MILWAUKEE--(BUSINESS WIRE)--
Sensient Technologies Corporation (NYSE: SXT) reported earnings per
share from continuing operations of 70 cents in the fourth quarter of
2016 compared to 43 cents in last year’s fourth quarter. Revenue was
$330.2 million in this year’s fourth quarter compared to $339.2 million
in the comparable period last year. Operating income was $43.3 million
in the fourth quarter of 2016 and $31.6 million in last year’s fourth
quarter. Foreign currency translation reduced revenue by approximately
2%, operating income by approximately 3%, and earnings per share by
approximately 5% in the fourth quarter.
For the year ended December 31, 2016, reported earnings per share from
continuing operations were $2.74 compared to $2.32 per share last year.
Revenue was approximately $1.4 billion in both 2016 and 2015. Operating
income from continuing operations was $185.6 million and $166.3 million
in the years ended December 31, 2016 and 2015, respectively. Foreign
currency translation reduced revenue and operating income by
approximately 2% and earnings per share by approximately 3% in 2016.
The reported results include restructuring and other costs, which are
described in more detail under “Reconciliation of Non-GAAP Amounts”
below. Restructuring and other costs reduced operating income by $6.2
million, or nine cents per share, in this year’s fourth quarter and
$15.1 million, or 28 cents per share, in the fourth quarter of 2015. For
the years ended December 31, 2016 and 2015, restructuring and other
costs reduced operating income by $26.1 million, or 47 cents per share,
in 2016 and $43.6 million, or 73 cents per share, in 2015.
The adjusted results, discussed below, eliminate the impact of
restructuring and other costs and enhance the overall understanding of
the Company’s performance when viewed together with our GAAP results.
Refer to “Reconciliation of Non-GAAP Amounts” below. Sensient’s
adjusted earnings per share increased approximately 13% to 80 cents in
this year’s fourth quarter, compared to 71 cents in the fourth quarter
of 2015. Adjusted operating income increased approximately 6% in the
fourth quarter, to $49.5 million from $46.7 million in last year’s
fourth quarter. Foreign currency translation reduced both adjusted
operating income and adjusted earnings per share by approximately 3%.
For the year ended December 31, 2016, adjusted earnings per share from
continuing operations was $3.21, an increase of approximately 5% from
last year’s result of $3.05. Adjusted operating income was $211.7
million and $210.0 million for the years ended December 31, 2016 and
2015, respectively. Foreign currency translation reduced adjusted
operating income by approximately 2% and adjusted earnings per share by
approximately 3% in 2016.
Cash provided by operating activities was $222.5 million in 2016 and
$128.0 million in 2015. The 2016 cash flow result included a $40 million
benefit from an accounts receivable securitization transaction that will
reduce the Company’s borrowing costs. The stronger cash flows were
driven by higher earnings, better management of working capital and the
benefit from the accounts receivable securitization transaction. The
Company repurchased more than 300,000 shares of its common stock in the
fourth quarter and approximately 700,000 shares during 2016. Including
dividend payments, the Company returned approximately $100 million to
shareholders in 2016.
“I am very pleased with the Company’s performance in 2016,” said Paul
Manning, Chairman, President and CEO of Sensient Technologies
Corporation. “The Color Group had an outstanding year delivering solid
profit and revenue growth, led by strong performances from the Cosmetics
and Food Colors businesses. The Flavors and Fragrances Group performed
very well and improved its operating margin by at least 100 basis points
in each of the last three quarters, and Asia Pacific also delivered
solid profit and revenue growth for the year. It was a very successful
year for Sensient and our shareholders, and I am optimistic about the
future.”
BUSINESS REVIEW
The Color Group reported revenue of $119.0 million in the quarter and
$117.5 million in last year’s fourth quarter, an increase of 1.3%.
Operating income increased 4.6% to $22.6 million in the quarter. Foreign
currency translation reduced revenue and operating income by
approximately 3% and 4%, respectively, in the quarter. The Group’s
strong fourth quarter results were driven by the Cosmetics business,
which delivered double-digit revenue and profit growth in the quarter.
For the full year, Color Group revenue increased approximately 5% to
$502.1 million, from $480 million in 2015. Operating income was $104.8
million in 2016, an increase of 8.5% compared to $96.6 million in 2015.
