Sensient Technologies Corporation (NYSE: SXT) reported diluted earnings per share of 65 cents in the second quarter which includes restructuring costs of 9 cents per share. As adjusted, to remove the impact of the restructuring costs, diluted earnings per share were 74 cents, an all-time quarterly record and an increase of 5.7% over the 70 cents reported in the second quarter of 2012. Consolidated revenue reached a new quarterly record of $378.8 million compared to $367.8 million in the second quarter of 2012. Operating income was $48.7 million, as reported, and included $6.6 million of pre-tax restructuring costs. Adjusted operating income was $55.3 million compared to $54.3 million reported in the second quarter of 2012. Foreign currency translation did not have a significant impact on revenue or operating income in the second quarter.
Revenue for the six months ended June 30, 2013 was $744.5 million, compared to $733.4 million reported in the first half of 2012. Diluted earnings per share, as reported, were $1.08, which includes restructuring costs of 28 cents. As adjusted, to remove the impact of the restructuring costs, diluted earnings per share were $1.36 compared to $1.28 reported in last year’s first half. Foreign currency translation did not have a significant impact on revenue or earnings per share in the first half of the year.
Cash provided by operating activities in the second quarter of 2013 was $44.5 million, an increase of 11% from the $40.1 million reported in the second quarter of 2012. For the first six months of 2013 cash provided by operating activities increased 43% to $70.0 million compared to $49.1 million in the first six months of 2012.
Earlier this year, the Company announced that it was initiating a broad and strategic restructuring plan. The plan includes relocating the Flavors & Fragrances Group headquarters to Chicago, consolidating several operating facilities throughout Europe and North America, and reducing the Company’s global headcount. The plan is progressing as scheduled and within the Company’s original cost estimates. The Company has included non-GAAP results to remove the costs related to the restructuring plan and provide investors with a view of operating performance excluding significant and non-recurring items.
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