Milwaukee-based flavor and fragrance manufacturer Sensient Technologies Corp. today reported first quarter net income of $30.5 million, or 64 cents per share, compared with a net loss of $2.1 million, or 4 cents lost per share, in the first quarter of 2014.
Operating income was $46.4 million, up 441 percent from $8.6 million in the same period a year ago.
Revenue, however, totaled $346.2 million, down 5.7 percent from $367.1 million in the first quarter of 2014. The company attributed the decrease to foreign currency translation.
“We delivered a solid performance in the first quarter,” said Paul Manning, president and chief executive officer of Sensient Technologies. “The Flavors & Fragrances Group grew both revenue and operating income in local currency, and most of the businesses in the color group also reported local currency profit growth. I was also pleased with our cash flow results and the inventory reduction achieved in the quarter. Our strategy is working, and we remain committed to delivering sustainable long term value to our shareholders.”