Foreign currency translation impacted both revenue and operating income,
reducing both by approximately 3% for the year. The Color Group’s
operating margin was 20.9% for the year, an increase of 80 basis points
from last year’s margin of 20.1%. The Cosmetics and Food Colors
businesses both performed very well in 2016 driven by strong demand for
cosmetics and natural colors, respectively, and the Inks business
improved solidly over last year’s result.
The Flavors & Fragrances Group reported revenue of $186.9 million and
$201.0 million in the fourth quarters of 2016 and 2015, respectively.
Operating income increased approximately 3% to $28.4 million, from $27.5
million in last year’s fourth quarter. The Flavors & Fragrances Group’s
operating margin increased 150 basis points to 15.2% in the quarter,
which is the third consecutive quarter that the Group has improved its
operating margin by at least 100 basis points. Many of the Group’s
business units reported solid operating income growth in the quarter,
with the Natural Ingredients, North America Savory, Europe Beverage and
BioNutrients businesses delivering double-digit profit growth. Foreign
currency translation reduced both revenue and operating income by
approximately 2% in the quarter.
The Flavors & Fragrances Group reported revenue of $795.3 million for
the year ended December 31, 2016, a decrease of approximately 3% from
$819.0 million reported in 2015. Operating income increased to $123.5
million in 2016, from $121.9 million in 2015. The Flavors & Fragrances
Group operating margin continues to steadily improve, increasing to
15.5% in 2016 from 14.9% in 2015. Foreign currency translation reduced
both revenue and operating income in the year to date period by
approximately 2%.
The Asia Pacific Group reported revenue of $32.5 million and $29.7
million in the fourth quarters of 2016 and 2015, respectively, an
increase of approximately 9%. Operating income was $6.5 million in the
quarter, an increase of approximately 4% from last year’s fourth quarter
result of $6.2 million. Foreign currency translation increased both
revenue and operating income by approximately 1% in the quarter. For the
full year, the Asia Pacific Group revenue increased approximately 9%, to
$127.5 million in 2016, from $116.7 million last year. Operating income
increased approximately 6% to $25.2 million in 2016, from $23.7 million
in 2015. Foreign currency translation reduced revenue by approximately
1% and operating income by approximately 2% for the year.
The Corporate & Other segment, which includes the restructuring and
other costs, reported operating costs of $14.3 million in this year’s
fourth quarter and $23.8 million in the fourth quarter of 2015. For the
full year, the Corporate & Other segment had operating costs of $67.9
million compared to $75.8 million in 2015. The reduction in Corporate &
Other costs in 2016 is primarily attributable to lower restructuring and
other costs, partially offset by higher performance based compensation.
2017 OUTLOOK
Sensient expects 2017 earnings per share from continuing operations to
be between $2.76 and $2.86, which includes an estimated 59 cents of
restructuring and other costs. The restructuring and other costs are
primarily non-cash charges related to divestitures. The Company expects
foreign currency translation will reduce earnings per share by
approximately ten cents. The Company expects adjusted earnings per
share, which excludes restructuring and other costs, to be between $3.45
and $3.55 in local currency. The ten cent impact from foreign currency
translation reduces the Company’s adjusted earnings per share guidance
to a range of $3.35 to $3.45. Refer to “Reconciliation of Non-GAAP
Amounts” below for a description of restructuring and other costs
excluded from the adjusted results.
CONFERENCE CALL
The Company will host a conference call to discuss its 2016 fourth
quarter and full year financial results at 10:00 a.m. CST on Friday,
February 10, 2017. To participate in the conference call, please contact
InterCall Teleconferencing at (888) 818-9025 and refer to conference
identification number 64342184. A webcast of the conference call will be
available on the Investor Information section of the Company’s web site
at www.sensient.com.
A replay will be available beginning at 1:00 p.m. CST on February 10,
2017, through midnight on February 17, by calling (404) 537-3406 and
referring to conference identification number 64342184. A transcript of
the call will also be posted on the Company’s web site at www.sensient.com
after the call concludes.
