8-K

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) May 3, 2007

INTERNATIONAL FLAVORS & FRAGRANCES INC.
(Exact Name of Registrant as Specified in Charter)
New York			1-4858			13-1432060
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(I.R.S. Employer Identification No.)
521 West 57th Street, New York, New York						10019
(Address of Principal Executive Offices)						(Zip Code)

Registrant’s telephone number, including area code (212) 765-5500

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.    Results of Operations and Financial Condition

Attached and being furnished hereby as Exhibit 99.1 is a copy of a press release of International Flavors & Fragrances Inc. (‘‘IFF’’ or the ‘‘Company’’) dated May 3, 2007 reporting IFF’s financial results for the first quarter ended March 31, 2007. Attached is a copy of the slides to be presented in the earnings conference call on May 3, 2007 and furnished as Exhibit 99.2 to this Form 8-K.

Non-GAAP financial measures: To supplement the Company’s financial results presented in accordance with U.S. Generally Accepted Accounting Principles (‘‘GAAP’’), the Company uses, and has included in the attached press release and slide presentation, certain non-GAAP financial measures. These non-GAAP financial measures should not be considered in isolation, or as a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures as disclosed by the Company may also be calculated differently from similar measures disclosed by other companies. To ease the use and understanding of our supplemental non-GAAP financial measures, the Company includes the most directly comparable GAAP financial measure.

The Company uses the non-GAAP financial measures which excludes (i) restructuring charges and (ii) one-time gains on asset dispositions. Management uses these financial measures in preparing financial targets, internal budgets and operating plans, evaluating actual performance against targets and budget, assessing historical performance over reporting periods, assessing management performance and assessing operating performance against other companies. This information also aids management and the Board of Directors in decision-making and allocation of resources. A material limitation of these financial measures is that some or all of such special charges include actual cash outlays and one-time gains include actual cash inflow and such measures do not reflect actual GAAP amounts. Management compensates for such limitations by clarifying that these measures are only one operating metric used for internal financial analysis and planning purposes and should not be considered in isolation, and by providing the corresponding GAAP financial measure.

The Company also uses the non-GAAP financial measure which excludes the effect in 2005 of the American Jobs Creation Act of 2004 (AJCA). Management believes that given the unique nature of this item, including this information without the impact of repatriation in the prior year period is more representative of the Company’s operational performance and effective tax rate and may assist investors in evaluating the Company’s period to period financial results, in a manner consistent with how management has evaluated such performance.

The Company also discloses, and management internally monitors, the sales performance of international operations on a basis that eliminates the positive or negative effects that result from translating foreign currency sales into U.S. dollars. Management uses this constant dollar measure because it believes that it enhances the assessment of the sales performance of its international operations and the comparability between reporting periods.

1

Item 9.01.    Financial Statements and Exhibits.

(d)    Exhibits

99.1    Press Release of International Flavors & Fragrances Inc., dated May 3, 2007.

99.2    Slides of International Flavors & Fragrances Inc., dated May 3, 2007

.

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			INTERNATIONAL FLAVORS & FRAGRANCES INC.
Dated: May 3, 2007			By:			/s/ Douglas J. Wetmore
						Name:			Douglas J. Wetmore
						Title:			Senior Vice President and Chief Financial Officer

3

EX-99.1

FOR IMMEDIATE RELEASE

Investor Contact:  Douglas J. Wetmore

Senior Vice President and CFO

212-708-7145

Media Contact:  Yvette Rudich

Director of Corporate Communications

212-708-7164

_{IFF REPORTS STRONG FIRST QUARTER 2007 RESULTS}

_{- Double-Digit Growth in Sales, Net Income and Earnings per Share -}

New York,  May 3, 2007 - International Flavors & Fragrances Inc. (NYSE: IFF), a leading global creator of flavors and fragrances, today reported double-digit growth in sales and net income for the first quarter of 2007.  Earnings per share were $.69 in the quarter, representing an increase of 19% from the first quarter of 2006.

"IFF is off to a solid start in 2007 with double-digit increases in sales and net income," said Robert M. Amen, Chairman and Chief Executive Officer of IFF. "We continue to make progress toward the financial goals we outlined for 2007-2009 by strengthening our customer focus and executing on our plans.  

"IFF has a strong reputation for creativity and research, as well as consumer insight and brand understanding.  These attributes are significant competitive differentiators for IFF and are key to providing our customers with winning solutions.  We believe that these capabilities, coupled with the positive trends we are seeing in our markets, will enable us to deliver sustainable growth over time."

Sales rose 11% in the first quarter to $566 million compared to $511 million in the prior year period; flavor and fragrance sales each increased 11%.  Sales for the quarter reflect the generally weaker U.S. dollar, mainly against the Euro and Pound Sterling; at comparable exchange rates, sales would have increased 6%.  

