Sensient Incurs Loss Due To Charges, Yet Tops Street; Lifts Outlook

(RTTNews) - Sensient Technologies Corp (SXT), a maker of colors, flavors and fragrances, said Monday it incurred a net loss of $2.1 million or $0.04 per share for the first quarter, compared with a profit of $21.4 million or $0.43 per share last year.

Results for the recent quarter included restructuring charges of $52.7 million.

Excluding items, adjusted earnings for the quarter were $35.4 million or $0.71 per share, compared with $30.8 million or $0.62 per share a year ago.

On average, three analysts polled by Thomson Reuters estimated earnings of $0.66 per share for the quarter. Analysts' estimates typically exclude special items.

The Milwaukee-based company's revenues for the quarter were $368 million, compared with $365.6 million in the prior year.

The company continued to rationalize non-strategic business, which impacted revenue growth. The company has been restructuring to eliminate underperforming operations, consolidate manufacturing facilities and improve efficiencies.

Looking ahead to fiscal 2014, the company raised its adjusted earnings outlook to a range of $2.92 to $3.00 per share from prior guidance of $2.86 to $2.94 per share. Analysts expect earnings of $2.92 per share.