Sensient Technologies Reports Q3 2022 Results

Sensient Technologies Corporation has reported consolidated revenue of $361.1 million in this year’s third quarter.
Sensient Technologies Corporation has reported consolidated revenue of $361.1 million in this year’s third quarter.
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Sensient Technologies Corporation has reported consolidated revenue of $361.1 million in this year’s third quarter compared to $344.3 million in last year’s third quarter. The reported operating income in the third quarter of 2022 was $47.5 million compared to $47.0 million in the third quarter of 2021. The reported diluted earnings per share were 85 cents in the third quarter of 2022 compared to 80 cents in the third quarter of 2021. Foreign currency translation decreased revenue by approximately 4% and earnings per share by approximately 6% in the present quarter.

Related: Sensient Announces Q1 Conference Call

Highlights of the report include:

  • The Flavors & Extracts Group reported third-quarter revenue of $187.0 million compared to $181.7 million in last year’s third quarter, an increase of 3.0%. Adjusted local currency revenue increased by 6.7% in the quarter. The group benefited from pricing across all of its product lines. Segment operating income was $26.3 million in the current quarter compared to $25.2 million reported in the comparable period last year, an increase of 4.7%. Adjusted local currency operating income increased 5.6% in the quarter. The higher operating income was primarily due to the favorable pricing, partially offset by higher input costs.
  • The Color Group reported revenue of $151.5 million in the quarter compared to $139.2 million in last year’s third quarter, an increase of 8.8%. Adjusted local currency revenue increased by 14.6% in the quarter.
  • The group had strong volume growth and higher pricing in both Food & Pharmaceutical Colors and Personal Care. Segment operating income was $28.2 million in the quarter compared to $27.3 million in last year’s comparable period, an increase of 3.5%. Adjusted local currency operating income increased by 10.9% compared to the prior year’s third quarter. The higher operating income is primarily a result of the higher volumes and favorable pricing, partially offset by higher input costs.
  • The Asia Pacific Group reported revenue of $35.2 million in the quarter compared to $33.4 million in last year’s third quarter, an increase of 5.3%. Adjusted local currency revenue increased by 14.5% in the quarter. The higher revenue was a result of strong volume growth and higher pricing. Segment operating income was $7.0 million in the quarter compared to $6.6 million in last year’s third quarter, an increase of 5.3%. Adjusted local currency operating income increased by 16.3% in the quarter. The higher operating income was primarily a result of the favorable volume growth and higher pricing.
  • Corporate & Other reported operating costs of $14.0 million in the current quarter compared to $12.1 million in last year’s third quarter, an increase of 16.0%. Adjusted local currency operating expenses for Corporate & Other increased by 23.5% in the quarter primarily due to higher performance-based compensation.

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