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Sensient Profit Rises

TSC and IRIS Staff

Sensient Technologies(SXT Quote), a manufacturer of colors, flavors and fragrances, said its second-quarter earnings rose 16.4% from a year ago.

The Milwaukee-based company earned $18.5 million, or 40 cents a share, in the quarter, compared with $15.9 million, or 34 cents a share, a year ago. Results include a gain of about one cent a share from the sale of a noncore minority investment. Analysts polled by Thomson First Call were expecting earnings of 33 cents a share in the most recent quarter.

Second-quarter revenue rose 7% to $282.2 million.

The company expects to earn $1.38 to $1.42 a share this year as against analysts' estimate of $1.31 a share.

Sales from the flavors and fragrances group increased 9.2% to $188.3 million, led by higher volumes and improved pricing, particularly within the North American flavors market. Color group revenue rose 1.6% to $90.5 million reflecting solid growth within food and beverage color product lines.

"All our Groups show revenue growth and higher operating profits," the company said. "The Flavors & Fragrances Group performed particularly well, reporting record quarterly revenues and operating income."