
Sensient Technologies has reported a net income of $30.93m, or $0.73 per diluted share, for the second quarter ended 30 June 2024, a 9.1% decline compared to $34.03m, or $0.81 per diluted share, for the respective period in 2023.
The ingredients company’s net income for the second quarter of 2024 (Q2 2024) remained unchanged from $30.94m, or $0.73 per diluted share, for the first quarter of 2024 (Q1 2024).
The company reported net revenue of $403.52m for Q2 2024, a 7.8% rise compared to $374.3m for the same quarter in 2023, a 5% rise compared to $384.67m for Q1 2024.
Sensient reported an operating income of $49.65m for Q2 2024, a 3.7% decline compared to $51.59m for the same period in the previous year.
The company reported income before income tax of $42m for Q2 2024, a 7% decrease compared to $45.23m for the same quarter in 2023.
Sensient attributed the Group’s increased revenue and operating income primarily to the higher volumes across all product lines, which is partially offset by unfavourable exchange rates.
Sensient chairman, president, and CEO Paul Manning said: “Sensient’s execution and focus on business growth have resulted in a solid performance across all our Groups. I continue to remain very confident about our performance in 2024.”
Sensient reported a net income of $61.87m, or $1.46 per diluted share, for the six months ended 30 June 2024, an 8.6% decline compared to $67.68m, or $1.6 per diluted share, for the same period in 2023.
The company reported net revenue of $788.19m for the first half of 2024 (H1 2024), a 6% rise compared to $743.31m for the respective period in the previous year.
Sensient reported an operating income of $99.06m for H1 2024, a 3.3% decrease compared to $102.42m for the same period in 2023.
The ingredients company reported income before tax of $84.36m for H1 2024, a 6% decline compared to $90.07m for the same period in the previous year.