Sensient 4Q profits up 20 percent
Sensient Technologies Corp. of Milwaukee reported higher fourth-quarter and fiscal year profits, driven by improvement in each of its operating groups.
The colors, flavors and fragrances manufacturer and supplier said net income for the fourth quarter increased 20 percent to $18.4 million, or 39 cents per share, compared with $15.4 million, or 33 cents per share, a year ago.
Revenue for the quarter grew 10 percent to $300.9 million from $272.8 million. Half of the growth was due to currency translation, said Sensient, a supplier to the food and beverage, pharmaceutical, cosmetic, inkjet and specialty chemical industries.
The company’s flavors and fragrances group posted an 8 percent increase in revenue and an 11 percent increase in operating income. Revenue was driven in part by improved pricing and higher volumes no checking account payday advance. The firm’s colors group reported 15 percent higher revenue, driven by currency translation and solid growth in food and beverage colors sales, and 20 percent growth in operating income.
For the year, Sensient (NYSE: SXT) reported net income of $77.8 million, or $1.65 per share, up 17 percent compared with $66.4 million, or $1.44 per share, a year ago. Revenue increased 8 percent to $1.18 billion from $1.1 billion.
Sensient said it has increased its 2008 earnings per share guidance to be within a range of $1.74 to $1.78. The previous range for guidance had been between $1.73 and $1.77. Shares were up $1.70 at $27.89 in midday trading Monday.