Sensient Technologies Q1 Profit Beats Estimates; Raises 2022 Guidance

(RTTNews) - Sensient Technologies Corp. (SXT) reported that its first quarter adjusted earnings per share increased to $0.88 from $0.77, prior year. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.83, for the quarter. Analysts' estimates typically exclude special items.

Net earnings increased to $37.07 million from $31.67 million, last year. Earnings per share was $0.88 compared to $0.75.

Consolidated revenue declined to $355.5 million from $359.7 million, prior year. Adjusted revenue increased to $355.52 million from $334.13 million, last year. Analysts on average had estimated $355.32 million in revenue.

Sensient now expects 2022 full year GAAP earnings per share to grow at a high-teen growth rate. The company's previous guidance was for a mid-teen growth rate. The company now expects 2022 adjusted EBITDA and earnings per share to grow at a high single- to double-digit rate in local currency. The previous guidance for adjusted EBITDA and earnings per share was for a high single-digit growth rate in local currency.

The company now expects 2022 revenue to grow at a mid-to-high single-digit rate in local currency. The company's previous guidance was for a mid-single-digit growth rate in local currency.