Milwaukee-based Sensient Technologies Corp. reported net income of $35.6 million during the third quarter, a 29.1 percent increase driven by strength in its food color, cosmetic and Asia Pacific businesses.
The manufacturer and marketer of colors, flavors and fragrances saw earnings increase from 60 cents to 79 cents per diluted share and revenue was up 1.5 percent to $349.7 million.
“Sensient had another strong performance in the third quarter with solid profit growth at each of our operating segments,” said Paul Manning, Sensient chairman, president and chief executive officer. “The color group and the Asia Pacific group are having outstanding years, while the flavors & fragrances group continues to make progress and deliver solid results.”
The company’s color group reported revenue of $125.4 million, an increase of 5.9 percent, and operating income for the segment was up 13.4 percent to $26.3 million. The company said the food color and cosmetic businesses were the main drivers for the segment.
The flavors and fragrances group reported a 3.2 percent drop in revenue to $200.7 million, although the segment’s operating income was up 3 percent to $32.3 million. Sensient said foreign currency translation hurt revenue and income figures, but the natural ingredients and beverage businesses both had solid results.
The Asia Pacific group reported revenue of $33.4 million, an 18 percent increase from the previous year. Operating income was up 15.4 percent to $6.6 million
Corporate and other costs were down from $17 million to $14 million during the quarter.
