Markets :: Specialty Chemicals :: Flavors and fragrances
Sensient swings to loss on restructuring charges, raises guidance
10:00 AM MDT | April 15, 2014 | Vincent Valk
Sensient Technologies has reported a first-quarter net loss of $2.08 million, or 4 cts/share, compared with a profit of $21.4 million, or 43 cts/share, in the year-ago quarter, due mostly to restructuring charges. Excluding restructuring costs, which totaled $52.7 million during the quarter, adjusted net earnings totaled 71 cts/share, up 14.5% year-on-year (YOY). Revenues rose 0.7%, to $368.1 million. “The results this quarter clearly demonstrate that our strategy is working. There is additional upside potential for the margins in both businesses, and we...
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