The increase in total fragrance sales was driven by higher fine fragrance and beauty care, and fragrance ingredient sales of 11% and 17%, respectively.  The growth in fine fragrance and beauty care was driven by new product introductions, while ingredient sales growth was mainly volume related.  Functional fragrance sales increased 5% on a combination of new wins and improved volumes.

Flavor sales increased 11%, due to new wins and volume growth.  In addition, flavor sales increased in each region, both in local currency and in dollars.

First Quarter 2007 Performance Highlights

§

Earnings per share for the 2007 first quarter were $0.69, an increase of 19% from the first quarter of 2006.  

§

Net income for the 2007 first quarter totaled $63 million, a 17% increase compared with the prior year quarter.  

§

Gross profit, as a percentage of sales, declined from the prior year quarter, mainly as a result of the shift in product mix, notably higher sales of fragrance ingredients and flavor compounds; gross margin was also impacted by the new fragrance ingredient facility in China, which continues to ramp up as planned.

§

Research and Development (R&D) expenses totaled 8% of sales compared to 9% in the prior year quarter; R&D expenses rose at a slower rate than sales.

§

Selling and Administrative (S&A) expenses, as a percentage of sales, were 16% in the current quarter compared to 17% in the prior year quarter; the decline was mainly due to reductions in headcount in 2006, most of which occurred after the first quarter.

§

Interest expense increased by $3 million mainly due to higher average interest rates on borrowings; the average interest rate for 2007 was 4.1% compared to 2.3% for the 2006 quarter.

§

Effective tax rate for the quarter was 28.0% versus 28.6% in the prior year quarter.  The current quarter’s effective tax rate benefited from the reversal of prior accruals.

About International Flavors & Fragrances Inc.

IFF is a leading creator of flavors and fragrances used in a wide variety of consumer products and packaged goods.  Consumers experience these unique scents and tastes in fine fragrances and beauty care, detergents and household goods, as well as beverages, confectionary and food products.   The Company leverages its competitive advantages of brand understanding and consumer insight combined with its focus on R&D and innovation, to provide customers with differentiated product offerings.  A member of the S&P 500 Index, IFF has sales, manufacturing and creative facilities in 30 countries worldwide. For more information, please visit our Web site at www.iff.com.

2

Audio Web Cast

An audio Web cast, to discuss the Company’s first quarter 2007 financial results and outlook, will be held today at 10:00 a.m. EDT.  Interested parties can access the Web cast and accompanying slide presentation on the Company’s Web site at www.iff.com, under the Investor Relations section.  For those unable to listen to the live broadcast, a replay will be available on the Company’s Web site approximately one hour after the event and will remain available on the IFF Web site until 11:59 p.m. on May 17, 2007.  

Cautionary Statement Under The Private Securities Litigation Reform Act of 1995

Statements in this report, which are not historical facts or information, are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management's current assumptions, estimates and expectations. Certain of such forward-looking information may be identified by such terms as “expect”, “believe”, “may”, "outlook", "guidance" and similar terms or variations thereof.  All information concerning future revenues, tax rates or benefits, interest savings, earnings and other future financial results or financial position, constitutes forward-looking information.  Such forward-looking statements involve significant risks, uncertainties and other factors. Actual results of the Company may differ materially from any future results expressed or implied by such forward-looking statements.  Such factors include, among others, the following: general economic and business conditions in the Company's markets, including economic, population health and political uncertainties; interest rates; the price, quality and availability of raw materials; the Company's ability to implement its business strategy, including the achievement of anticipated cost savings, profitability and growth targets; the impact of currency fluctuation or devaluation in the Company's principal foreign markets and the success of the Company's hedging and risk management strategies; the outcome of uncertainties related to litigation; uncertainties related to any potential claims and rights of indemnification or other recovery for customer and consumer reaction to its earlier contamination issue; the impact of possible pension funding obligations and increased pension expense on the Company's cash flow and results of operations; and the effect of legal and regulatory proceedings, as well as restrictions imposed on the Company, its operations or its representatives by foreign governments.  The Company intends its forward-looking statements to speak only as of the time of such statements and does not undertake or plan to update or revise them as more information becomes available or to reflect changes in expectations, assumptions or results.

Any public statements or disclosures by IFF following this release that modify or impact any of the outlook or other forward-looking statements contained in or accompanying this release or as part of the webcast will be deemed to modify or supersede such outlook or other forward-looking statements in or accompanying this release or the webcast.

###

3

International Flavors & Fragrances Inc.

