Sensient Technologies Files Q3 2024 10-Q
Ticker: SXT · Form: 10-Q · Filed: Nov 5, 2024 · CIK: 310142
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
Sensient Tech's Q3 10-Q is in: check financials for latest performance.
AI Summary
Sensient Technologies Corporation filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the first nine months of the year. Specific financial figures and business segment performance are outlined within the report.
Why It Matters
This filing provides investors with the latest financial results and operational insights for Sensient Technologies, crucial for understanding the company's current performance and future outlook.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial information.
Key Players & Entities
- SENSIENT TECHNOLOGIES CORP (company) — Filer
- 0000310142 (company) — Central Index Key
- 20240930 (date) — Period of Report
- 20241105 (date) — Filing Date
- 777 EAST WISCONSIN AVENUE (address) — Business Address
- MILWAUKEE (location) — Business City
- WI (location) — Business State
- 53202-5304 (zip_code) — Business Zip Code
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240930, meaning the filing covers the period ending September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on 20241105.
What is Sensient Technologies Corp's Central Index Key (CIK)?
Sensient Technologies Corp's Central Index Key is 0000310142.
What is the primary business address of Sensient Technologies Corp?
The primary business address is 777 EAST WISCONSIN AVENUE, MILWAUKEE, WI 53202-5304.
What was Sensient Technologies Corp's former company name?
Sensient Technologies Corp's former company name was UNIVERSAL FOODS CORP, with a date of name change on 19920703.
Filing Stats: 4,469 words · 18 min read · ~15 pages · Grade level 16 · Accepted 2024-11-05 11:47:29
Key Financial Figures
- $0.10 — ich registered Common stock, par value $0.10 per share SXT New York Stock Exchan
Filing Documents
- ef20034549_10q.htm (10-Q) — 1805KB
- ef20034549_ex10-2.htm (EX-10.2) — 45KB
- ef20034549_ex31.htm (EX-31) — 20KB
- ef20034549_ex32.htm (EX-32) — 7KB
- 0001140361-24-045212.txt ( ) — 7521KB
- sxt-20240930.xsd (EX-101.SCH) — 29KB
- sxt-20240930_cal.xml (EX-101.CAL) — 41KB
- sxt-20240930_def.xml (EX-101.DEF) — 118KB
- sxt-20240930_lab.xml (EX-101.LAB) — 377KB
- sxt-20240930_pre.xml (EX-101.PRE) — 226KB
- ef20034549_10q_htm.xml (XML) — 1863KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION: Item 1.
Financial Statements
Financial Statements: Consolidated Statements of Earnings Three and Nine Months Ended September 30, 2024 and 2023. 1 Consolidated Condensed Statements of Comprehensive Income Three and Nine Months Ended September 30, 2024 and 2023. 2 Consolidated Balance Sheets - September 30, 2024 and December 31, 2023. 3 Consolidated Statements of Cash Flows Nine Months Ended September 30, 2024 and 2023. 4 Consolidated Statements of Shareholders' Equity Three and Nine Months Ended September 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. 20 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 20 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 EARNINGS (In thousands except per share amounts) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue $ 392,613 $ 363,829 $ 1,180,808 $ 1,107,148 Cost of products sold 262,209 250,202 793,133 746,681 Selling and administrative expenses 79,884 69,096 238,092 213,507 Operating income 50,520 44,531 149,583 146,960 Interest expense 7,696 6,294 22,394 18,648 Earnings before income taxes 42,824 38,237 127,189 128,312 Income taxes 10,134 6,694 32,627 29,085 Net earnings $ 32,690 $ 31,543 $ 94,562 $ 99,227 Weighted average number of common shares outstanding: Basic 42,159 42,045 42,139 42,020 Diluted 42,429 42,233 42,377 42,241 Earnings per common share: Basic $ 0.78 $ 0.75 $ 2.24 $ 2.36 Diluted $ 0.77 $ 0.75 $ 2.23 $ 2.35 Dividends declared per common share $ 0.41 $ 0.41 $ 1.23 $ 1.23 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Comprehensive income $ 38,257 $ 18,229 $ 74,069 $ 109,380 See accompanying notes to consolidated condensed financial statements. 2 Index SENSIENT TECHNOLOGIES CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands) September 30, 2024 (Unaudited) December 31, 2023 Assets Current Assets: Cash and cash equivalents $ 36,969 $ 28,934 Trade accounts receivable 302,012 272,164 Inventories 580,847 598,399 Prepaid expenses and other current assets 38,973 37,119 Total current assets 958,801 936,616 Other assets 96,241 94,873 Deferred tax assets 54,731 41,564
Business
Business Shares Amount Accumulated Other Comprehensive Income (Loss) Total Equity Balances at June 30, 2024 $ 5,396 $ 114,730 $ 1,754,059 11,798,853 $ ( 618,233 ) $ ( 198,177 ) $ 1,057,775 Net earnings - - 32,690 - - - 32,690 Other comprehensive income - - - - - 5,567 5,567 Cash dividends paid – $ 0.41 per share - - ( 17,349 ) - - - ( 17,349 ) Share-based compensation - 2,069 - - - - 2,069 Non-vested stock issued upon vesting - ( 390 ) - ( 7,438 ) 390 - - Other - ( 106 ) - 3,719 ( 195 ) - ( 301 ) Balances at September 30 , 2024 $ 5,396 $ 116,303 $ 1,769,400 11,795,134 $ ( 618,038 ) $ ( 192,610 ) $ 1,080,451 Three Months Ended September 30 , 2023 Balances at June 30, 2023 $ 5,396 $ 114,330 $ 1,735,807 11,909,833 $ ( 624,048 ) $ ( 177,221 ) $ 1,054,264 Net earnings - - 31,543 - - - 31,543 Other comprehensive loss - - - - - ( 13,314 ) ( 13,314 ) Cash dividends paid – $ 0.41 per share - - ( 17,323 ) - - - ( 17,323 ) Share-based compensation - 2,519 - - - - 2,519 Non-vested stock issued upon vesting - ( 67 ) - ( 1,285 ) 67 - - Other - ( 7 ) - 492 ( 26 ) - ( 33 ) Balances at September 30 , 2023 $ 5,396 $ 116,775 $ 1,750,027 11,909,040 $ ( 624,007 ) $ ( 190,535 ) $ 1,057,656 Nine Months Ended September 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 - - 94,562 - - - 94,562 Other comprehensive loss - - - - - ( 20,493 ) ( 20,493 ) Cash dividends paid – $ 1.23 per share - - ( 52,034 ) - - - ( 52,034 ) Share-based compensation - 6,980 - - - - 6,980 Non-vested stock issued upon vesting - ( 6,283 ) -