Sensient Technologies Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Sensient Technologies Corp. filed its Q1 2024 10-Q, detailing financial performance and corporate information.</b>

AI Summary

SENSIENT TECHNOLOGIES CORP (SXT) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Sensient Technologies Corp. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located at 777 East Wisconsin Avenue, Milwaukee, WI. Sensient Technologies Corp. was formerly known as Universal Foods Corp. until July 3, 1992. The company is classified under the Industrial Organic Chemicals sector (SIC 2860).

Why It Matters

For investors and stakeholders tracking SENSIENT TECHNOLOGIES CORP, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial results and operational updates for Sensient Technologies Corp. Understanding the details within this filing is crucial for assessing the company's current financial health and future prospects in the industrial chemicals market.

Risk Assessment

Risk Level: low — SENSIENT TECHNOLOGIES CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical reporting.

Analyst Insight

Monitor future earnings reports and investor calls for insights into revenue growth and segment performance.

Key Numbers

• 2024-03-31 — Reporting Period End Date (The 10-Q covers the period ending on this date.)
• 2024-05-07 — Filing Date (The date the 10-Q was filed with the SEC.)
• 1992-07-03 — Name Change Date (Date when Universal Foods Corp. changed its name to Sensient Technologies Corp.)
• 2860 — SIC Code (Standard Industrial Classification code for Industrial Organic Chemicals.)

Key Players & Entities

• Sensient Technologies Corp. (company) — Filer of the 10-Q report.
• Universal Foods Corp. (company) — Former name of Sensient Technologies Corp.
• 2024-03-31 (date) — Conformed period of report for the 10-Q.
• 2024-05-07 (date) — Filed as of date for the 10-Q.
• 777 East Wisconsin Avenue, Milwaukee, WI (location) — Business and mail address of Sensient Technologies Corp.

FAQ

Industry Context

Sensient Technologies Corp. operates in the industrial organic chemicals sector, producing specialized chemicals for various applications.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Analyze segment performance and cost of sales data for insights into operational efficiency.
3. Compare current quarter results with historical data to identify trends.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q.
• 2024-05-07: Filing Date — The date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from previous filings.

Key Financial Figures

• $0.10 — ich registered Common stock, par value $0.10 per share SXT New York Stock Exchan

Filing Documents

• ef20026304_10q.htm (10-Q) — 1072KB
• ef20026304_ex31.htm (EX-31) — 21KB
• ef20026304_ex32.htm (EX-32) — 8KB
• 0001140361-24-024653.txt (&nbsp;) — 5000KB
• sxt-20240331.xsd (EX-101.SCH) — 27KB
• sxt-20240331_cal.xml (EX-101.CAL) — 41KB
• sxt-20240331_def.xml (EX-101.DEF) — 104KB
• sxt-20240331_lab.xml (EX-101.LAB) — 359KB
• sxt-20240331_pre.xml (EX-101.PRE) — 212KB
• ef20026304_10q_htm.xml (XML) — 999KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION: Item 1.

Financial Statements

Financial Statements: Consolidated Statements of Earnings Three Months Ended March 31, 2024 and 2023. 1 Consolidated Condensed Statements of Comprehensive Income Three Months Ended March 31, 2024 and 2023. 2 Consolidated Balance Sheets - March 31, 2024 and December 31, 2023. 3 Consolidated Statements of Cash Flows Three Months Ended March 31, 2024 and 2023. 4 Consolidated Statements of Shareholders' Equity Three Months Ended March 31, 2024 and 2023. 5 Notes to Consolidated Condensed Financial Statements. 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 12 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 16 Item 4.

