Milwaukee-based color and flavor manufacturer Sensient Technologies Corp. has reported second quarter net income of $29.5 million, or 63 cents per share, up from $29.1 million, or 59 cents per share, in the second quarter of 2014.
Operating income was $45.1 million, down from $49.7 million in the same period a year ago.
Revenue totaled $346 million, down 7.3 percent from $373.4 million in the second quarter of 2014.
The company attributed the decrease to unfavorable foreign currency translation, which reduced revenue by 8 percent, operating income by 9 percent and earnings per share by 11 percent.
Sensient is also in the midst of a restructuring plan, which contributed to a $10.5 million reduction in operating income, compared to an $11.6 million reduction in operating income in the comparable quarter.
“The second quarter results showed solid performances by many of our operations,” said Paul Manning, president and chief executive officer. “Most of the businesses in both the Color Group and the Flavors & Fragrances Group delivered solid profit growth. Our strategy is working and Sensient is moving in a positive direction.”
