04.22.16
Sensient Technologies Corporation reported earnings per share from continuing operations of 69 cents in the first quarter of 2016 compared to 65 cents in last year’s first quarter. Revenue was $342.5 million in this year’s first quarter compared to $346.2 million in the comparable period last year. Operating income was $47.5 million in the first quarter of 2016 compared to $46.4 million in last year’s first quarter.
Foreign currency translation had a significant impact on the first quarter results, reducing reported revenue by 3.5%, operating income by 3.4%, and earnings per share by 4.6%, or three cents per share.
“Sensient had a good quarter driven by strong results from Color and Asia Pacific,” said Paul Manning, president and CEO of Sensient Technologies. “The Color Group had strong performances from the Cosmetics and Food Colors businesses, and Asia Pacific had solid growth in several markets. Flavors & Fragrances had a challenging quarter, but I expect the Group to recover and meet its full year growth targets. Our strategy is working and I am very optimistic about the future.”
The Flavors & Fragrances Group reported first quarter revenue of $198.3 million, a decrease of 3.7% from $206.0 million reported in last year’s first quarter. Segment operating income was $27.5 million compared to $30.5 million in the first quarter of 2015. The Flavors & Fragrances Group’s operating margin was 13.9% in the quarter. The Flavors & Fragrances Group’s results were unfavorably impacted by several issues, including a limited supply of dehydrated garlic, order timing, and transitional issues related to restructuring.
The Color Group reported revenue of $126.0 million in the quarter, an increase of 3.1% compared to $122.2 million in last year’s first quarter. Segment operating income increased 6.0% to $27.8 million in the first quarter compared to $26.3 million in the comparable period last year. The Color Group’s operating margin was 22.1% in the first quarter. Foreign currency translation reduced revenue by 4.6%, and segment operating income by 3.7% in the quarter.
The Color Group’s performance was driven by strong results from the Cosmetics and Food Color businesses. The Cosmetics business reported double-digit growth for both revenue and operating income, and the Food Color business reported high single-digit profit growth.
The Asia Pacific Group reported revenue of $29.7 million in the quarter, an increase of 3.1% over the $28.8 million reported in the first quarter of 2015. Segment operating income was $6.0 million in the quarter, an increase of 6.3% from last year’s first quarter result of $5.7 million. Foreign currency translation reduced revenue by approximately 6% and segment operating income by approximately 7% in the quarter.
Foreign currency translation had a significant impact on the first quarter results, reducing reported revenue by 3.5%, operating income by 3.4%, and earnings per share by 4.6%, or three cents per share.
“Sensient had a good quarter driven by strong results from Color and Asia Pacific,” said Paul Manning, president and CEO of Sensient Technologies. “The Color Group had strong performances from the Cosmetics and Food Colors businesses, and Asia Pacific had solid growth in several markets. Flavors & Fragrances had a challenging quarter, but I expect the Group to recover and meet its full year growth targets. Our strategy is working and I am very optimistic about the future.”
The Flavors & Fragrances Group reported first quarter revenue of $198.3 million, a decrease of 3.7% from $206.0 million reported in last year’s first quarter. Segment operating income was $27.5 million compared to $30.5 million in the first quarter of 2015. The Flavors & Fragrances Group’s operating margin was 13.9% in the quarter. The Flavors & Fragrances Group’s results were unfavorably impacted by several issues, including a limited supply of dehydrated garlic, order timing, and transitional issues related to restructuring.
The Color Group reported revenue of $126.0 million in the quarter, an increase of 3.1% compared to $122.2 million in last year’s first quarter. Segment operating income increased 6.0% to $27.8 million in the first quarter compared to $26.3 million in the comparable period last year. The Color Group’s operating margin was 22.1% in the first quarter. Foreign currency translation reduced revenue by 4.6%, and segment operating income by 3.7% in the quarter.
The Color Group’s performance was driven by strong results from the Cosmetics and Food Color businesses. The Cosmetics business reported double-digit growth for both revenue and operating income, and the Food Color business reported high single-digit profit growth.
The Asia Pacific Group reported revenue of $29.7 million in the quarter, an increase of 3.1% over the $28.8 million reported in the first quarter of 2015. Segment operating income was $6.0 million in the quarter, an increase of 6.3% from last year’s first quarter result of $5.7 million. Foreign currency translation reduced revenue by approximately 6% and segment operating income by approximately 7% in the quarter.