Milwaukee-based Sensient Technologies Corp. reported third quarter net income of $27.6 million, or 60 cents per share, up from $21.3 million, or 44 cents per share, in the third quarter of 2014.
The color, flavor and fragrance manufacturer reported $43.2 million in operating income, up from $26.1 million in the same period a year ago. Operating and administrative expenses were reduced by 19 percent year-over-year.
Total revenue was $344.5 million in the third quarter, down 5.5 percent from $364.5 million in the third quarter of 2014.
The company attributed the decline in revenue to foreign currency translation, which had a negative impact on revenue (-8 percent), operating income (-11 percent) and earnings per share (-13 percent).
Sensient is also in the midst of a restructuring it undertook in 2014 to get rid of underperforming operations, consolidate its manufacturing plants and create efficiencies in the company. Those costs totaled $11 million in the third quarter, down from $21 million in the third quarter last year.
“Sensient performed well in the third quarter,” said Paul Manning, president and chief executive officer of Sensient Technologies Corp. “The Flavors and Fragrances Group delivered solid growth and continues to make progress on our new strategy and on restructuring activities. The Color Group remains strong and most of its businesses performed well in the quarter. I am very optimistic about the future.”
