Sensient Technologies reports record first quarter earnings

Special to The Freeman

April 15, 2014

MILWAUKEE – Sensient Technologies Corporation reported record first quarter earnings, an increase of 14.5 percent, according to a company announcement.

The company had adjusted net earnings of 71 cents per share, an increase of 14.5 percent over the prior year period’s adjusted net earnings of 62 cents per share, according to the announcement. Sensient reported its consolidated revenue increased to $368.1 million in the first quarter of 2014 from $365.6 million in last year’s first quarter. The Milwaukee company has continued to rationalize non-strategic business, which has affected revenue growth.

On March 4, Sensient announced that it was initiating a further restructuring plan to eliminate underperforming operations, consolidate manufacturing facilities and improve efficiencies within the company, according to the announcement.

“Sensient delivered a very strong performance in the first quarter of 2014,” said Paul Manning, president and CEO of Sensient Technologies Corporation, in a statement. “The results this quarter clearly demonstrate that our strategy is working. There is additional upside potential for the margins in both businesses, and we expect the Flavors & Fragrances Group’s operating margin to improve significantly in the next few years.”