Sensient's Net Rises

Shares add 4%.
Author:
Publish date:

Sensient Technologies

(SXT) - Get Report

rose 4% after third-quarter earnings rose 20.2% from a year ago.

The Milwaukee-based company earned $17 million, or 37 cents a share, in the quarter ended Sept. 30, compared with $14 million, or 30 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of 35 cents a share in the most recent quarter.

Third-quarter revenue rose 9.5% to $281 million, topping the analysts estimate of $271 million.

"This marks Sensient's third consecutive quarter of double-digit earnings increases," the company said. "Our businesses are showing excellent results with the Flavors & Fragrances Group again reporting record quarterly revenues and operating profits."

The company raised its guidance for the full year and expects earnings of $1.40 a share to $1.43 a share, compared with previous guidance of $1.38 a share to $1.42 a share. Analysts expect earnings of $1.38 a share.

Sales from the flavors and fragrances group increased 11.1% to $189.56 million, led by strong demand and improved pricing. Color group revenue rose 6.1% to $87.12 million.

The company's board Thursday increased the quarterly cash dividend on its common stock from 15 cents to 16 cents a share, effective for the quarterly dividend payable on Dec.1 to shareholders of record Nov. 8.

The shares were trading up 74 cents at $21.84 Friday.

This story was created through a joint venture between TheStreet.com and IRIS.