The Flavors & Fragrances Group reported third quarter revenue of $224.7 million compared to $220.3 million in last year’s third quarter. Operating income was $31.8 million in the quarter compared to $33.1 million in the third quarter of 2011. Foreign currency translation reduced revenue by 3.4% and operating income by 1.4% in the quarter. Third quarter results were affected by customer inventory destocking and higher raw material costs.
The Corporate & Other segment, which includes the Company’s operations in Asia Pacific and China, and the flavor businesses in Central and South America, reported revenue of $40.8 million in the quarter, an increase of 8.4% over the $37.6 million reported in last year’s third quarter.
Sensient has narrowed its guidance for 2012 diluted earnings per share, which is now expected to be between $2.51 and $2.56.
The company will host a conference call to discuss its 2012 third quarter financial results at 10:00 a.m. CDT on Friday, October 19, 2012. To make a reservation for the conference call, please contact InterCall Teleconferencing at (706) 645-6973 and refer to the Sensient Technologies Corporation conference call.
A replay will be available beginning at 1:00 p.m. CDT on October 19, 2012, through midnight on October 26, 2012, by calling (404) 537-3406 and referring to conference identification number 36872451. A transcript of the call will also be posted on the company’s web site at
after the call concludes.
This release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) that reflect management’s current assumptions and estimates of future economic circumstances, industry conditions, company performance and financial results.
A variety of factors could cause the Company’s actual results and experience to differ materially from the anticipated results, including, but not limited to the factors noted in this press release and in the Management’s Discussion and Analysis in our most recently filed annual report on Form 10-K for the year ended December 31, 2011, and quarterly report on Form 10-Q for the quarter ended June 30, 2012. The forward-looking statements in this press release speak only as to the date of this release.
Sensient Technologies Corporation expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations upon which such statements are based.
ABOUT SENSIENT TECHNOLOGIES
Sensient Technologies Corporation is a leading global manufacturer and marketer of colors, flavors and fragrances. Sensient employs advanced technologies at facilities around the world to develop specialty food and beverage systems, cosmetic and pharmaceutical systems, inkjet and specialty inks and colors, and other specialty and fine chemicals. The Company’s customers include major international manufacturers representing most of the world’s best-known brands. Sensient is headquartered in Milwaukee, Wisconsin.