Sensient Technologies reports 2005 earnings.
Sensient Technologies Corporation reported year-end and fourth quarter results for 2005. Although the fourth quarter results had a restructuring charge as well as many unanticipated costs, the company has repositioned itself and emphasizes that 2006 is still expected to be a good year.
Sensient Technologies posted annual revenue of $1.024 billion for the 2005 calendar year compared to 2004 revenue of $1.047 billion. The year-to-year comparison was also affected by the loss of a major inkjet ink customer at the end of 2004, which had accounted for $47.5 million in annual sales.
For the fourth quarter ended Dec. 31, 2005, revenue was $252.9 million compared to $272.3 million for the same period in 2004. The prior year's comparable period included $17.3 million of inkjet ink revenue that was lost at the end of 2004.
"We maintained, and in many cases grew, our market share in major markets, although raw material and energy costs affected our 2005 results. We closed two high-cost inkjet ink plants and consolidated their operations into more cost-effective plants," said Kenneth P. Manning, chairman, president and CEO of Sensient Technologies Corporation. "Now we have repositioned the company for higher sales and more cost-effective operations. We expect the company to deliver greater earnings growth in 2006."
In other news, Sensient Technologies has declared a regular quarterly cash dividend on its common stock of $0.15 per share. The cash dividend was paid March 1 to shareholders of record on Feb. 9, 2006.
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|Title Annotation:||fresh INK|
|Date:||Mar 1, 2006|
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