Sensient Technologies Corporation reported diluted earnings per share of 70 cents in the second quarter, an all-time quarterly record and an increase of 4.5% over the 67 cents per share earned in the second quarter of 2011.
Revenue was $367.8 million in the second quarter compared to $377 million in the second quarter of 2011. Operating income was $54.3 million in both the current quarter and last year’s comparable period. Stated in local currency, revenue increased 2% and operating income increased 5% compared to last year’s second quarter.
Revenue was $733.4 million for the six months ended June 30, 2012, compared to $726.7 million reported in the first six months of last year. Revenue and diluted earnings per share increased 4% and 11%, respectively, in local currency.
“Sensient delivered a solid performance in the second quarter,” said Kenneth P. Manning, chairman, president and CEO of Sensient Technologies. “We achieved local currency revenue and operating income growth in difficult economic conditions. We continue to see opportunities for growth in all of our Groups, and I remain very optimistic about the company’s future.”
The Color Group, which includes inkjet inks, reported revenue of $127.9 million in the second quarter of 2012, compared to $132.4 million reported in the comparable period last year. Operating income increased 5.3% to an all-time quarterly high of $25.9 million, from $24.6 million in the second quarter of 2011. In local currency terms, revenue and operating income increased 2.5% and 11.2%, respectively.
Color Group operating margins increased 170 basis points to 20.3% in the second quarter, due to an improved product mix focusing on higher value products. This is the first time since 2003 that the Color Group’s operating margin has exceeded 20%.