This release contains statements that may constitute “forward-looking
statements” within the meaning of Federal securities laws. Such
forward-looking statements are not guarantees of future performance and
involve known and unknown risks, uncertainties and other factors
concerning the Company’s operations and business environment. Important
factors that could cause actual results to differ materially from those
suggested by these forward-looking statements and that could adversely
affect the Company’s future financial performance include the following:
the pace and nature of new product introductions by the Company and the
Company’s customers; the Company's ability to successfully implement its
strategy to create sustainable, long-term shareholder value; the
Company’s ability to successfully implement its growth strategies; the
outcome of the Company’s various productivity-improvement and
cost-reduction efforts; changes in costs or availability of raw
materials, including energy; industry and economic factors related to
the Company’s domestic and international business; growth in markets for
products in which the Company competes; industry and customer acceptance
of price increases; actions by competitors, including increased
intensity of competition; the loss of any customers in certain product
lines in which our sales are made to a relatively small number of
customers; product liability claims or product recalls; the costs of
compliance, or failure to comply, with laws and regulations applicable
to our industries and markets; changing consumer preferences and
changing technologies; and failure to complete and integrate future
acquisitions or dispositions. The risks and uncertainties identified
above are not the only risks the Company faces. Additional risks and
uncertainties not presently known to the Company or that it currently
believes to be immaterial also may adversely affect the Company. Should
any known or unknown risks and uncertainties develop into actual events,
these developments could have material adverse effects on our business,
financial condition and results of operations. This release contains
time-sensitive information that reflects management’s best analysis only
as of the date of this release. Except to the extent required by
applicable laws, the Company does not undertake to publicly update or
revise its forward-looking statements even if experience or future
changes make it clear that any projected results expressed or implied
herein will not be realized. Additional information regarding these
risks can be found in our most recent Annual Report on Form 10-K and
subsequent reports that we file with the SEC.
ABOUT SENSIENT TECHNOLOGIES
Sensient Technologies Corporation is a leading global manufacturer and
marketer of colors, flavors and fragrances. Sensient employs advanced
technologies at facilities around the world to develop specialty food
and beverage systems, cosmetic and pharmaceutical systems, inkjet and
specialty inks and colors, and other specialty and fine chemicals. The
Company’s customers include major international manufacturers
representing most of the world’s best-known brands. Sensient is
headquartered in Milwaukee, Wisconsin.
www.sensient.com
|
Sensient Technologies Corporation
|
|
(In thousands, except percentages and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Earnings
|
|
Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
% Change
|
|
2016
|
|
2015
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
330,244
|
|
$
|
339,196
|
|
|
-2.6
|
%
|
|
$
|
1,383,210
|
|
$
|
1,375,964
|
|
|
0.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold
|
|
|
217,657
|
|
|
233,123
|
|
|
-6.6
|
%
|
|
|
907,783
|
|
|
921,531
|
|
|
-1.5
|
%
|
|
Selling and administrative expenses
|
|
|
69,313
|
|
|
74,465
|
|
|
-6.9
|
%
|
|
|
289,818
|
|
|
288,092
|
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
43,274
|
|
|
31,608
|
|
|
36.9
|
%
|
|
|
185,609
|
|
|
166,341
|
|
|
11.6
|
%
|
|
Interest expense
|
|
|
4,303
|
|
|
4,629
|
|
|
|
|
|
18,324
|
|
|
16,945
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income taxes
|
|
|
38,971
|
|
|
26,979
|
|
|
|
|
|
167,285
|
|
|
149,396
|
|
|
|
|
Income taxes
|
|
