Sensient Technologies Reports Earnings for the 2Q 2010

Sensient Technologies reported that diluted earnings per share for the three months ended June 30, 2010, increased 9.4% to a record level of 58 cents. Earnings for this year’s second quarter, as stated in local currency, were also 58 cents. Diluted earnings per share for the prior year’s comparable period were 53 cents. Consolidated revenue for the second quarter of 2010 grew to a record level of $334 million, an increase of 9.9% compared to second quarter 2009 revenue of $304 million.

Revenue for the first six months of this year was $648 million, compared to $586.8 million in the first half of 2009, an increase of 10.4%.

Cash provided by operating activities in the second quarter increased 7.5% to $40.7 million, compared to $37.9 million in the prior year’s comparable period. For the six months ended June 30, 2010, cash provided by operating activities was $64.2 million, an increase of 15.8% over the prior year’s first half. Total debt at June 30, 2010, was $389.1 million, a reduction of $26.1 million in the quarter, $38.9 million in the first half of 2010 and $75.7 million in the last twelve months.

“We saw solid growth across a number of key product lines this quarter,” said Kenneth P. Manning, chairman and CEO of Sensient Technologies. “The investments we have made in the business will continue to deliver growth over the remainder of 2010 and beyond.”

The Color Group reported record revenue in the second quarter of $113 million, an increase of 20.5% in comparison to last year’s second quarter revenue of $93.7 million. Revenue in the Flavors & Fragrances Group for the second quarter of 2010 increased 3.8% to $205 million compared to second quarter 2009 revenue of $197.6 million.

The Board of Directors has declared a regular quarterly cash dividend on its common stock of $0.20 per share. The cash dividend will be paid on Sept. 1, 2010, to shareholders of record on Aug. 6, 2010.