Controls and Procedures

Controls and Procedures. 16

OTHER INFORMATION

PART II. OTHER INFORMATION: Item 1. Legal Proceedings. 16 Item 1A. Risk Factors. 16 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 16 Item 5. Other Information. 16 Item 6 Exhibits . 16 Exhibit Index. 17 Signatures. 18 Index PART I. FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS SENSIENT TECHNOLOGIES CORPORATION CONSOLIDATED (In thousands except per share amounts) (Unaudited) Three Months Ended March 31, 2024 2023 Revenue $ 384,670 $ 369,006 Cost of products sold 258,121 244,343 Selling and administrative expenses 77,143 73,825 Operating income 49,406 50,838 Interest expense 7,045 6,002 Earnings before income taxes 42,361 44,836 Income taxes 11,421 11,185 Net earnings $ 30,940 $ 33,651 Weighted average number of common shares outstanding: Basic 42,104 41,970 Diluted 42,305 42,255 Earnings per common share: Basic $ 0.73 $ 0.80 Diluted $ 0.73 $ 0.80 Dividends declared per common share $ 0.41 $ 0.41 See accompanying notes to consolidated condensed financial statements. 1 Index SENSIENT TECHNOLOGIES CORPORATION CONSOLIDATED CONDENSED (In thousands) (Unaudited) Three Months Ended March 31, 2024 2023 Comprehensive income $ 27,329 $ 49,952 See accompanying notes to consolidated condensed financial statements. 2 Index SENSIENT TECHNOLOGIES CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands) March 31, 2024 (Unaudited) December 31, 2023 Assets Current Assets: Cash and cash equivalents $ 25,417 $ 28,934 Trade accounts receivable 298,488 272,164 Inventories 568,547 598,399 Prepaid expenses and other current assets 50,391 37,119 Total current assets 942,843 936,616 Other assets 93,960 94,873 Deferred tax assets 38,444 41,564 Intangible assets, net 11,706 12,112 Goodwill 420,541 424,065 Property, Plant, and Equipment: Land 31,496 31,901 Buildings 349,052 343,594 Machinery and equipment 794,891 781,789 Construction in progress 44,403 59,091 1,219,842 1,216,375 Less accumulated depreciation ( 721,654 ) ( 711,098 ) 498,188 505,277 Total assets $ 2,005,682 $ 2,014,507 L

Business

Business Shares Amount Accumulated Other Comprehensive Income (Loss) Total Equity Balances at December 31, 2023 $ 5,396 $ 115,941 $ 1,726,872 11,885,398 $ ( 622,768 ) $ ( 172,117 ) $ 1,053,324 Net earnings - - 30,940 - - - 30,940 Other comprehensive loss - - - - - ( 3,611 ) ( 3,611 ) Cash dividends paid – $ 0.41 per share - - ( 17,312 ) - - - ( 17,312 ) Share-based compensation - 1,995 - - - - 1,995 Non-vested stock issued upon vesting - ( 5,365 ) - ( 102,396 ) 5,365 - - Benefit plans - 299 - ( 21,405 ) 1,122 - 1,421 Other - ( 481 ) - 44,652 ( 2,340 ) - ( 2,821 ) Balances at March 31 , 2024 $ 5,396 $ 112,389 $ 1,740,500 11,806,249 $ ( 618,621 ) $ ( 175,728 ) $ 1,063,936 Three Months Ended March 31 , 2023 Balances at December 31, 2022 $ 5,396 $ 124,043 $ 1,702,700 12,058,773 $ ( 631,853 ) $ ( 200,688 ) $ 999,598 Net earnings - - 33,651 - - - 33,651 Other comprehensive income - - - - - 16,301 16,301 Cash dividends paid – $ 0.41 per share - - ( 17,255 ) - - - ( 17,255 ) Share-based compensation - 2,267 - - - - 2,267 Non-vested stock issued upon vesting - ( 11,956 ) - ( 228,181 ) 11,956 - - Benefit plans - 375 - ( 18,172 ) 952 - 1,327 Other - ( 2,140 ) - 105,524 ( 5,528 ) - ( 7,668 ) Balances at March 31 , 2023 $ 5,396 $ 112,589 $ 1,719,096 11,917,944 $ ( 624,473 ) $ ( 184,387 ) $ 1,028,221 See accompanying notes to consolidated condensed financial statements. 5 Index SENSIENT TECHNOLOGIES CORPORATION NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Unaudited) 1. Accounting Policies In the opinion of Sensient Technologies Corporation (the Company), the accompanying unaudited consolidated condensed financ

View Full Filing

View this 10-Q filing on SEC EDGAR