Sensient Technologies Q4 Results Miss Estimates; Provides FY23 Outlook
(RTTNews) - Sensient Technologies Corp. (SXT) reported Friday that net income for the fourth quarter increased to $29.12 million or $0.69 per share from $27.23 million or $0.65 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $0.64 per share, compared to $0.73 per share in the year-ago quarter.
Consolidated revenue for the quarter increased 2.4 percent to $348.74 million from $340.45 million in the same quarter last year.
Foreign currency translation decreased revenue by approximately 3% and earnings per share by approximately 6% in the current quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.70 per share on revenues of $352.07 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2023, the company now projects earnings per share to be flat to low-single digit growth compared to 2022 earnings of $3.34 per share and adjusted earnings per share to grow at a flat to low-single digit growth rate in local currency on revenue growth in the mid-single digit rate in local currency.
The Street is looking for earnings of $3.44 per share on revenues of $1.49 billion for the year.
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