Sensient's earnings up for Q3
an increase in earnings for the third quarter of 2004, a welcome
result after a drop in profit in the first six months of this year.
The Milwaukee-based manufacturer said that revenue had increased 3.9 percent to $256.8 million from $247.3 million reported for last year's third quarter. Diluted earnings per share climbed to 46 cents, a 4.5 percent increase on last year.
The company wanted to focus attention on its cash flow, which it said continued to set records for the company.
"We are reporting record cash flow for the nine-month period and our fourth consecutive quarter of increased cash flow. Our businesses are showing increasing strength and each of our groups reported higher quarterly and year-to-date revenue," said Kenneth Manning, CEO of Sensient.
The group stated that it now expects diluted earnings per share for the fourth quarter of 2004 to be between 43 and 48 cents, with them in the range of $1.60 to $1.65 per share for the year.
In August, Sensient reported a 15.8 percent drop in profit for the first six months owing to a rise in product costs.
Created more than 120 years ago, Sensient - that in 2000 changed its name from the Universal Foods corporation - over the past few years has moved from a commodity driven business into value added, more sophisticated products. In the past seven years the 3500 strong firm has secured 20 acquisitions, and more than half of its revenues are from non-US operations.
The company is present in 28 locations in Europe, and about a quarter of revenue comes from this geographical zone. The company now has a 2.8 percent global share of the fragrance and flavors market.
