Sensient Technologies third quarter results reach new high
Colour and flavours set new Q3 records for revenue and operating income
Sensient Technologies Corporation has reported consolidated revenue of US$363.8m, an increase of 6.7% over the $340.9m reported in the same period of 2010 and a new third-quarter high. Foreign currency translation increased both revenue and operating income by approximately 4% in the quarter. The Color Group and the Flavors & Fragrances Group each reported new third-quarter records for both revenue and operating income.
Revenue for the nine months ended 30 September 2011 was $1.1bn, an increase of 10.3% over the $988.9m reported in the first nine months of 2010.
Cash provided by operating activities was $39.7m in the third quarter and $106.6m for the first nine months of 2011. Total debt at September 30, 2011, was $322.1m compared with $360.3m as of 30 September 2010.
‘Our businesses performed very well this quarter, and I am pleased with the record results,’ said Kenneth P. Manning, chairman, president, and ceo of Sensient Technologies Corporation. ‘We continue to see opportunities for growth and we have built the infrastructure that will allow us to convert these opportunities into new business. I am very optimistic about the company's future.’
The Color Group reported revenue of $121.0m in the third quarter of 2011, an increase of 6.8% over the $113.3m reported last year. Operating income increased 14.2% to $22.9m from $20.0m in the third quarter of 2010. Favorable foreign currency translation increased revenue by 4.2% and operating income by 4.7%. The strong demand for natural colours continues to drive the group's revenue and profit growth.
The Flavors & Fragrances Group third quarter revenue increased 6.7% to $221.2m from $207.2m in of 2010. Operating income for the third quarter was $33.6m, a 4.5% increase over the $32.2m reported last year. Foreign currency translation increased revenue and operating income by approximately 3% and 2% respectively. Strong performances by the US flavour businesses drove the revenue and operating income growth.