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Sensient Reports Record Growth in 2011
Posted: February 7, 2012
Sensient Technologies Corporation reported record revenue, operating income and earnings per share in 2011. Consolidated revenue was over $1.43 billion, an increase of 7.7% over 2010 revenue of $1.33 billion. Diluted earnings per share for the year increased by 11.1%, to $2.41, from $2.17 reported in 2010. Consolidated operating income reached$190.8 million in 2011. Excluding the net impact of items discussed below, consolidated operating income was $192.1 million, an increase of 10% from the 2010 result of $174.6 million. Foreign currency translation increased revenue and operating income by approximately 2% and 3%, respectively for the year.
Consolidated revenue for the fourth quarter of 2011 reached $340.4 million, a new fourth quarter high, compared to $339.3 million reported in the same quarter last year. Diluted earnings per share for the quarter increased 9.6% to $0.57, also a fourth quarter record and up from the 52 cents reported in the comparable period of 2010. Foreign currency translation decreased revenue by approximately 1% and operating income by approximately 2% in the quarter.
Cash provided by operating activities in 2011 was $142.9 million, compared to $155.7 million in 2010. Total debt as of Dec. 31, 2011, was $335.4 million, a decrease of $14.4 million during 2011. The Company’s debt to total capital ratio improved to 24.2%, from 26.2% on Dec. 31, 2010.
“The company performed exceptionally well in 2011,” said Kenneth P. Manning, chairman, president and CEO of Sensient Technologies Corporation. “We achieved record revenue and earnings for the second consecutive year, made substantial investments in our operations, reduced debt and increased the dividend to shareholders. We continue to see opportunities for growth and I am optimistic about the company’s future.”
Divisionally, the company’s flavors and fragrances group reported fourth quarter revenue of $206.3 million compared to the $206.1 million in the same quarter last year. Operating income for the quarter was $32.2 million, a 9.3% increase over the $29.4 million reported in the comparable period of 2010. Foreign currency translation reduced both revenue and operating income by approximately 1% in the quarter. The U.S. flavor businesses drove the solid operating profit growth.
Revenue for the flavors and fragrances group increased 6.4% to a record $860.7 million in 2011, compared to $809.1 million reported in 2010. Operating income for the year was $130.8 million, also a record level and an increase of 7.3% over the $122 million reported last year. Foreign currency translation increased revenue and operating income by approximately 2% in 2011.