Sensient Technologies Corporation reported that diluted earnings per share for the three months ended June 30, 2009, reached 53 cents. Diluted earnings per share for the prior year’s comparable period were also 53 cents. Second quarter earnings, as stated in local currency, would be approximately 6 cents per share higher than second quarter 2008 reported earnings.
Consolidated revenue for the second quarter of 2009 was $304.0 million compared to $332.8 million in the second quarter of 2008. Foreign currency translation reduced second quarter revenues by approximately 8 percent. On a local currency basis, consolidated quarterly revenue was comparable to the prior year.
Diluted earnings per share for the six months ended June 30, 2009, were up 2.1% to 98 cents compared to 96 cents in last year’s first half. Revenue for the first six months of this year was $586.8 million, compared to $640.2 million in the first half of 2008. Foreign currency translation decreased revenues in the year-to-date period by approximately 9%. As reported in local currency, revenue for the first six months of the year was comparable to the prior year.
Cash provided by operating activities in the second quarter rose sharply to $37.9 million, compared to $28.8 million in the prior year’s comparable period. For the six months ended June 30, 2009, cash provided by operating activities was $55.4 million, an increase of 44.1% over the prior year’s first half. Total debt at June 30, 2009, was $464.9 million, a reduction of $15.0 million since the beginning of the year and $44.6 million in the last 12 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 of Sensient Technologies Corporation. “We expect to deliver higher earnings this year and in the future.”
Sensient continues to expect 2009 diluted earnings per share to be within a range of $1.90 and $1.95.