Consolidated Income Statement

(Amounts in thousands except per share data)

(Unaudited)

	Quarter Ended March 31,
	2006	2007	% Change
Net Sales	$511,432	$566,101	11%
Cost of goods sold	294,818	329,382	12%
Gross margin on sales	216,614	236,719	9%
Research & development	45,602	46,632	2%
Selling and administrative	85,588	91,271	7%
Amortization	3,710	3,556
Restructuring and other charges	661	-
Interest expense	5,373	8,314	55%
Other expense (income), net	439	(167)
Pretax income	75,241	87,113	16%
Income taxes	21,551	24,424
Net income	$53,690	$62,689	17%
Earnings per share - basic	$0.59	$0.70	19%
Earnings per share - diluted	$0.58	$0.69	19%
Average shares outstanding (in thousands):
Basic	91,535	89,378
Diluted	92,207	90,658

4

International Flavors & Fragrances Inc.

Consolidated Condensed Balance Sheet

(Amounts in thousands)

                       (Unaudited)

	December 31, 2006	March 31, 2007
Cash & cash equivalents	$          114,508	$            83,205
Short term investments	604	527
Receivables	405,302	483,863
Inventories	446,606	445,204
Other current assets	112,783	107,513
Total current assets	1,079,803	1,120,312
Property, plant and equipment, net	495,124	487,035
Goodwill and other intangibles, net	745,716	742,160
Other assets	158,261	147,886
Total assets	$       2,478,904	$       2,497,393
Bank borrowings and overdrafts	$            15,897	$            12,717
Other current liabilities	430,874	331,347
Total current liabilities	446,771	344,064
Long-term debt	791,443	799,735
Non-current liabilities	335,522	414,010
Shareholders' equity	905,168	939,584
Total liabilities and shareholders' equity	$       2,478,904	$       2,497,393

5

International Flavors & Fragrances Inc.

Consolidated Statement of Cash Flows

(Amounts in thousands)

(Unaudited)

	March 31, 2006	March 31, 2007
Cash flows from operating activities:
Net income	$53,690	$62,689
Adjustments to reconcile to net cash provided by operations:
Depreciation and amortization	22,261	21,139
Deferred income taxes	9,953	11,695
Gain on disposal of assets	(1,644)	(815)
Equity based compensation	2,862	4,277
Changes in assets and liabilities
Current receivables	(45,164)	(38,454)
Inventories	(1,694)	1,648
Current payables	(1,110)	(62,771)
Changes in other assets	(2,134)	6,971
Changes in other liabilities	4,092	1,147
Net cash provided by operations	41,112	7,526
Cash flows from investing activities:
Net change in short-term investments	25	(277)
Additions to property, plant and equipment	(9,033)	(8,590)
Proceeds from disposal of assets	4,670	452
Net cash used in investing activities	(4,338)	(8,415)
Cash flows from financing activities:
Cash dividends paid to shareholders	(17,189)	(18,764)
Net change in bank borrowings and overdrafts	(19,404)	1,903
Proceeds from issuance of stock under stock-based compensation plans	6,636	15,764
Excess tax benefits on stock options exercised	83	1,732
Purchase of treasury stock	(75,561)	(31,480)
Net cash used in financing activities	(105,435)	(30,845)
Effect of exchange rates changes on cash and cash equivalents	1,367	431
Net change in cash and cash equivalents	(67,294)	(31,303)
Cash and cash equivalents at beginning of year	272,545	114,508
Cash and cash equivalents at end of period	$205,251	$83,205

6

EX-99.2

First Quarter 2007<br/>Investors’ Webcast<br/>May 3, 2007

Robert M. Amen

Robert M. Amen

Chairman and CEO

Douglas J. Wetmore

Notices

Forward Looking Statement:

Forward Looking Statement:

These slides contain forward looking information, which may be identified by terms such as “expect”, “may”, “anticipated”, “guidance”, “outlook” and similar terms and involve significant risks and uncertainties. Actual results may differ materially. Risks and uncertainties include general economic and business conditions; interest rates; the price, quality and availability of raw materials; our ability to achieve our business strategy and anticipated cost savings, profitability and growth targets; the impact of currency fluctuation or devaluation; uncertainties related to litigation; the impact of possible pension funding obligations and increased pension expense; and the effect of legal and regulatory proceedings and restrictions. We do not undertake to update or revise such forward-looking statements. These and other factors that could cause actual results to differ materially from such forward-looking statements are discussed in greater detail in our accompanying quarterly earnings release and in our SEC filings.

Any public statements or disclosures by IFF following this release that modify or impact any of the outlook or other forward-looking statements contained in or accompanying this release or as part of the webcast will be deemed to modify or supersede such outlook or other forward-looking statements in or accompanying this release or the webcast.

