Sensient Technologies Corp (NYSE:SXT)
$ 79.09 2.45 (3.2%) Market Cap: 3.35 Bil Enterprise Value: 3.88 Bil PE Ratio: 38.21 PB Ratio: 3.18 GF Score: 84/100
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Q2 2024 Sensient Technologies Corp Earnings Call Transcript

Jul 26, 2024 / 01:30PM GMT
Release Date Price: $76.64 (-4.89%)

Key Points

Positve
  • Sensient Technologies Corp (SXT) reported an 8% increase in local currency revenue for the second quarter of 2024, driven primarily by volume growth.
  • The Flavors & Extracts Group achieved 11% local currency revenue growth and 7% operating profit growth for the first six months of 2024.
  • The Color Group delivered 5% local currency revenue growth and 9% operating profit growth in the second quarter.
  • The Asia-Pacific Group reported 11% local currency revenue growth and 9% operating profit growth in the second quarter.
  • Sensient Technologies Corp (SXT) raised its guidance for 2024, now expecting mid to high single-digit growth in local currency revenue and adjusted EBITDA.
Negative
  • Operating income for the second quarter of 2024 was $49.7 million, down from $51.6 million in the same period last year.
  • The Flavors & Extracts Group faced elevated costs in certain agricultural ingredients and raw materials, impacting operating leverage.
  • The company's consolidated adjusted tax rate increased to 25.8% in the second quarter of 2024, up from 24.8% in the same period last year.
  • Foreign currency translation reduced EPS by approximately $0.02 in the second quarter of 2024.
  • Performance-based compensation increased compared to the low value recorded in 2023, impacting operating income.
Operator

Good morning and welcome to the Sensient Technologies Corporation 2024 second quarter earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question. You may press star on your touchtone phone to withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Mr. Tobin Tornehl. Please go ahead, sir.

Tobin Tornehl
Sensient Technologies Corp - CFO, Principal Financial Officer, & VP

Good morning, and welcome to the Sensient earnings call for the same quarter of 2024. I'm Tobin Tornehl, Vice President and Chief Financial Officer of Sensient Technologies Corporation. I'm joined today by Paul Manning, Sensient's Chairman, President and Chief Executive Officer.

Earlier today, we released our 2024 second quarter results. A copy of the earnings release and slides we will be

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