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Sensient Technologies Reports Earnings for 3Q 2010



Published October 27, 2010
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Sensient Technologies Corporation reported that diluted earnings per share for the three months ended Sept. 30, 2010, increased 25.5% to 59 cents, including a two cent benefit from an insurance recovery related to the 2009 environmental settlement.

Excluding the insurance recovery, third quarter earnings per share reached a record level of 57 cents. Diluted earnings per share for the prior year's comparable period were 47 cents. Consolidated revenue for the third quarter of 2010 also reached an all-time record level of $340.9 million, an increase of 12.4% compared to third quarter 2009 revenue of $303.2 million.

Diluted earnings per share for the nine months ended September 30, 2010, were up 13.8% to $1.65 per share compared to $1.45 for the same period last year. The company reported record revenue of $988.9 million for the first nine months of this year, compared to $890 million in the first nine months of 2009, an increase of 11.1%.

Cash provided by operating activities in the third quarter increased 7.5% to an all-time record of $46.4 million, compared to $43.1 million last year. For the nine months ended September 30, 2010, cash provided by operating activities was $110.5 million, also a record, and an increase of 12.1% over the prior year's first nine months. Total debt at September 30, 2010, was $360.3 million, a reduction of $28.9 million in the quarter, and $84.2 million in the last twelve months. The decrease lowered the total debt to total capital ratio to 27.2%, from 32.9% at September 30, 2009.

"All of our operating units delivered exceptional results this quarter," said Kenneth P. Manning, chairman and CEO of Sensient Technologies. "Our strategic initiatives are driving the strong performance this year, and we are optimistic about our growth opportunities going forward."


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