|
7,621
|
|
|
7,647
|
|
|
|
|
|
44,372
|
|
|
42,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
31,350
|
|
|
19,332
|
|
|
|
|
|
122,913
|
|
|
107,247
|
|
|
|
|
(Loss) gain from discontinued operations, net of tax
|
|
|
-
|
|
|
(114
|
)
|
|
|
|
|
3,343
|
|
|
(462
|
)
|
|
|
|
Net earnings
|
|
$
|
31,350
|
|
$
|
19,218
|
|
|
63.1
|
%
|
|
$
|
126,256
|
|
$
|
106,785
|
|
|
18.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share of common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
0.71
|
|
$
|
0.43
|
|
|
|
|
$
|
2.76
|
|
$
|
2.34
|
|
|
|
|
|
Discontinued operations
|
|
|
-
|
|
|
-
|
|
|
|
|
|
0.08
|
|
|
(0.01
|
)
|
|
|
|
|
Earnings per share of common stock
|
|
$
|
0.71
|
|
$
|
0.43
|
|
|
|
|
$
|
2.84
|
|
$
|
2.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
0.70
|
|
$
|
0.43
|
|
|
|
|
$
|
2.74
|
|
$
|
2.32
|
|
|
|
|
|
Discontinued operations
|
|
|
-
|
|
|
-
|
|
|
|
|
|
0.07
|
|
|
(0.01
|
)
|
|
|
|
|
Earnings per share of common stock
|
|
$
|
0.70
|
|
$
|
0.43
|
|
|
|
|
$
|
2.82
|
|
$
|
2.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
44,284
|
|
|
44,931
|
|
|
|
|
|
44,523
|
|
|
45,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
44,611
|
|
|
45,199
|
|
|
|
|
|
44,843
|
|
|
46,204
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Amounts
|
|
|
|
|
The Company's results from continuing operations for the three and
twelve months ended December 31, 2016, include pre-tax restructuring
and other costs of $6.2 million ($4.2 million after-tax or $0.09 per
share) and $26.1 million ($21.1 million after-tax or $0.47 per
share), respectively. The restructuring costs relate to eliminating
underperforming operations, consolidating manufacturing facilities
and improving efficiencies within the Company. The other costs in
2016 are for a long-lived asset impairment charge on a production
facility which was sold in 2017 and associated outside professional
fees. The Company's results from continuing operations for the three
and twelve months ended December 31, 2015, include pre-tax
restructuring and other costs of $15.1 million ($12.8 million
after-tax or $0.28 per share) and $43.6 million ($33.6 million
after-tax or $0.73 per share), respectively. The other costs in 2015
are acquisition related costs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
|
|
|
2016
|
|
2015
|
|
% Change
|
|
2016
|
|
2015
|
|
% Change
|
|
Operating income from continuing operations (GAAP)
|
|
$
|
43,274
|
|
|
$
|
31,608
|
|
|
36.9
|
%
|
|
$
|
185,609
|
|
|
$
|
166,341
|
|
|
11.6
|
%
|
|
Restructuring - Cost of products sold
|
|
|
1,255
|
|
|
|
3,003
|
|
|
|
|
|
2,065
|
|
|
|
6,098
|
|
|
|
|
Restructuring - Selling and administrative
|
|
|
3,898
|
|
|
|
12,111
|
|
|
|
|
|
12,486
|
|
|
|
36,705
|
|
|
|
|
Other - Selling and administrative
|
|
|
1,052
|
|
|
|
(50
|
)
|
|
|
|
|
11,535
|
|
|
|
823
|
|
|
|
|
Adjusted operating income
|
|
$
|
49,479
|
|
|
$
|
46,672
|
|
|
6.0
|
%
|
|
$
|
211,695
|
|
|
$
|
209,967
|
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings from continuing operations (GAAP)
|
|
$
|
31,350
|
|
|
$
|
19,332
|
|
|
62.2
|
%
|
|
$
|
122,913
|
|
|
$
|
107,247
|
|
|
14.6
|
%
|
|
Restructuring and other, before tax
|
|
|
6,205
|
|
|
|
15,064
|
|
|
|
|
|
26,086
|
|
|
|
43,626
|
|
|
|
|
Tax impact of restructuring and other
|
|
|
(2,000
|
)
|
|
|
(2,258
|
)
|
|
|
|
|
(4,999
|
)
|
|
|
(10,017
|
)
|
|
|
|
Adjusted net earnings
|
|
$
|
35,555
|
|
|
$
|
32,138
|
|
|
10.6
|
%
|
|
$
|
144,000
|
|
|
$
|
140,856
|
|
|
2.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS from continuing operations (GAAP)
|
|
$
|
0.70
|
|
|
$
|
0.43
|
|
|
62.8
|
%
|
|
$
|
2.74
|
|
|
$
|
2.32
|
|
|
18.1
|
%
|
|
Restructuring and other, net of tax
|
|
|
0.09
|
|
|
|
0.28
|
|
|
|
|
|
0.47
|
|
|
|
0.73
|
|
|
|
|
Adjusted diluted EPS
|
|
$
|
0.80
|
|
|
$
|
0.71
|
|
|
12.7
|
%
|
|
$
|
3.21
|
|
|
$
|
3.05
|
|
|
5.2
|
%
|
|
We have included each of these non-GAAP measures in order to provide
additional information regarding our underlying operating results
and comparable period-over-period performance. Such information is
supplemental to information presented in accordance with GAAP and is
not intended to represent a presentation in accordance with GAAP.
