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Text: I'm Steve Rolfs, Senior Vice President and Chief Financial Officer of Sensient Technologies Corporation.
During our call today, we will reference certain non-GAAP financial measures which we believe provide investors with additional information to evaluate the Company's performance and improve the comparability of results between reporting periods.
These non-GAAP financial results should not be considered in isolation from or as a substitute for financial information calculated in accordance with GAAP.
Our actual results may differ materially, particularly in view of the uncertainties created by the COVID-19 pandemic, governmental attempts at remedial action and the timing of a return of more normal economic activity.
We urge you to read Sensient's filings, including our 10-K, our first quarter 10-Q, and our forthcoming second quarter 10-Q for a description of additional factors that could potentially impact our financial results.
Please bear these factors in mind when you analyze our comments today.
Now, we'll hear from Paul Manning [Phonetic].
I'm very pleased with the results of our Flavors & Fragrances Group as well as our Food & Beverage business in the Color Group.
Flavors & Fragrances is up mid-single-digits in revenue and high-single digits in operating profit during the quarter, continuing its revenue growth trend from the first quarter.
We also had favorable growth in our natural colors and pharmaceutical businesses, which were up in the quarter.
The growth in these businesses was offset by the adverse impact of COIVD-19 in the personal care market and throughout Latin America, Europe and Asia-Pacific.
Despite these COVID-19 headwinds and based on current trends, we expect to deliver on our earnings per share outlook for the year.
I'm also pleased on the progress we had made during the quarter on our divestitures.
We completed the sale of our Inks business and signed a definitive agreement to sell our Yogurt Fruit Prep business.
We anticipate closing the Yogurt Fruit Prep sale in the third quarter.
We continue to make progress on the divestiture of our aroma chemical and fragrance compound business, although we have been delayed by COVID-19.
We believe we can close this transaction by the end of the year.
All of our production facilities are open and have been throughout the pandemic.
Our on-time delivery remains high and we have successfully managed our raw materials.
Our staffing and attendance at our facilities remains outstanding and I'm very proud of the dedication of our employees.
We will continue to closely monitor each of our production facilities to remain ahead of prevailing GMP and sanitation practices.
As a result of COVID-19, we have incurred additional costs and we have experienced significant revenue headwinds in a number of businesses.
Overall, the impact of COIVD-19 has reduced our earnings per share by approximately $0.10 year-to-date.
The impact of COVID-19 on our Food & Beverage business is mixed.
However, the impact is significantly negative for our personal care business.
Now let me turn to the Groups.
The Flavor Group had another nice quarter.
Adjusted local currency revenue for the Group was up 5.7%.
The Group continues to experience positive sales growth in the finished flavors and extract product lines as well as an improving picture in the flavor ingredient product lines.
The natural ingredients business also had a solid quarter.
The overall impact of COVID-19 was negative to the Group's revenue.
The Group's revenue growth is based on strong new wins generated throughout 2019 and the first part of 2020, retaining existing business, and an overall decline in attrition which was a lingering effect from our earlier restructuring activities.
Net of these factors, we had generated mid-single digit growth year-to-date and I anticipate the same growth rate for the remainder of the year.
This quarter, the Flavor Group returned to quarterly profit growth with adjusted local currency operating profit up 8%.
The higher profit was a direct result of the higher volumes, new wins, and the Group's production cost initiatives.
Moving forward, I anticipate continued profit growth.
Overall, the Group's operating profit margin was up 30 basis points in the quarter and I would anticipate a 50 basis point to 100 basis point improvement for the year.
In summary, I expect mid-single digit revenue growth and mid to high single-digit operating profit growth for the Flavor Group for the remainder of the year.
Within our Color Group, revenue for Food & Beverage Colors was up low-single digits for the quarter.
Pharmaceutical had a nice quarter, up double-digits and natural colors continues to grow and that product line is up mid-single digits for the year.
Similar to the Flavor Group, Colors continues to focus on retaining existing business and improving the Group's overall sales win rate.
Unfortunately, the growth in Food & Beverage Colors revenue was offset by a more than 20% decline in our Personal Care business revenue.
While we saw some improvement in our Personal Care business in Asia and Latin America, the demand for make-up in Europe and North America was down substantially in the quarter.
Given the uncertainty with COVID-19 and continued restrictions, I would anticipate continuing challenges for this product line in the second half of the year.
In terms of operating profit, the Color Group achieved mid-single-digit profit growth in Food & Beverage Colors for the quarter and has generated double-digit operating profit growth for the year.
However, profit in Personal Care in the quarter was down by more than 35% due to the lower demand in make-up and other personal care products, and that was the main reason for the Color Group's overall decline in profit.
The Color Group remains focused on production take-out actions.
However, these actions need more time to realize their full potential and we do not expect that the actions will outpace the profit decline in Personal Care.
Short of a significant opening of the world economy, I would expect the profit declines in the Personal Care business to continue for the remainder of the year.
In summary, Food & Beverage Colors revenue is up nearly mid-single digits year-to-date and double digits for profit.
