- Sensient Technologies Corp SXT reported third-quarter revenue growth of 6.4% year-over-year to $344.29 million and grew 14.2% Y/Y to $342.67 million on an adjusted basis, beating the consensus of $327.6 million.
- Sales by segments: Flavors & Extracts $181.67 million (-0.7% Y/Y), Color $139.24 million (+19.6% Y/Y) and Asia Pacific $33.44 million (+8.8% Y/Y).
- Adjusted EPS improved to $0.85 from $0.77 in 3Q20, beating the consensus of $0.80.
- The operating income increased by 14.1% Y/Y to $46.96 million, and the margin expanded by 92 bps to 13.6%. Adjusted operating income improved by 15.0%.
- S&A expenses increased by 5.6% to $68.11 million, and the corresponding margin contracted by 15 bps to 19.8%.
- Adjusted EBITDA increased by 14.2% Y/Y to $62.96 million, and margin expanded by 125 bps to 18.3%.
- Sensient generated cash from operating activities year-to-date of $116.15 million versus $142.93 million a year ago. Free cash flow was $78.54 million (-27.9% Y/Y). It held cash and equivalents of $32.94 million.
- FY21 Outlook: Sensient reaffirmed the prior outlook for GAAP EPS to grow at a mid-to-high single-digit rate compared to $2.59 reported for FY20.
- The company now expects 2021 adjusted local currency revenue to grow at a high single-digit rate (prior view mid-single-digit growth rate).
- Sensient expects its FY21 adjusted local currency EBITDA and adjusted EPS, on a local currency basis, to grow at a mid-to-high single-digit growth rate (prior view mid-single-digit growth rate).
- Price Action: SXT shares closed higher by 3.43% at $91.79 on Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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