Sensient reports record revenue and operating income for 2011
Driven by Flavour & Fragrances Group
Sensient Technologies, a global manufacturer of colours, flavours and fragrances based in Milwaukee, reported record revenue and operating income in 2011. Consolidated revenue was more than US$1.43bn, an increase of 7.7% over 2010, with consolidated operating income of $190.8m, up 9.3%.
The results included a pre-tax charge of approximately $4.8m ($3.7m after tax) for a cost reduction plan implemented in Q4 to improve efficiency and profitability, which was offset by a gain of $3.6m related to the acquisition of Les Colorants Wackherr do Brasil.
Kenneth Manning, Sensient Technologies’ chairman, president and ceo said the company performed ‘exceptionally well’ in 2011.
‘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.’
The Colour Group reported record revenue of $491.9m in 2011, an increase of 9.9%, compared with $447.5m in 2010. Operating income in the year increased 16.6% to a record $90.2m.
The Flavours & Fragrances Group increased revenue 6.4% to a record $860.7m in 2011, compared with $809.1m in 2010. Operating income for the year was $130.8m, also a record level and an increase of 7.3% over 2010.
Corporate & Other, which includes the company’s operations in Asia Pacific and China, reported revenue for the year of $131.8m, an increase of 16.5% over the $113.2m reported in 2010.