(RTTNews) - Sensient Technologies Corp. (SXT) reported Friday that net income for the second quarter decreased to $34.03 million or $0.81 per share from $38.65 million or $0.92 per share in the prior-year quarter.
Consolidated revenue for the quarter edged up 0.7 percent to $374.31 million from $371.71 million in the same quarter last year. Foreign currency translation increased revenue by approximately 1% in the quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.88 per share on revenues of $382.62 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2023, the company now projects earnings per share to be down high single digits compared to 2022 earnings of $3.34 per share and also on a local currency basis compared to 2022 adjusted diluted earnings per share of $3.29. Previously, the company expected earnings per share to be flat to low-single digit growth compared to 2022 earnings of $3.34 per share and also on a local currency basis compared to 2022 adjusted diluted earnings per share.
The company continues to expect revenue growth in the mid-single digit rate in local currency.
The Street is looking for earnings of $3.38 per share on revenues of $1.52 billion for the year.
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