10.23.18
Sensient Technologies reported earnings per share of $1.12 in the third quarter of 2018 compared to 73 cents in the third quarter of 2017. Revenue was $342.7 million in this year’s third quarter compared to $353.5 million in last year’s third quarter. Operating income was $50.3 million in the third quarter of 2018 and $52.0 million in last year’s third quarter.
For the nine months ended Sept. 30, 2018, and 2017, earnings per share were $2.92 and $1.72, respectively. Revenue was $1.1 billion for the first nine months of 2018 and $1 billion for the first nine months of 2017. Operating income was $158.1 million and $120.4 million in the first nine months of 2018 and 2017, respectively.
For the nine months ended September 30, 2018, adjusted earnings per share were $2.76 and operating income was $158.1 million, which compares to adjusted earnings per share of $2.58 and adjusted operating income of $165.6 million for the nine months ended Sept. 30, 2017.
The Color Group reported revenue of $135.0 million in the quarter, an increase of approximately 1% over last year’s third quarter revenue of $133.2 million. Segment operating income was $27.3 million in this year’s third quarter compared to $28.6 million in last year’s comparable quarter. The higher revenue was due to a continued strong demand for natural colors. The Cosmetic business reported lower revenue and operating income in the quarter, compared to very strong results in last year’s third quarter, primarily due to customer inventory destocking.
For the first nine months of 2018, the Color Group reported revenue of $426.4 million compared to $400.2 million in the first nine months of 2017, an increase of approximately 7%. Segment operating income increased by approximately 5% to $92.1 million in the first nine months of 2018 from $87.9 million in the first nine months of 2017.
The Flavors & Fragrances Group reported revenue of $184.4 million in the quarter, compared to $196.0 million in last year’s comparable quarter. Segment operating income was $24.8 million in this year’s third quarter and $33.0 million in last year’s third quarter. The group’s lower profit was a result of lower volumes at the production site affected by last year’s plant consolidation, ongoing market declines in several key dairy categories, higher onion costs, and lower onion pricing.
For the first nine months of 2018, the Flavors & Fragrances Group reported revenue of $571.4 million compared to $568.4 million in the first nine months of 2017, an increase of approximately 1%. Segment operating income was $74.1 million and $90.3 million for the first nine months of 2018 and 2017, respectively.
The Asia Pacific Group reported revenue of $31.3 million in the current quarter compared to $32.7 million in last year’s comparable quarter. Segment operating income was $5.8 million in both the current quarter and last year’s comparable quarter. Revenue for the first nine months of 2018 was $92.1 million compared to $91.3 million in the first nine months of 2017. Segment operating income increased 3%, from $14.8 million reported in the first nine months of 2017 to $15.3 million in the first nine months of 2018.
“I am pleased that we have now lapped the aftermath of our restructuring as well as our onion issues, which have impacted the Flavors & Fragrances segment this year,” said Paul Manning, chairman, president and CEO of Sensient Technologies. “Our key focus going forward will be to capitalize on our positive commercial activity.”
For the nine months ended Sept. 30, 2018, and 2017, earnings per share were $2.92 and $1.72, respectively. Revenue was $1.1 billion for the first nine months of 2018 and $1 billion for the first nine months of 2017. Operating income was $158.1 million and $120.4 million in the first nine months of 2018 and 2017, respectively.
For the nine months ended September 30, 2018, adjusted earnings per share were $2.76 and operating income was $158.1 million, which compares to adjusted earnings per share of $2.58 and adjusted operating income of $165.6 million for the nine months ended Sept. 30, 2017.
The Color Group reported revenue of $135.0 million in the quarter, an increase of approximately 1% over last year’s third quarter revenue of $133.2 million. Segment operating income was $27.3 million in this year’s third quarter compared to $28.6 million in last year’s comparable quarter. The higher revenue was due to a continued strong demand for natural colors. The Cosmetic business reported lower revenue and operating income in the quarter, compared to very strong results in last year’s third quarter, primarily due to customer inventory destocking.
For the first nine months of 2018, the Color Group reported revenue of $426.4 million compared to $400.2 million in the first nine months of 2017, an increase of approximately 7%. Segment operating income increased by approximately 5% to $92.1 million in the first nine months of 2018 from $87.9 million in the first nine months of 2017.
The Flavors & Fragrances Group reported revenue of $184.4 million in the quarter, compared to $196.0 million in last year’s comparable quarter. Segment operating income was $24.8 million in this year’s third quarter and $33.0 million in last year’s third quarter. The group’s lower profit was a result of lower volumes at the production site affected by last year’s plant consolidation, ongoing market declines in several key dairy categories, higher onion costs, and lower onion pricing.
For the first nine months of 2018, the Flavors & Fragrances Group reported revenue of $571.4 million compared to $568.4 million in the first nine months of 2017, an increase of approximately 1%. Segment operating income was $74.1 million and $90.3 million for the first nine months of 2018 and 2017, respectively.
The Asia Pacific Group reported revenue of $31.3 million in the current quarter compared to $32.7 million in last year’s comparable quarter. Segment operating income was $5.8 million in both the current quarter and last year’s comparable quarter. Revenue for the first nine months of 2018 was $92.1 million compared to $91.3 million in the first nine months of 2017. Segment operating income increased 3%, from $14.8 million reported in the first nine months of 2017 to $15.3 million in the first nine months of 2018.
“I am pleased that we have now lapped the aftermath of our restructuring as well as our onion issues, which have impacted the Flavors & Fragrances segment this year,” said Paul Manning, chairman, president and CEO of Sensient Technologies. “Our key focus going forward will be to capitalize on our positive commercial activity.”