These non-GAAP measures should not be considered in isolation.
Rather, they should be considered together with GAAP measures and
the rest of the information included in this release and our SEC
filings. Management internally reviews each of these non-GAAP
measures to evaluate performance on a comparative period-to-period
basis and to gain additional insight into underlying operating and
performance trends, and we believe the information can be beneficial
to investors for the same purposes. These non-GAAP measures may not
be comparable to similarly titled measures used by other companies.
|
|
|
|
|
Note: Earnings per share calculations may not foot due to
rounding differences.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sensient Technologies Corporation
|
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results by Segment
|
|
Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
2016
|
|
2015
|
|
% Change
|
|
2016
|
|
2015
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flavors & Fragrances
|
|
$
|
186,927
|
|
|
$
|
201,026
|
|
|
-7.0
|
%
|
|
$
|
795,256
|
|
|
$
|
819,009
|
|
|
-2.9
|
%
|
|
Color
|
|
|
118,998
|
|
|
|
117,450
|
|
|
1.3
|
%
|
|
|
502,073
|
|
|
|
479,966
|
|
|
4.6
|
%
|
|
Asia Pacific
|
|
|
32,495
|
|
|
|
29,738
|
|
|
9.3
|
%
|
|
|
127,469
|
|
|
|
116,663
|
|
|
9.3
|
%
|
|
Intersegment elimination
|
|
|
(8,176
|
)
|
|
|
(9,018
|
)
|
|
|
|
|
(41,588
|
)
|
|
|
(39,674
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
$
|
330,244
|
|
|
$
|
339,196
|
|
|
-2.6
|
%
|
|
$
|
1,383,210
|
|
|
$
|
1,375,964
|
|
|
0.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flavors & Fragrances
|
|
$
|
28,433
|
|
|
$
|
27,520
|
|
|
3.3
|
%
|
|
$
|
123,530
|
|
|
$
|
121,874
|
|
|
1.4
|
%
|
|
Color
|
|
|
22,642
|
|
|
|
21,639
|
|
|
4.6
|
%
|
|
|
104,785
|
|
|
|
96,611
|
|
|
8.5
|
%
|
|
Asia Pacific
|
|
|
6,460
|
|
|
|
6,236
|
|
|
3.6
|
%
|
|
|
25,161
|
|
|
|
23,684
|
|
|
6.2
|
%
|
|
Corporate & Other
|
|
|
(14,261
|
)
|
|
|
(23,787
|
)
|
|
|
|
|
(67,867
|
)
|
|
|
(75,828
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
$
|
43,274
|
|
|
$
|
31,608
|
|
|
36.9
|
%
|
|
$
|
185,609
|
|
|
$
|
166,341
|
|
|
11.6
|
%
|
|
|
|
|
The Company’s reportable segments consist of the Flavors &
Fragrances, Color, and Asia Pacific segments. Beginning in the first
quarter of 2016, the results of operations for the Company’s color
business in China, South Korea and Japan, previously reported in the
Asia Pacific segment, are now reported in the Color segment. The
results for 2015 have been restated to reflect these changes. The
2016 and 2015 restructuring and other costs related to continuing
operations are reported in the Corporate & Other segment.
