Sensient Technologies Corporation reported that diluted earnings per share for the first quarter of 2008 rose 16.2 percent to 43 cents, compared to 37 cents in the prior year's comparable period. Revenue reached a record level of $307.4 million, up 7.8 percent from the first quarter of 2007. Foreign currency translation had a favorable impact on revenue of 6 percent in the quarter. First quarter 2008 operating income increased 15.8 percent on higher sales and improved margins.
"For the first quarter, we reported record revenue and our ninth consecutive quarter of strong earnings growth," said Kenneth P. Manning, chairman and CEO of Sensient Technologies. "We see favorable pricing and growth in several key product lines, and we expect our strong performance to continue throughout the year."
The Flavors & Fragrances Group reported record first quarter revenue and operating income. Revenue for the quarter increased 8.1 percent to $195.2 million, compared to $180.5 million in last year's comparable period. Quarterly operating income was up 13.2 percent to $28.8 million, compared to $25.4 million in the first quarter of 2007. Group revenue in the quarter benefited from favorable foreign currency translation and improved pricing.
The Color Group's first quarter revenue reached an all-time record level of $102.8 million, an increase of 6.8 percent, compared to $96.2 million in last year's comparable period. Operating income for the quarter was up 8.1 percent to $18.5 million, compared to $17.1 million reported in the first quarter of 2007. Color Group revenue in the quarter reflects favorable foreign currency translation and improved pricing. Quarterly operating income rose as a result of the higher sales and improved product mix.