Citation
(2010), "Sensient Technologies reports earnings for the quarter ended September 30, 2009", Pigment & Resin Technology, Vol. 39 No. 2. https://doi.org/10.1108/prt.2010.12939bab.031
Publisher
:Emerald Group Publishing Limited
Copyright © 2010, Emerald Group Publishing Limited
Sensient Technologies reports earnings for the quarter ended September 30, 2009
Article Type: Industry news From: Pigment & Resin Technology, Volume 39, Issue 2
Sensient Technologies Corporation reported that diluted earnings per share for the three months ended September 30, 2009, equaled 47 cents. Diluted earnings per share for the prior year’s comparable period were 50 cents. Third quarter earnings, as stated in local currency, would be approximately 3 cents per share higher than reported earnings and even with the prior year.
Consolidated revenue for the third quarter of 2009 was $303.2 million compared to $318.6 million in the third quarter of 2008. On a local currency basis, consolidated quarterly revenue was lower by approximately 1 percent in comparison to the prior year.
Diluted earnings per share for the nine months ended September 30, 2009, were $1.45 compared to $1.46 cents in last year’s comparable period. As stated in local currency, earnings per share for the 2009 year-to-date period would be approximately 14 cents higher than reported earnings. Revenue for the first nine months of this year was $890 million, compared to $958.8 million in the prior year’s first nine months.
Cash provided by operating activities in the third quarter rose sharply to $43.1 million, compared to $27.8 million in the prior year’s comparable period. For the nine months ended September 30, 2009, cash provided by operating activities was $98.6 million, an increase of 48.7 percent compared to the prior year.
“We saw strength this quarter in a number of markets, but overall results continue to be impacted by soft economic conditions,” said Kenneth P. Manning, Chairman and CEO of Sensient Technologies. “Our strategy of reducing debt and investing in our business has allowed the company to deliver stable results during this challenging period. I remain optimistic about Sensient’s prospects in the future.”
The Board of Directors of Sensient Technologies declared a regular quarterly cash dividend on its common stock of $0.19 per share. The cash dividend will be paid on December 1, 2009, to shareholders of record on November 9, 2009.