Sensient Technologies Q3 Profit Down, Revenue Edges Up; Cuts FY23 View

(RTTNews) - Sensient Technologies Corp. (SXT), a provider of flavors and colors, reported Friday that its third-quarter net earnings declined 12.5 percent to $31.54 million from last year's $36.05 million. Earnings per share were $0.75, down 11.8 percent from $0.85 a year ago.

Revenue increased 0.8 percent to $363.83 million from last year's $361.08 million. On a local currency basis, revenue decreased 2.0 percent.

Looking ahead for fiscal 2023, Sensient now expects earnings per share to be down low double digits compared to 2022 earnings of $3.34 per share and also on a local currency basis compared to 2022 adjusted earnings per share of $3.29.

The company previously expected earnings per share to be down high single digits compared to last year.

Sensient now expects 2023 revenue to grow at a low single-digit rate on a local currency basis, while its previous guidance was for a mid-single-digit growth rate on a local currency basis.

The company continues to expect its 2023 adjusted EBITDA to be down mid-single digits on a local currency basis.

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