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TheStreet Open House

Sensient Technologies Corporation Reports Results For The Third Quarter Ended September 30, 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 September 30,   Nine Months Ended September 30,
       
2012 2011 % Change 2012 2011 % Change
 
Revenue $ 369,371 $ 363,751 1.5 % $ 1,102,808 $ 1,090,431 1.1 %
 
Cost of products sold 251,778 249,086 1.1 % 749,928 748,916 0.1 %
Selling and administrative expenses   66,892     64,722   3.4 %   201,392     193,642   4.0 %
 
Operating income 50,701 49,943 1.5 % 151,488 147,873 2.4 %
Interest expense   4,483     4,934     13,236     14,919  
 
Earnings before income taxes 46,218 45,009 2.7 % 138,252 132,954 4.0 %
Income taxes   13,342     13,012     41,565     41,056  
 
Net earnings $ 32,876   $ 31,997   2.7 % $ 96,687   $ 91,898   5.2 %
 
Earnings per common share:
Basic $ 0.66   $ 0.64   3.1 % $ 1.95   $ 1.85   5.4 %
 
Diluted $ 0.66   $ 0.64   3.1 % $ 1.94   $ 1.84   5.4 %
 
Average common shares outstanding:
Basic   49,536     49,776   -0.5 %   49,616     49,723   -0.2 %
 
Diluted   49,785     49,967   -0.4 %   49,850     49,911   -0.1 %
 
 
Results by Segment Three Months Ended September 30, Nine Months Ended September 30,
 

Revenue

2012 2011 % Change 2012 2011 % Change
 
 
Flavors & Fragrances $ 224,699 $ 220,266 2.0 % $ 658,348 $ 652,063 1.0 %
Color 120,660 120,975 -0.3 % 379,851 379,038 0.2 %
Corporate & Other* 40,790 37,643 8.4 % 116,443 108,515 7.3 %
Intersegment elimination   (16,778 )   (15,133 ) 10.9 %   (51,834 )   (49,185 ) 5.4 %
 
Consolidated $ 369,371   $ 363,751   1.5 % $ 1,102,808   $ 1,090,431   1.1 %
 
 

Operating Income

 
 
Flavors & Fragrances $ 31,810 $ 33,149 -4.0 % $ 94,334 $ 97,634 -3.4 %
Color 23,459 22,891 2.5 % 74,930 69,886 7.2 %
Corporate & Other*   (4,568 )   (6,097 ) -25.1 %   (17,776 )   (19,647 ) -9.5 %
 
Consolidated $ 50,701   $ 49,943   1.5 % $ 151,488   $ 147,873   2.4 %
 

* Beginning in the first quarter of 2012, the results of operations for the Company's flavors business 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      
September 30, 2012 2011
 
Current assets $ 750,358 $ 697,625
Goodwill and intangibles (net) 458,370 455,360
Property, plant and equipment (net) 488,707 437,998
Other assets   39,405     40,442  
 
Total Assets $ 1,736,840   $ 1,631,425  
 
Current liabilities $ 208,511 $ 212,967
Long-term debt 328,837 301,064
Accrued employee and retiree benefits 56,420 57,740
Other liabilities 31,085 26,758
Shareholders' equity   1,111,987     1,032,896  
 
Total Liabilities and Shareholders' Equity $ 1,736,840   $ 1,631,425  
 
 
Consolidated Statements of Cash Flows
Three Months Ended September 30, 2012 2011
 
Net cash provided by operating activities $ 43,093   $ 39,737  
 
Cash flows from investing activities:
Acquisition of property, plant and equipment (19,753 ) (20,367 )
Other investing activity   (36 )   (51 )
 
Net cash used in investing activities   (19,789 )   (20,418 )
 
Cash flows from financing activities:
Proceeds from additional borrowings 8,060 6,001
Debt payments (22,777 ) (6,291 )
Dividends paid (10,941 ) (10,450 )
Proceeds from options exercised and other   526     252  
 
Net cash used in financing activities   (25,132 )   (10,488 )
 
Effect of exchange rate changes on cash and cash equivalents   2,113     (9,644 )
 
Net increase (decrease) in cash and cash equivalents 285 (813 )
Cash and cash equivalents at beginning of period   12,055     14,297  
Cash and cash equivalents at end of period $ 12,340   $ 13,484  
 
 
Supplemental Information
Three Months Ended September 30, 2012 2011
 
Depreciation and amortization $ 12,051 $ 11,509
 
Dividends per share $ 0.22 $ 0.21
 




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