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Sensient's F&F Revenue Down in First Quarter of 2009, Operating Profit Up
Posted: April 20, 2009
Sensient Technologies Corp. (Milwaukee, Wisconsin) has reported a 1.4% year-over-year revenue gain for the first quarter ending March 31, 2009. The consolidated revenue for the quarter totaled $282.8 million ($307.4 million in 2008), while cash from operating activities reached $17.5 million, against $9.7 million in the prior year’s comparable period.
Flavor and Fragrance
The first quarter revenue for Sensient’s flavors and fragrance group was $184.5 million ($193.2 million in 2008), while its operating profit for the period was up 4% to a record level of $30.0 million ($28.8 million in 2008). Even as unfavorable foreign currency comparisons lowered the group’s revenue and operating income by about 9% and 8%, respectively, on a local currency basis its quarterly revenue was up 4.2%, with growth in all major markets. Likewise, the group’s local currency operating income increased 12%, as price increases offset higher raw material and energy costs.
Of the earnings, Sensient chairman and CEO, Kenneth Manning said, “We have delivered our thirteenth consecutive quarter of increased earnings, despite a challenging economic environment … Our flavors and fragrances business delivered solid local currency growth this quarter across all major markets.”