Sensient Technologies Corp.'s third-quarter profit rose 2.7% to $32.9 million, with higher revenue in its flavors and fragrances group, although foreign currency translation and other issues hurt results.
The company narrowed its earnings outlook for 2012 to a range of $2.51 to $2.56 a share.
For the quarter, Sensient's total revenue rose 1.5% to $369.3 million from $363.8 million a year earlier. The flavors and fragrances group reported third-quarter revenue of $224.7 million compared to $220.3 million in last year’s third quarter, although customer inventory destocking and higher raw material costs hurt results. The company's color group revenue fell to $120.7 million in the third quarter from $121 million for the same period a year ago.
Sensient's corporate and other segment, which includes the company’s operations in Asia Pacific and China and the flavor businesses in Central and South America, reported revenue of $40.8 million in the quarter, up 8.4% from $37.6 million reported in last year’s third quarter.
Separately, the company also has declared a cash dividend of 22 cents a share payable Dec. 3 to shareholders of record on Nov. 9, 2012.
