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Sensient Technologies Corporation Reports Results For The Quarter Ended March 31, 2012

Stocks in this article: SXT

www.sensient.com

 
Sensient Technologies Corporation

 

(In thousands, except percentages and per share amounts)
     
 
 
Consolidated Statements of Earnings Three Months Ended March 31,
 
2012 2011 % Change
 
Revenue $ 365,660 $ 349,686 4.6%
 
Cost of products sold 250,328 241,979 3.5%
Selling and administrative expenses   68,843     64,110   7.4%
 
Operating income 46,489 43,597 6.6%
Interest expense   4,406     4,850  
 
Earnings before income taxes 42,083 38,747 8.6%
Income taxes   13,177     12,332  
 
Net earnings $ 28,906   $ 26,415   9.4%
 
Earnings per common share:
Basic $ 0.58   $ 0.53   9.4%
 
Diluted $ 0.58   $ 0.53   9.4%
 
Average common shares outstanding:
Basic   49,795     49,637   0.3%
 
Diluted   50,016     49,818   0.4%
 
 
 
 
Results by Segment Three Months Ended March 31,
 

Revenue

2012 2011 % Change
 
 
Flavors & Fragrances $ 214,731 $ 205,974 4.3%
Color 131,272 125,671 4.5%
Corporate & Other * 37,176 34,595 7.5%
Intersegment elimination   (17,519 )   (16,554 ) 5.8%
 
Consolidated $ 365,660   $ 349,686   4.6%
 
 
 

Operating Income

 
 
Flavors & Fragrances $ 29,065 $ 28,610 1.6%
Color 25,522 22,347 14.2%
Corporate & Other *   (8,098 )   (7,360 ) 10.0%
 
Consolidated $ 46,489   $ 43,597   6.6%
 
* Beginning in the first quarter of 2012, the results of operations for the Company's flavor businesses in Central and South America, previously reported in the Flavors & Fragrances Group, are reported in the Corporate & Other segment. Results for 2011 have been restated to reflect this change.
           
Sensient Technologies Corporation

 

(In thousands, except per share amounts)
 
 
Consolidated Condensed Balance Sheets
March 31, 2012 2011
 
Current assets $ 733,790 $ 693,612
Goodwill and intangibles (net) 466,461 472,150
Property, plant and equipment (net) 463,082 442,195
Other assets   38,070     35,854  
 
Total Assets $ 1,701,403   $ 1,643,811  
 
Current liabilities $ 198,700 $ 195,203
Long-term debt 336,716 323,216
Accrued employee and retiree benefits 54,068 55,016
Other liabilities 32,523 35,782
Shareholders' equity   1,079,396     1,034,594  
 
Total Liabilities and Shareholders' Equity $ 1,701,403   $ 1,643,811  
 
 
 
Consolidated Statements of Cash Flows
Three Months Ended March 31, 2012 2011
 
Net cash provided by operating activities $ 8,978   $ 28,413  
 
Cash flows from investing activities:
Acquisition of property, plant and equipment (16,939 ) (10,124 )
Proceeds from sale of assets 32 -
Other investing activity   (94 )   (60 )
 
Net cash used in investing activities   (17,001 )   (10,184 )
 
Cash flows from financing activities:
Proceeds from additional borrowings 31,364 12,002
Debt payments (11,613 ) (23,131 )
Purchase of treasury stock (15,360 ) -
Dividends paid (10,561 ) (10,487 )
Proceeds from options exercised and other   272     1,319  
 
Net cash used in financing activities   (5,898 )   (20,297 )
 
Effect of exchange rate changes on cash and cash equivalents   4,415     1,833  
 
Net decrease in cash and cash equivalents (9,506 ) (235 )
Cash and cash equivalents at beginning of period   22,855     14,255  
Cash and cash equivalents at end of period $ 13,349   $ 14,020  
 
 
 
Supplemental Information
Three Months Ended March 31, 2012 2011
 
Depreciation and amortization $ 12,037 $ 11,588
 
Dividends per share $ 0.21 $ 0.21




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