Sensient Technologies Corporation Reports Results for the Quarter Ended September 30, 2024

SXT

Sensient Technologies Corporation (NYSE: SXT), a leading provider of flavors and colors for the food, pharmaceutical, and personal care markets, today reported financial results for the third quarter ended September 30, 2024.

Third Quarter Consolidated Results

Reported revenue increased 7.9% to $392.6 million in the third quarter of 2024 versus last year's third quarter results of $363.8 million. On a local currency basis (1) , revenue increased 8.6%.

Reported operating income increased 13.4% to $50.5 million compared to $44.5 million recorded in the third quarter of 2023. In the third quarter of 2024, the Company recorded $1.2 million of costs related to its Portfolio Optimization Plan. Local currency adjusted operating income (1) and local currency adjusted EBITDA (1) increased 17.1% and 12.8%, respectively, in the third quarter.

Reported diluted earnings per share increased 2.7% to 77 cents in the third quarter of 2024 compared to 75 cents in the third quarter of 2023. Local currency adjusted diluted EPS (1) increased 8.0% to 80 cents in the third quarter.

'I am pleased with our results this quarter and remain confident that our solid performance and volume growth will allow the Company to achieve our 2024 guidance,' said Paul Manning, Sensient's Chairman, President, and Chief Executive Officer.

Third Quarter Group Results

The Flavors & Extracts Group reported third quarter 2024 revenue of $203.3 million, an increase of $12.3 million versus the prior year's third quarter. Segment operating income was $25.9 million in the third quarter of 2024, an increase of $2.8 million compared to the prior year's third quarter. The Group's higher revenue and operating income were driven by higher volumes and pricing.

The Color Group reported revenue of $162.1 million in the third quarter of 2024, an increase of $17.1 million compared to the prior year's third quarter. Segment operating income was $29.8 million in the third quarter of 2024, an increase of $6.9 million compared to the prior year's third quarter results. The Group's increased revenue and operating income were primarily a result of the higher volumes across all product lines and higher pricing.

The Asia Pacific Group reported revenue of $41.8 million in the third quarter of 2024, an increase of $5.0 million compared to the prior year's third quarter. The Group benefited from higher revenues across nearly all geographies. Segment operating income was $9.3 million in the quarter, an increase of $1.2 million compared to the prior year's third quarter. The higher operating income is primarily a result of higher volumes.

Corporate & Other reported operating expenses of $14.5 million in the third quarter of 2024, compared to $9.6 million of operating expenses reported in the prior year's third quarter. In the third quarter of 2024, the Company recorded $1.2 million of Portfolio Optimization Plan costs in Corporate & Other. Local currency adjusted operating expenses (1) for Corporate & Other increased $3.7 million compared to the prior year's third quarter, primarily due to the higher performance-based compensation costs recorded in the third quarter of 2024 compared to the low comparable amount recorded in the third quarter of 2023.

ABOUT SENSIENT TECHNOLOGIES

Sensient Technologies Corporation is a leading global manufacturer and marketer of colors, flavors, and other specialty ingredients. Sensient uses advanced technologies and robust global supply chain capabilities to develop specialized solutions for food and beverages, as well as products that serve the pharmaceutical, nutraceutical, and personal care industries. Sensient's customers range in size from small entrepreneurial businesses to major international manufacturers representing some of the world's best-known brands. Sensient is headquartered in Milwaukee, Wisconsin.

Contact:

Amy Agallar

Tel: (414) 347-3706

Email: investor.relations@sensient.com

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