Milwaukee-based Sensient Technologies Corp. has reported third quarter net earnings of $21.3 million, or 44 cents per share, down from $31.5 million, or 63 cents per share, in the third quarter of 2013.
Revenue at the flavor and color manufacturer was $364.5 million, down from $370.5 million in the same period a year ago.
The Color Group reported revenue of $127.8 million in the quarter, up from $124.1 million in the third quarter last year. The Flavors & Fragrance Group had revenue of $215.5 million, down from $225 million a year ago. And the Corporate & Other segment reported flat revenue at $36.2 million.
Some of the decline was attributed to restructuring costs.
“Sensient’s strong third quarter results were in line with our expectations,” said Paul Manning, president and CEO of Sensient Technologies. “The Color Group continues to deliver consistent growth and sustainable profit margins. The Flavors & Fragrances Group is on track to deliver operating margins in the high teens within the next few years. We remain optimistic about growth opportunities for both groups.”