“I am encouraged by the continued growth in natural colors and the solid performance in our finished flavors and extracts business,” said Paul Manning, chairman, president and CEO of Sensient Technologies Corporation. “I am confident that our overall results will improve in the second half of the year.”
The Color Group reported revenue of $138.9 million in the quarter compared to $144.3 million in last year’s second quarter. Segment operating income was $27.9 million in the quarter compared to $31.1 million in last year’s comparable period. The Group’s results were favorably impacted by the continued strong revenue growth in natural colors in the Food & Beverage Colors business and growth in the Pharmaceutical business, offset by lower sales in the Cosmetic and Inks businesses. Color Group operating income was lower in the quarter due to lower cosmetic sales, higher raw material costs, tariffs, and the timing of pricing actions.
The Flavors & Fragrances Group reported second quarter revenue of $180.1 million compared to $198.7 million reported in the comparable period last year. Higher revenue in the finished flavors and extracts product lines was offset by lower revenue in certain flavor ingredient product lines. Segment operating income was $20.1 million in the second quarter compared to $24.0 million reported in the second quarter of 2018.
The Asia Pacific Group reported revenue of $29 million in the quarter compared to $30.5 million reported in the comparable prior year period.