Sensient Technologies Corporation (SXT) reported that its first quarter net income declined to $30.9 million or $0.73 per share from $33.6 million or $0.80 per share, last year. Adjusted earnings per share was $0.79 compared to $0.80. Local currency adjusted EPS decreased 1.3% primarily as a result of higher interest expense and a higher tax rate.
Revenue was $384.67 million, up 4.2% from a year ago. On a local currency basis, revenue increased 3.8%.
Sensient continues to expect 2024 earnings per share to be between $2.80 and $2.90, which includes approximately 15 cents of Portfolio Optimization Plan costs in 2024. . The company continues to expect 2024 adjusted earnings per share to grow at a low to mid-single-digit rate on a local currency basis.
The company now expects 2024 revenue and adjusted EBITDA to each grow at a mid-single-digit rate on a local currency basis. The previous guidance called for 2024 revenue and 2024 adjusted EBITDA to grow at a low to mid-single-digit rate on a local currency basis.
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