Sensient Technologies Corporation SXT reported second-quarter revenues of $374.31 million, up 0.7% year over year. Revenues missed estimates of $382.62 million.
EPS of $0.81 in the second quarter fell short of the Street view of $0.88.
The Flavors & Extracts Group revenues, down 0.6% Y/Y, were negatively impacted by lower volumes, primarily due to customer destocking in certain product lines and market declines in specific product lines.
The Color Group revenues, up 2.7% Y/Y, benefited from higher pricing, partially offset by lower volumes in food, pharmaceutical, and personal care product lines.
Operating income in the quarter under review slumped 6.6% to $51.59 million.
The company exited the quarter with $36.54 million in cash and equivalents. Long-term debt at quarter-end was $686.58 million.
Outlook: Sensient expects 2023 full-year EPS to be down by high single digits compared to $3.34 in FY22 (Prior View: flat to low-single digit growth).
The company continues to expect 2023 revenue to grow at a mid-single-digit rate on a local currency basis.
Price Action: SXT shares are trading higher by 1.99% to $67.99 premarket on the last check Friday.
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