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Sensient Q2 Revenue Up 3%; Net Earnings Fall on Restructuring Charge
Posted: July 26, 2013
Sensient Technologies Corp.’s second-quarter total revenue rose 3% although earnings fell 7.5% due to costs incurred with its restructuring program which includes relocating its flavors and fragrances group headquarters to Chicago as well as a profit improvement plan.
For the quarter ended June 30, earnings fell to $32.3 million from $34.9 million a year ago. Excluding an after-tax charge of $4.7 million related to its restructuring program, adjusted earnings for the quarter ended June 30 rose 6% to $37 million. Total revenue reached $378.8 million for the quarter, up 3% from a year ago.
By segment, Sensient’s flavors and fragrances group said its quarterly revenue rose 4.1% to $227.9 million. Second-quarter operating income for the unit fell 2.7% to $32.6 million, hurt by higher raw material costs.
For 2013, Sensient has narrowed its per-share earnings outlook to a range of $2.68 to $2.73, excluding the impact of the restructuring charge. The company’s previous outlook had been a range of $2.66 to $2.73 per share, excluding the restructuring charge.