Sensient Technologies Q2 Profit Surges 49%; Boosts FY22 Revenue Growth Outlook
(RTTNews) - Sensient Technologies Corp. (SXT) reported Friday that net income for the second quarter increased to $38.65 million or $0.92 per share from $25.94 million or $0.61 per share in the prior-year quarter.
Consolidated revenue for the quarter increased 10.7 percent to $371.71 million from $335.83 million in the prior-year quarter.
Foreign currency translation decreased revenue by approximately 3% and earnings per share by approximately 5% in the present quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.89 per share on revenues of $358.70 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2022, the company continues to project earnings per share to grow at a high-teen growth rate and adjusted earnings per share to grow at a high single- to double-digit rate in local currency on revenue growth in the high single digit rate in local currency.
Annual revenues are now expected to grow at a high single digit rate in local currency, compared to the prior forecast for a mid-to-high single digit growth rate in local currency.
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