Second quarter profit stable for Sensient

Milwaukee-based Sensient Technologies Corp. reported second quarter profit of $25.8 million, up 1.4 percent from $25.5 million for the second quarter of 2008.

Diluted earnings per share for the quarter were 53 cents, the same as the second quarter of 2008.

Consolidated revenue for the second quarter of 2009 was $304.0 million, down 8.7 percent compared to $332.8 million in the second quarter of 2008

The company said that cash provided by operating activities in the second quarter rose to $37.9 million, compared to $28.8 million in the prior year’s second quarter. For the six months of the year, cash provided by operating activities was $55.4 million, an increase of 44.1% over the prior year’s first half. Total debt as of June 30 was $464.9 million, a reduction of $15.0 million since the beginning of the year and $44.6 million in the last twelve months.

“The strategy of reducing debt and investing in our business has allowed the company to maintain earnings despite a challenging economic environment,” said Kenneth P. Manning, chairman and CEO. “We expect to deliver higher earnings this year and in the future.”

Sensient is a manufacturer and marketer of colors, flavors and fragrances. The company’s Flavors and Fragrances Group’s operating profit increased 1.6 percent, to a record level of $34.2 million in the second quarter. The company’s Color Group reported operating income for the quarter of $15.0 million, down 22 percent compared to prior year operating income of $19.3 million.

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