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.