Non-GAAP Financial Measures:

Agenda

Highlights

Highlights

First Quarter Financial Results

Business Priorities

Robert M. Amen

Solid Start to 2007 <br/>($ in millions, except per share data)

Q1 Q1

Q1 Q1

2006 2007 %*

Sales $511 $566 + 11%

Operating Profit $ 81 $ 95 + 18%

Net Income $ 54 $ 63 + 17%

EPS $ .58 $ .69 + 19%

* Percentages may not calculate due to rounding

First Quarter Highlights

Strong sales growth

Strong sales growth

Flavors increased $24 million; up 11%

Fragrances increased $31 million; up 11%

Operating profit expansion

Organized for Growth

New Structure Effective January 2007

New Structure Effective January 2007

Flavors

Hernan Vaisman, Group President

Fragrances and Ingredients

Nicolas Mirzayantz, Group President

Business Rationale

Accelerate growth

Align R&D with each business unit

Leverage global capabilities

Support provided by centralized resource groups

Flavors Business<br/>First Quarter 2007 Highlights

Resurgence in Sales

Resurgence in Sales

Global and regional customer growth

North America improvement

Growth driven by volume and new wins

All regions experienced an increase

Double-digit growth in emerging markets

Gaining momentum

Fragrances Business<br/>First Quarter 2007 Highlights

Fine Fragrances and Beauty Care

Fine Fragrances and Beauty Care

Continued benefit from 2006 wins

Growth and gain in market share

13 consecutive quarters of growth

Growing faster than market

Functional

Double-digit growth in NA

Douglas J. Wetmore

Senior Vice President and

First Quarter 2007 Sales<br/>($ in millions)

2006

2007

Flavors +11%

Flavors +11%

2006

2007

NOAM

NOAM

Flav +4%

Frag +11%

LATAM

LATAM

Flav+14%

Greater Asia

Greater Asia

Flav +18%

Frag + 2%

EAME

EAME

Flav + 11%

Frag + 15%

First Quarter 2007 <br/>Growth by Business Unit in each Region

Flavors Profitability<br/>Q1 2007 vs. Q1 2006 ($ in millions)

2006 2007 %

2006 2007 %

Sales $ 219 $ 243 + 11%

Op. Profit $ 37 $ 45 + 22%

Flavors profitability increased 22% on:

Sales performance

New wins and volume growth of existing business

Improved gross margin

Flavors Sales Growth<br/>2005-2007

Fragrances Profitability<br/>Q1 2007 vs. Q1 2006 ($ in millions)

2006 2007 %

2006 2007 %

Sales $ 292 $ 323 + 11%

Op. Profit $ 52 $ 59 + 13%

Fragrances profitability increased 13% on:

Decline in gross margin mainly due to sales mix

Higher ingredient sales

Fine and Ingredients drove total fragrance sales

First Quarter 2007 vs. 2006<br/>Fragrance Sales Growth

Fragrance Sales Growth<br/>2005-2007

First Quarter Operating Results <br/>($ in millions)

* Percentages may not calculate due to rounding

*

Sales

Sales

Growth

Other

Other

Income/

Interest/

Restructure

Tax

Tax

Rate

2007

2007

EPS

First Quarter 2007 EPS Growth <br/>Components

Share

Share

Count

2006

2006

EPS

Productivity/

Productivity/

Mix

Earnings Per Share Performance (Excludes AJCA, restructuring, & asset gains)

$0.69

Cash Flow Summary <br/>($ in millions)

2007 Share Buyback Data <br/>(Amounts and shares in millions)

Robert M. Amen

European Chemical Regulation - REACH

Legislation passed by the European Parliament in 2006

Intent of REACH is to have all chemicals used in the EU registered and tested for safety

REACH Implementation

First step is pre-registration between June and November 2008

- - Existing substances not pre-registered cannot be used after November 30, 2008

- - New substances can be pre-registered pending registration

Registration is required for substances used in volumes exceeding:

- - 1,000 tons annually by 1 December 2010

- - 100 tons annually by 1 June 2013

- - 1 ton annually by 1 June 2018

Well-positioned to comply with REACH and assist customers with

R&D and Innovation

Aligned with the Business Units

Aligned with the Business Units

Categories of Effort

Traditional R&D for Flavor & Fragrance molecules and taste system

Taste receptor cell research

Naturals and nature-inspired technology

Creative teams

Output

Patented materials

Proprietary molecules

Unique delivery systems

Business Priorities 2007

Execute Business Plan

Execute Business Plan

Customer Focus

Improve Operational Efficiency

Build a Stronger Organization

People Development

Improve Business Model

Financial Goals<br/>2007 – 2009

Grow local currency sales by 4+% per year

Grow local currency sales by 4+% per year

Improve operating margins to 18+% of sales by the end of 2009

Increase EPS on average 10+% per year

Grow dividend in line with EPS growth

Execute stock repurchase plan

Questions