Sensient Technologies reported diluted earnings per share of 64 cents for the quarter ended Sept. 30, 2011, a third-quarter record and an increase of 12.3% over the 57 cents earned in last year's third quarter. The reported results in the third quarter of 2010 were 59 cents.
Consolidated revenue reached a new third-quarter high of $363.8 million, an increase of 6.7% over the $340.9 million reported in the third quarter of 2010. 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 Sept. 30, 2011, was $1.1 billion, an increase of 10.3% over the $988.9 million reported in the first nine months of 2010. Diluted earnings per share increased 12.9% to $1.84 compared to $1.63. The reported earnings for the nine months ended Sept. 30, 2010, were $1.65 per share.
"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. "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 million in the third quarter of 2011, an increase of 6.8% over the $113.3 million reported in last year's third quarter. Operating income increased 14.2% to $22.9 million from $20 million in the third quarter of 2010. The strong demand for natural colors continues to drive the Group's revenue and profit growth.
The Board of Directors of Sensient Technologies has declared a regular quarterly cash dividend on its common stock of $0.21 per share. The cash dividend will be paid on Dec. 1, 2011, to shareholders of record on Nov. 9, 2011.