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Jun 30, 2023
Sensient Q2 2023 Earnings Report
Sensient Technologies Corporation reported a revenue increase of 0.7% and a decrease in diluted earnings per share to 81 cents for the quarter ended June 30, 2023.
Key Takeaways
Sensient Technologies Corporation reported consolidated revenue of $374.3 million for the second quarter of 2023, a 0.7% increase compared to the previous year. However, operating income decreased to $51.6 million from $55.2 million, and diluted earnings per share fell to 81 cents from 92 cents.
Consolidated revenue increased by 0.7% to $374.3 million.
Operating income decreased by 6.6% to $51.6 million.
Diluted earnings per share decreased to 81 cents from 92 cents.
The company now expects 2023 full year GAAP diluted earnings per share to be down high single digits compared to our 2022 reported GAAP diluted earnings per share of $3.34.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Sensient now expects 2023 full year GAAP diluted earnings per share to be down high single digits and continues to expect 2023 revenue to grow at a mid-single-digit rate on a local currency basis.
Positive Outlook
- Company continues to expect 2023 revenue to grow at a mid-single-digit rate on a local currency basis compared to the Company’s 2022 revenue.
- Based on current exchange rates, the Company expects foreign exchange rates to be modestly favorable for the full year.
- The Company’s guidance is based on current conditions and economic and market trends in the markets in which the Company operates
- We do not anticipate any divestiture related costs, operational improvement plan costs, or results of divested business in 2023 at this time.
- Sensient Technologies Corporation is a leading global manufacturer and marketer of colors, flavors, and other specialty ingredients.
Challenges Ahead
- Sensient now expects 2023 full year GAAP diluted earnings per share to be down high single digits compared to our 2022 reported GAAP diluted earnings per share of $3.34
- Company now expects 2023 adjusted EBITDA to be down mid-single digits on a local currency basis compared to the Company’s 2022 adjusted EBITDA.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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