Sensient Technologies Corporation (SXT) Demonstrated Business Growth During Q3 2020

ASTR Stock
ASTR Stock

Sensient Technologies Corporation (SXT) has recently announced cash dividends as well as quarterly results. Company’s Board of Directors approved a regular quarterly cash dividend of $0.39 per share on its common stock. Results for the quarter ended September 30, 2020 came following the announcement of cash dividends which will be paid on December 1, 2020, to shareholders of record on November 2, 2020.

For the quarter, the company generated consolidated revenue of $323.6 million which was more than that of $317.7 million in the year ago quarter. Operating income of $41.2 million also remained above the $38.8 reported by the company in last year’s third quarter. Company’s diluted earnings per share of 78 cents reported for the third quarter was also more than that of 75 cents reported in the same quarter a year earlier. Company also shared that its revenue, EPS and operating income has not been impacted by foreign currency conversion.

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During the reported quarter, revenue from the company’s Flavors & Extract Group remained growing by 9.1% to $182.9 million in comparison to the revenue of $167.6 million reported last year. Revenue by the Asia Pacific Group showed a growth of 2.0% to generate $30.7 million in the reported quarter against revenue of $30.1 million reported by the segment last year.

Despite having reporting good growth figures in food and pharmaceutical colors, and in a number of foreign regions, sales volume from the Color Group came offsetting the effect of that growth. During the third quarter, revenue by that segment dropped by 8.3% to $116.4, largely because of the lower demand for makeup during COVID-19. Segment’s revenue in the third quarter of last year was $127.0 million.

The company reported Corporate & Other operating costs of $12.4 million for the quarter which was $7.7 million in the same quarter a year ago.