Sensient Technologies 3Q Profit Slides 5 Percent
MILWAUKEE (AP) ¿ Sensient Technologies Corp. said Friday its third-quarter earnings slipped 5 percent as the maker of fragrances, colors and flavors struggled under a stronger dollar and "soft economic conditions."
The company also lowered its forecast for 2009 earnings.
Net income slipped to $22.8 million, or 47 cents per share, compared with $24.1 million, or 50 cents per share, in the year-earlier period.
Analysts polled by Thomson Reuters expected, on average, earnings per share of 50 cents.Revenue fell to $303.2 million from $318.6 million. Analysts expected revenue of $316 million. A strong dollar trimmed revenue by 4.2 percent, Sensient said. "We saw strength this quarter in a number of markets, but overall results continue to be impacted by soft economic conditions," said CEO Kenneth P. Manning. In morning trading, shares of Sensient Technologies fell $2.24, or 7.7 percent, to $28.87.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV