Sensient Tech. Profit Falls On Costs

(RTTNews) - Sensient Technologies Corp. (SXT), the maker of colors and fragrances, Thursday reported second-quarter net income of $32 million or $0.65 per share, compared with $35 million or $0.70 per share last year.

Results for the recent quarter included restructuring charges of $0.09 per share, excluding which earnings would have been $37 million or $0.74 per share.

Analysts polled by Thomson Reuters estimated earnings of $0.72 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter were higher at $379 million, compared with $368 million in the prior year.

For the fiscal year 2013, Sensient lifted the bottom range of its earnings outlook by two cents and now expects $2.68 and $2.73 per share, excluding the restructuring charge. Analysts expect earnings of $2.69 per share.

Earlier this year, the company revealed a restructuring plan that includes relocating the Flavors & Fragrances Group headquarters to Chicago, consolidating operating facilities in Europe and North America, and cutting jobs.