Sensient Technologies Corp Q2 2024 10-Q Filing
Ticker: SXT · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 310142
Sentiment: neutral
Topics: 10-Q, financials, SEC filing
TL;DR
Sensient Tech 10-Q filed: Q2 2024 financials out, check for performance updates.
AI Summary
Sensient Technologies Corporation filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors are presented.
Why It Matters
This filing provides investors with the latest financial results and operational insights for Sensient Technologies Corp, crucial for understanding the company's current performance and future outlook.
Risk Assessment
Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal risks or opportunities.
Key Players & Entities
- SENSIENT TECHNOLOGIES CORP (company) — Filer
- 20240630 (date) — Period of Report
- 20240807 (date) — Filing Date
- 001-07626 (company) — SEC File Number
- 777 EAST WISCONSIN AVENUE (address) — Business Address
- MILWAUKEE (location) — Business City
- WI (location) — Business State
- 53202-5304 (zip_code) — Business Zip
- 4142716755 (phone_number) — Business Phone
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, indicating the filing covers the period ending June 30, 2024.
When was this 10-Q filed with the SEC?
The filing date is 20240807.
What is Sensient Technologies Corp's SEC file number?
Sensient Technologies Corp's SEC file number is 001-07626.
What is the company's primary business address?
The company's business address is 777 EAST WISCONSIN AVENUE, MILWAUKEE, WI 53202-5304.
What was the company's former name?
The company's former name was UNIVERSAL FOODS CORP, with a date of name change on 19920703.
Filing Stats: 4,489 words · 18 min read · ~15 pages · Grade level 16.8 · Accepted 2024-08-07 12:25:21
Key Financial Figures
- $0.10 — ich registered Common stock, par value $0.10 per share SXT New York Stock Exchan
Filing Documents
- ef20030107_10q.htm (10-Q) — 1774KB
- ef20030107_ex31.htm (EX-31) — 24KB
- ef20030107_ex32.htm (EX-32) — 8KB
- 0001140361-24-036129.txt ( ) — 7334KB
- sxt-20240630.xsd (EX-101.SCH) — 27KB
- sxt-20240630_cal.xml (EX-101.CAL) — 41KB
- sxt-20240630_def.xml (EX-101.DEF) — 108KB
- sxt-20240630_lab.xml (EX-101.LAB) — 366KB
- sxt-20240630_pre.xml (EX-101.PRE) — 215KB
- ef20030107_10q_htm.xml (XML) — 1859KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION: Item 1.
Financial Statements
Financial Statements: Consolidated Statements of Earnings Three and Six Months Ended June 30, 2024 and 2023. 1 Consolidated Condensed Statements of Comprehensive Income Three and Six Months Ended June 30, 2024 and 2023. 2 Consolidated Balance Sheets - June 30, 2024 and December 31, 2023. 3 Consolidated Statements of Cash Flows Six Months Ended June 30, 2024 and 2023. 4 Consolidated Statements of Shareholders' Equity Three and Six Months Ended June 30, 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. 14 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk. 19 Item 4.
Controls and Procedures
Controls and Procedures. 19
OTHER INFORMATION
PART II. OTHER INFORMATION: Item 1. Legal Proceedings. 19 Item 1A. Risk Factors. 19 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 19 Item 5. Other Information. 20 Item 6 Exhibits. 20 Exhibit Index. 21 Signatures. 22 Index PART I. FINANCIAL INFORMATION ITEM 1.
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS SENSIENT TECHNOLOGIES CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (In thousands except per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue $ 403,525 $ 374,313 $ 788,195 $ 743,319 Cost of products sold 272,803 252,136 530,924 496,479 Selling and administrative expenses 81,065 70,586 158,208 144,411 Operating income 49,657 51,591 99,063 102,429 Interest expense 7,653 6,352 14,698 12,354 Earnings before income taxes 42,004 45,239 84,365 90,075 Income taxes 11,072 11,206 22,493 22,391 Net earnings $ 30,932 $ 34,033 $ 61,872 $ 67,684 Weighted average number of common shares outstanding: Basic 42,154 42,043 42,129 42,006 Diluted 42,398 42,235 42,351 42,245 Earnings per common share: Basic $ 0.73 $ 0.81 $ 1.47 $ 1.61 Diluted $ 0.73 $ 0.81 $ 1.46 $ 1.60 Dividends declared per common share $ 0.41 $ 0.41 $ 0.82 $ 0.82 See accompanying notes to consolidated condensed financial statements. 1 Index SENSIENT TECHNOLOGIES CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Comprehensive income $ 8,483 $ 41,199 $ 35,812 $ 91,151 See accompanying notes to consolidated condensed financial statements. 2 Index SENSIENT TECHNOLOGIES CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands) June 30, 2024 (Unaudited) December 31, 2023 Assets Current Assets: Cash and cash equivalents $ 30,339 $ 28,934 Trade accounts receivable 315,604 272,164 Inventories 553,415 598,399 Prepaid expenses and other current assets 44,897 37,119 Total current assets 944,255 936,616 Other assets 92,501 94,873 Deferred tax assets 37,171 41,564 Intangible assets, net 11,615 12
Business
Business Shares Amount Accumulated Other Comprehensive Income (Loss) Total Equity Balances at March 31, 2024 $ 5,396 $ 112,389 $ 1,740,500 11,806,249 $ ( 618,621 ) $ ( 175,728 ) $ 1,063,936 Net earnings - - 30,932 - - - 30,932 Other comprehensive loss - - - - - ( 22,449 ) ( 22,449 ) Cash dividends paid – $ 0.41 per share - - ( 17,373 ) - - - ( 17,373 ) Share-based compensation - 2,916 - - - - 2,916 Non-vested stock issued upon vesting - ( 528 ) - ( 10,076 ) 528 - - Other - ( 47 ) - 2,680 ( 140 ) - ( 187 ) Balances at June 30 , 2024 $ 5,396 $ 114,730 $ 1,754,059 11,798,853 $ ( 618,233 ) $ ( 198,177 ) $ 1,057,775 Three Months Ended June 30 , 2023 Balances at March 31, 2023 $ 5,396 $ 112,589 $ 1,719,096 11,917,944 $ ( 624,473 ) $ ( 184,387 ) $ 1,028,221 Net earnings - - 34,033 - - - 34,033 Other comprehensive income - - - - - 7,166 7,166 Cash dividends paid – $ 0.41 per share - - ( 17,322 ) - - - ( 17,322 ) Share-based compensation - 2,499 - - - - 2,499 Non-vested stock issued upon vesting - ( 663 ) - ( 12,644 ) 663 - - Other - ( 95 ) - 4,533 ( 238 ) - ( 333 ) Balances at June 30 , 2023 $ 5,396 $ 114,330 $ 1,735,807 11,909,833 $ ( 624,048 ) $ ( 177,221 ) $ 1,054,264 Six Months Ended June 30 , 2024 Balances at December 31 , 2023 $ 5,396 $ 115,941 $ 1,726,872 11,885,398 $ ( 622,768 ) $ ( 172,117 ) $ 1,053,324 Net earnings - - 61,872 - - - 61,872 Other comprehensive loss - - - - - ( 26,060 ) ( 26,060 ) Cash dividends paid – $ 0.82 per share - - ( 34,685 ) - - - ( 34,685 ) Share-based compensation - 4,911 - - - - 4,911 Non-vested stock issued upon vesting - ( 5,893 ) - ( 112,472