04.29.20
Sensient Technologies reprted diluted earnings per share of 49 cents in the first quarter of 2020 compared to diluted earnings per share of 78 cents in the first quarter of 2019. Revenue was $350.7 million in this year’s first quarter compared to $347.5 million in the comparable period last year.
Operating income was $34.6 million in the first quarter of 2020 compared to operating income of $49.4 million in last year’s first quarter. Foreign currency translation decreased revenues and operating in-come by approximately 2% and earnings per share by approximately 3% in the quarter.
“While this market is challenging for all businesses as a result of COVID-19, our results for the first quarter were in line with my expectations, and we are on track for the year,” said Paul Manning, chair-man, president and CEO of Sensient Technologies. “All of our production facilities are open and producing to support our customers and their demand for our products during these unprecedented times.”
The Color Group reported revenue of $143.5 million in the quarter compared to $143.9 million in last year’s first quarter. Segment operating income was $29.7 million in the quarter compared to $30.2 million in last year’s comparable period.
Continued growth in natural colors in the Food & Beverage Colors business and growth in the Pharma-ceutical business was offset by lower volumes in Inks and in the Personal Care business. Color Group operating income was slightly lower in the quarter as higher profit in the Food & Beverage Colors busi-ness was offset by the impact of foreign currency translation and lower profit in the Personal Care busi-ness mainly due to the impact of COVID-19 and lower overall demand for makeup products.
The Flavors & Fragrances Group reported first quarter revenue of $186.5 million compared to $183.6 million reported in the comparable period last year. Higher revenue was primarily the result of strong natural ingredients growth and increases in finished flavors and extracts product lines during the period. Segment operating income was $20.9 million in the first quarter compared to $23.1 million reported in the first quarter of 2019.
The Asia Pacific Group reported revenue of $30.4 million in the quarter compared to $28.5 million re-ported in the comparable prior year period. Adjusted local currency revenue increased 8.5% in the quarter. Segment operating income was $5.1 million in the quarter compared to $4.2 million in last year’s comparable period.
Cash flow from operations was $36.9 million in this year’s first quarter compared to $23.4 million in the first quarter of 2019, an increase of approximately 58%.
Based upon current trends, Sensient is reconfirming its previously issued diluted earnings per share guidance for 2020 of $1.85 to $2.15. The guidance now includes 55 to 65 cents per share of divestiture & other related costs and the results of the operations to be divested. The guidance also includes approximately 10 cents of foreign currency headwinds based on current exchanges rates.
Operating income was $34.6 million in the first quarter of 2020 compared to operating income of $49.4 million in last year’s first quarter. Foreign currency translation decreased revenues and operating in-come by approximately 2% and earnings per share by approximately 3% in the quarter.
“While this market is challenging for all businesses as a result of COVID-19, our results for the first quarter were in line with my expectations, and we are on track for the year,” said Paul Manning, chair-man, president and CEO of Sensient Technologies. “All of our production facilities are open and producing to support our customers and their demand for our products during these unprecedented times.”
The Color Group reported revenue of $143.5 million in the quarter compared to $143.9 million in last year’s first quarter. Segment operating income was $29.7 million in the quarter compared to $30.2 million in last year’s comparable period.
Continued growth in natural colors in the Food & Beverage Colors business and growth in the Pharma-ceutical business was offset by lower volumes in Inks and in the Personal Care business. Color Group operating income was slightly lower in the quarter as higher profit in the Food & Beverage Colors busi-ness was offset by the impact of foreign currency translation and lower profit in the Personal Care busi-ness mainly due to the impact of COVID-19 and lower overall demand for makeup products.
The Flavors & Fragrances Group reported first quarter revenue of $186.5 million compared to $183.6 million reported in the comparable period last year. Higher revenue was primarily the result of strong natural ingredients growth and increases in finished flavors and extracts product lines during the period. Segment operating income was $20.9 million in the first quarter compared to $23.1 million reported in the first quarter of 2019.
The Asia Pacific Group reported revenue of $30.4 million in the quarter compared to $28.5 million re-ported in the comparable prior year period. Adjusted local currency revenue increased 8.5% in the quarter. Segment operating income was $5.1 million in the quarter compared to $4.2 million in last year’s comparable period.
Cash flow from operations was $36.9 million in this year’s first quarter compared to $23.4 million in the first quarter of 2019, an increase of approximately 58%.
Based upon current trends, Sensient is reconfirming its previously issued diluted earnings per share guidance for 2020 of $1.85 to $2.15. The guidance now includes 55 to 65 cents per share of divestiture & other related costs and the results of the operations to be divested. The guidance also includes approximately 10 cents of foreign currency headwinds based on current exchanges rates.