Shares of Sensient Tech (SXT) - Get Sensient Technologies Corporation Report moved higher after the company said second-quarter earnings dropped from a year ago but beat analysts' estimates. In addition, the company expects third-quarter results above current Street expectations.
The Milwaukee-based maker of artificial color and flavor products said net income fell to $18.2 million, or 39 cents a share, from $21.7 million, or 46 cents a share, a year earlier.
However, the latest quarter came in above a Thomson First Call analyst estimate of 36 cents a share.
Sales edged slightly higher to $263.8 million from $261.9 million last year.
The company said strong sales in its flavors and fragrance unit, as well as favorable foreign exchange rates, helped the company exceed its estimates.
For the third quarter, Sensient expects to earn 46 cents a share, 4 cents higher than the consensus estimate of 42 cents a share. Further, the company now expects full-year earnings of $1.65, above the current analyst estimate of $1.55.
Shares are recently up 80 cents, or 3.9%, to $21.50.