For the back half of the year, I would expect mid-single digit revenue growth and mid-to-high single-digit profit growth for that product line.
Because of the impact of the -- because of the impact of Personal Care, we would expect the Color Group to be flat in revenue and profit for the year.
Our Asia Pacific Group had solid revenue growth in some regions but this growth was offset by declines in other regions as government COVID-19 restrictions have significantly impacted many sales channels.
The Group delivered outstanding profit growth in the quarter and I anticipate the Group to return to revenue growth once restrictions in certain areas begin to ease.
Based upon current trends, I expect Asia to deliver a low-single digit sales growth and mid-to-high single-digit profit growth for the year.
Overall for the Company, we continue to focus on our supply chain.
We have increased our inventory levels on certain key raw materials, and as a result, we are providing outstanding on-time delivery to our customers around the world.
While we do experience supply chain disruptions, we have avoided any significant financial disruptions and we continue to reduce our overall inventory levels for the Company.
I'm pleased with the progress we had made in the first six months of this year.
The Flavor Group has had a great first half and I would anticipate this to continue in the second half.
Our Food & Beverage Colors business is also performing well.
In Asia Pacific, I'm confident that the strategy and investment we have in place will return this Group to revenue growth.
While I am optimistic about our Food businesses, our Personal Care business will continue to struggle.
Furthermore, the ultimate impact of COVID-19 remains unknowable.
New product launches are significantly below prior year and there has been some customer SKU rationalizations.
Nevertheless our business is strong and well-positioned to grow for the year.
Steve will now provide you with additional details on the second quarter results.
The adjusted results for 2020 and 2019 remove the impact of the divestiture-related costs and the operations divested or to be divested.
The second quarter 2019 results do not include any divestiture-related costs.
We believe that the removal of the gains and losses connected to the businesses that we are divesting provides a clearer picture to investors of the Company's performance.
This also reflects how management reviews the Company's operations and performance.
Included in this year's second quarter reported results is a gain realized related to the reclassification of accumulated foreign currency translation as a result of the sale of the Inks business as well as other divestiture-related costs, which were primarily non-cash.
These items, which are included in the divestiture and other related costs, increased net earnings by $1 million or approximately $0.02 per share.
In addition, this year's second quarter reported results include $28.2 million of revenue and an immaterial amount of operating income related to the results of the operations to be divested.
Last year's second quarter results include $36.4 million of revenue and an immaterial amount of operating income from the operations to be divested.
Excluding divestiture-related costs and the results of operations to be divested, consolidated adjusted revenue was $294.9 million in the second quarter of 2020 compared to $302.8 million in the second quarter of 2019.
Consolidated adjusted operating income was $40.3 million in the second quarter of 2020 compared to $47 million in the second quarter of 2019.
Adjusted diluted earnings per share was$0.70 in this year's second quarter.
Compared to $0.81 in last year's second quarter.
We have reduced debt by approximately $60 million since the beginning of the year and approximately a $120 million over the last 12 months.
We have adequate liquidity to meet operating and financial needs through our cash flow and available credit lines.
Our debt-to-EBITDA is now just under 2.7.
Cash flow from operations was $107.6 million for the first six months of 2020, an increase of 41%.
Capital expenditures were $21.4 million in the first six months of 2020 compared to $16.6 million in the first six months of 2019.
We expect our capital expenditures to be approximately $50 million for the year.
Our free cash flow increased approximately 45% during the first six months of 2020 to $86.2 million.
We expect continued strong cash flow growth for the remainder of the year.
Consistent with what we communicated during our last call, we expect our adjusted consolidated operating income and earnings may be flat to lower in 2020 because of the level of non-cash performance-based equity that may be deducted in 2020 based on our results.
We also expected a higher tax rate in 2020 compared to our 2019 rate which was lower as a result of a number of planning opportunities.
Based on current trends, the Company is increasing our GAAP earnings per share guidance to $2.10 to $2.35.
This guidance now includes $0.35 to $0.40 per share of divestiture and other related costs and the results of the operations to be divested.
This guidance also includes approximately $0.10 of currency headwinds based on current exchange rates.
On an adjusted basis, based on current trends, we are maintaining our original estimate for the year of a range of $2.60 to $2.80, which excludes divestiture-related costs, the impact of the divested or to be divested businesses and foreign currency impacts.
We are also maintaining our adjusted EBITDA guidance of low-to-mid single-digit growth.

user
current diluted earnings per share guidance for 2020 is $2.10 to $2.35.
reconfirms previously issued guidance of $2.60 to $2.80 for 2020 adjusted earnings per share.
continues to expect 2020 adjusted ebitda to grow at a low to mid-single digit rate.
sensient technologies - expect 2020 adjusted operating income to be flat to down at low-single digit rate, in each case on local currency basis.
2020 adjusted operating income will be impacted by higher non-cash performance-based compensation.
full impact of covid-19 remains unknown and continues to create uncertainty.
also confirming previously issued guidance for low to mid-single digit revenue growth in 2020.

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