Sensient Technologies Q1 Profit Tops Estimates; Revenue Up 3.8%

(RTTNews) - Sensient Technologies (SXT) reported first quarter net earnings of $33.65 million, down 9.2% from last year. Earnings per share was $0.80 compared to $0.88. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.78, for the quarter. Analysts' estimates typically exclude special items.

First quarter consolidated revenue were $369.0 million compared to $355.5 million, a year ago. Analysts on average had estimated $370.07 million in revenue.

Sensient said the company is reconfirming its expectation for 2023 GAAP earnings per share to be flat to low-single digit growth compared to 2022 reported GAAP earnings per share of $3.34. The company continues to expect 2023 earnings per share to be flat to low-single digit growth on a local currency basis compared to 2022 adjusted earnings per share. Sensient continues to expect 2023 revenue to grow at a mid-single digit rate on a local currency basis.

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