Revenue was $317.7 million in this year’s third quarter compared to $342.7 million in the comparable period last year. Operating income was $38.8 million in the third quarter of 2019 and $50.3 million in last year’s third quarter.
The Color Group reported revenue of $127.0 million in the quarter compared to $135.1 million in last year’s third quarter. Segment operating income was $23.4 million in the quarter compared to $26.6 million in last year’s comparable period. Foreign currency decreased both revenue and operating income by approximately 2% in the period.
The Group’s results were favorably impacted by the continued growth in natural colors in the Food & Beverage Colors business and growth in the Pharmaceutical business, offset by lower sales in the Cosmetic, Inks, and Industrial businesses. Color Group operating income was lower in the quarter primarily due to the lower segment sales and higher input costs.
The Flavors & Fragrances Group reported third quarter revenue of $167.6 million com-pared to $184.4 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 fla-vor ingredient product lines. Segment operating income was $17.6 million in the third quarter compared to $24.8 million reported in the third quarter of 2018.
The Asia Pacific Group reported revenue of $30.1 million in the quarter compared to $31.3 million reported in the comparable prior year period. Segment operating income was $5.4 million and $5.8 million in the third quarters of 2019 and 2018, respectively.
The company has decided to explore strategic alternatives for certain product lines that are outside of the key strategic markets of food colors, cosmetics, pharmaceuticals, fin-ished flavors, extracts, and natural ingredients. Exploring alternatives for non-core prod-uct lines will allow the company to focus on the core remaining product lines and improve the overall portfolio and growth prospects.
“While the market has been challenging this year, I am optimistic in the continued growth of our core strategic businesses,” said Paul Manning, chairman, president and CEO of Sensient Technologies. “Adjusting our current product portfolio will significantly improve the company’s long-term outlook.”