Sensient Technologies Corporation (Milwaukee, Wisconsin) reported its diluted earnings per share for the three months ended March 31, 2011, as being at $0.53, a record level for the company for the first quarter and an increase of 10.4% over the 2010 first quarter results of $0.48. Additionally, Sensient's consolidated revenue for the first quarter of 2011 increased 11.3% to an all-time quarterly record of $349.7 million, compared to $314.1 million in the first quarter of 2010. Favorable foreign currency translation increased consolidated revenue by approximately 1%.
The company’s flavors and fragrances group reported revenue of $206.7 million in first quarter 2011, a record for the first quarter and an increase of 8.4% compared to first quarter 2010 revenue of $190.7 million. Revenues were higher in both traditional flavors and dehydrated flavors due to strong volume gains. Additionally, the company’s corporate and other division, which includes the its operations in Asia Pacific and China, reported revenue of $31.5 million for the first quarter, an increase of 29.8% compared to the prior year's revenue of $24.3 million. The revenue gains were particularly strong in China, Thailand and Singapore.
"All of our businesses performed very well this quarter, led by the color group, which reported all-time quarterly highs for both revenue and operating profit," said Kenneth P. Manning, chairman and CEO of Sensient Technologies Corporation. "We remain very optimistic about the company's future and see solid opportunities for growth."
As such, Sensient increased its guidance for 2011 diluted earnings per share, which is now expected to be between $2.28 and $2.34. The company's previous guidance had been between $2.26 and $2.32.