|
|
|
|
|
|
|
|
|
|
|
Consolidated Condensed Balance Sheets
|
|
December 31
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
25,865
|
|
$
|
11,997
|
|
Trade accounts receivable, net
|
|
|
|
|
194,509
|
|
|
232,047
|
|
Inventories
|
|
|
|
|
404,320
|
|
|
409,159
|
|
Other current assets
|
|
|
|
|
92,367
|
|
|
75,702
|
|
|
Total Current Assets
|
|
|
|
|
717,061
|
|
|
728,905
|
|
|
|
|
|
|
|
|
|
|
Goodwill & intangible assets (net)
|
|
|
|
|
391,694
|
|
|
408,855
|
|
Property, plant, and equipment (net)
|
|
|
|
|
476,523
|
|
|
469,678
|
|
Other assets
|
|
|
|
|
82,582
|
|
|
96,294
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
|
$
|
1,667,860
|
|
$
|
1,703,732
|
|
|
|
|
|
|
|
|
|
|
Trade accounts payable
|
|
|
|
$
|
92,450
|
|
$
|
95,442
|
|
Short term debt
|
|
|
|
|
20,578
|
|
|
20,655
|
|
Other current liabilities
|
|
|
|
|
100,647
|
|
|
96,825
|
|
|
Total Current Liabilities
|
|
|
|
|
213,675
|
|
|
212,922
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
|
|
582,780
|
|
|
613,502
|
|
Accrued employee and retiree benefits
|
|
|
|
|
19,911
|
|
|
19,007
|
|
Other liabilities
|
|
|
|
|
15,753
|
|
|
13,174
|
|
Shareholders' Equity
|
|
|
|
|
835,741
|
|
|
845,127
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity
|
|
|
|
$
|
1,667,860
|
|
$
|
1,703,732
|
|
Beginning in the first quarter of 2016, the Company adopted
Accounting Standards Update (ASU) No. 2015-07, Balance Sheet
Classification of Deferred Taxes, and ASU No. 2015-03, Simplifying
the Presentation of Debt Issuance Costs. The Company restated
its 2015 Consolidated Condensed Balance Sheet to reflect these new
accounting standards.
|
|
|
|
|
|
|
|
|
Sensient Technologies Corporation
|
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
Twelve Months Ended December 31,
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
Net earnings
|
|
|
$
|
126,256
|
|
|
$
|
106,785
|
|
|
Adjustments to arrive at net cash provided by operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
|
|
47,019
|
|
|
|
47,939
|
|
|
Stock-based compensation
|
|
|
|
7,709
|
|
|
|
1,598
|
|
|
Net loss on assets
|
|
|
|
9,755
|
|
|
|
13,190
|
|
|
Liquidation of foreign entity
|
|
|
|
(3,257
|
)
|
|
|
-
|
|
|
Deferred income taxes
|
|
|
|
10,428
|
|
|
|
(4,452
|
)
|
|
Changes in operating assets and liabilities
|
|
|
|
24,568
|
|
|
|
(37,013
|
)
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
222,478
|
|
|
|
128,047
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
Acquisition of property, plant and equipment
|
|
|
|
(81,216
|
)
|
|
|
(79,941
|
)
|
|
Proceeds from sale of assets
|
|
|
|
6,254
|
|
|
|
12,912
|
|
|
Acquisition of new business
|
|
|
|
-
|
|
|
|
(8,393
|
)
|
|
Other investing activity
|
|
|
|
(241
|
)
|
|
|
(372
|
)
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
|
(75,203
|
)
|
|
|
(75,794
|
)
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
Proceeds from additional borrowings
|
|
|
|
222,562
|
|
|
|
331,277
|
|
|
Debt payments
|
|
|
|
(247,092
|
)
|
|
|
(156,662
|
)
|
|
Purchase of treasury stock
|
|
|
|
(50,100
|
)
|
|
|
(176,566
|
)
|
|
Dividends paid
|
|
|
|
(49,635
|
)
|
|
|
(48,110
|
)
|
|
Proceeds from options exercised and other
|
|
|
|
(3,706
|
)
|
|
|
(73
|
)
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
|
(127,971
|
)
|
|
|
(50,134
|
)
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(5,436
|
)
|
|
|
(10,451
|
)
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
13,868
|
|
|
|
(8,332
|
)
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
11,997
|
|
|
|
20,329
|
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
25,865
|
|
|
$
|
11,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Information
|
|
|
|
|
|
|
Twelve Months Ended December 31,
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
Dividends paid per share
|
|
|
$
|
1.11
|
|
|
$
|
1.04
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170209006395/en/
Sensient Technologies Corporation
Kim Chase
(414) 347-3706
Source: Sensient Technologies Corporation