60 million compared with the prior year period.

1. 01

   The company said sales for Q1 2024 decreased $2.899 billion, or 4%, to $128 million on a reported basis, and decreased 1% on a currency neutral basis. Gross profit increased $1.024 billion, or 35.3% of sales, to $60 million compared with the prior year period.

2. 02

   The company said Nourish sales for Q1 2024 decreased 9% to $1.496 billion, Health & Biosciences sales increased 4% to $531 million, Scent sales increased 6% to $645 million, and Pharma Solutions sales decreased 10% to $227 million.

3. 03

   The company said S&A expenses for Q1 2024 increased $36 million to $490 million. It cited legal fees incurred and provisions for the ongoing investigations of the fragrance businesses, as well as professional fees, as factors. The effective tax rate was 47.0%, compared with 157.1% in the prior year period.

4. 04

   The company said operating cash flow for the 3 months ended March 31, 2024 was $99 million. As of March 31, 2024, the ratio of net debt to credit adjusted EBITDA was 4.42 to 1.0, and the company said it was in compliance with all financial covenants.

Key figures

Quarter ended March 31, 2024

Revenue

$2.9B

Operating income

$199M

Net income

$60M

EPS

$0.23

Gross profit

$1.0B

Operating cash flow

$99M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.