Sensient Technologies Q3 Profit Tops Estimates

Sensient Technologies Corporation (SXT) reported third quarter adjusted operating income of $47.8 million, an increase of 15.0% from prior year. Reported Consolidated revenue growth was 6.4%, for the quarter, while adjusted consolidated local currency revenue growth was 13.0%.

Adjusted earnings per share increased to $0.85 from $0.77, a year ago. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.80, for the quarter. Analysts' estimates typically exclude special items. Net earnings was $33.9 million or $0.80 per share compared to $32.9 million or $0.78 per share, last year.

Consolidated revenue was $344.3 million compared to $323.6 million, a year ago. Foreign currency translation increased revenue by approximately 1%. Adjusted revenue was $342.7 million, up 14.2%. Analysts expected revenue of $327.6 million, for the quarter.

Sensient reconfirmed its previously issued 2021 guidance for GAAP earnings per share to grow at a mid-to-high single-digit growth rate. The company now projects 2021 adjusted local currency EBITDA and adjusted earnings per share, on a local currency basis, to grow at a mid-to-high single-digit growth rate. The previous adjusted local currency EBITDA and adjusted earnings per share guidance was mid-single-digit growth rate.

The company now expects 2021 adjusted local currency revenue to grow at a high single-digit rate. The previous guidance for adjusted local currency revenue was a mid-single-digit growth rate.

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