For the 12 months ended Dec. 31, 2012, the company reported revenue of $652.1 million, up 10% year-over-year compared to $591.6 million for the same period in 2011. GAAP net income was $83.3 million or $1.74 per diluted share, compared to GAAP net income of $27.5 million or $0.58 per diluted share for the same period in 2011, up 203% and 200%, respectively.
“We finished 2012 with a very strong quarter that marked a record year for EFI. The fourth quarter again demonstrated tremendous execution and commitment by our team, solidifying our third consecutive year of double-digit growth,” said Guy Gecht, CEO of EFI. “We are excited about 2013 and the growth opportunities ahead for EFI and our customers.”
Sensient Technologies Corporation reported record revenue and earnings per share for 2012. Consolidated revenue was $1.5 billion in 2012, compared to $1.4 billion in 2011. Diluted earnings per share increased to $2.49 for the year, up from $2.41 reported in 2011. Consolidated operating income was $191.2 million in 2012 compared to $190.8 million reported in 2011.
Consolidated revenue for the fourth quarter of 2012 was $356.2 million, a fourth quarter record and an increase of 4.7% over the $340.4 million reported in last year’s fourth quarter.
The company is initiating a broad strategic and restructuring plan in the first quarter of 2013. One component of the plan will focus on relocating the Flavors & Fragrances Group headquarters, technical groups, and North American management to Chicago.
The second component of the plan will generate operating efficiencies throughout the company. The company expects to reduce its global headcount by more than 200 employees, and consolidate several manufacturing sites during the next twelve months.
The Color Group reported record revenue of $494.1 million in 2012, up from $491.9 million in 2011. Operating income grew to $94.1 million, an all-time high and an increase of 4.3% over the $90.2 million reported in 2011. The Color Group’s operating margin was 19.0% in 2012, an increase of 70 basis points over the 2011 result of 18.3%. The record results for 2012 were driven by strong performances from the North American food and beverage business and the digital inks business.
The Color Group reported revenue of $114.3 million in the fourth quarter, up from $112.8 million reported in last year’s fourth quarter. Operating income was $19.1 million in the fourth quarter of 2012, compared to $20.3 million in the fourth quarter of 2011.
“We achieved record revenues and earnings for a third consecutive year despite a very challenging environment,” said Kenneth P. Manning, chairman and CEO of Sensient Technologies. “We increased our dividend, repurchased shares and continued to reinvest in our business during 2012. The company is strong and the 2013 restructuring activities will give us better access to our customers, increase our efficiencies and improve our operating margins. We continue to see growth opportunities, and I am very optimistic about the company’s future.”
Global alternative asset manager The Carlyle Group L.P. has completed its acquisition of DuPont Performance Coatings for $4.9 billion and announced that the company is being renamed Axalta Coating Systems.
Axalta Coating Systems is a global supplier of coatings to the transportation and industrial sectors. The investment was funded primarily with equity from Carlyle Partners V and Carlyle Europe Partners III.
“We are excited to invest in Axalta Coating Systems and believe its strong market position and global footprint will enable the company to capitalize on opportunities in rapidly emerging markets such as China and Brazil. As experienced investors in the industrial and transportation sectors, the One Carlyle global network can help Axalta Coating Systems grow and create value,” said Martin Sumner, principal of The Carlyle Group.
Charlie Shaver, the company’s chairman and CEO added, “We look forward to this exciting next chapter for Axalta Coating Systems. Our global scale with 35 plants and seven technology centers around the world, combined with Carlyle’s industrial focus and global network, position us well for the future.”
As an independent company, Axalta Coating Systems will build on a foundation of more than 90 years in the coatings industry. The company serves more than 120,000 customers in 130 countries and provides customers with a full range of coating systems.