Sensient Technologies Corporation reported that diluted earnings per share for the three months ended March 31, 2009, reached 45 cents, a record level for the company’s first quarter. Diluted earnings per share for the prior year’s comparable period were 43 cents. Consolidated revenue for the first quarter of 2009 was $282.8 million compared to $307.4 million in the first quarter of 2008. On a local currency basis, first quarter revenue was up 1.4% in comparison to the prior year.
Cash provided by operating activities in the first quarter rose sharply to $17.5 million, compared to $9.7 million in the prior year’s comparable period. Total debt at March 31, 2009, was $468.5 million, a reduction of $11.4 million since the beginning of the year and $59.5 million in the last twelve months.
“We have delivered our 13th consecutive quarter of increased earnings, despite a challenging economic environment,” said Kenneth P. Manning, chairman and CEO of Sensient Technologies. “Our Flavors & Fragrances business delivered solid local currency growth this quarter across all major markets.”