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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 be explaining the differences between our GAAP results and our adjusted results.
The adjusted results for 2021 and 2020 remove the impact of the divestiture-related costs, the operations divested and the impact of the costs related to our operational improvement plan.
We believe the removal of these items provides investors with additional information to evaluate the company's performance and improve the comparability of results between reporting periods.
This also reflects how management reviews and evaluates the company's operations and performance.
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 previous SEC filings and our forthcoming 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.
Each of our groups delivered solid adjusted revenue and operating and adjusted operating profit growth in the quarter.
Our Flavors & Extract group had another outstanding quarter reporting 9% adjusted local currency revenue growth and 13% adjusted local currency operating profit growth.
Our Personal Care business rebounded substantially contributing to the Color Groups 7% adjusted local currency revenue growth and 5% adjusted local currency profit growth.
Asia Pacific had another strong quarter, delivering 11% adjusted local currency revenue growth and over 22% adjusted local currency operating profit growth.
On a consolidated basis, we reported 9% consolidated adjusted local currency revenue growth and mid-single-digit adjusted EBITDA growth in the quarter.
I'm pleased with our results for the second quarter and for the first half of this year.
Last week, we completed the acquisition of a company called Flavor Solutions.
This business brings a number of technology platforms and Savory Flavors, shelf life extenders and taste modulation, and it expands our portfolio for clean label flavors.
This acquisition aligns with our goal to continue to grow our value-added flavor technologies.
We continue to look at other acquisition opportunities that support our strategic initiatives within our core product lines of food, pharmaceutical excipients and personal care.
In each group, our new sales wins, sales pipeline and sample activity continue to be strong, and they are good bellwethers of future product development activity and launches.
We are also seeing increased in-person customer visits in many of our markets, and we anticipate that these visits will continue to increase as companies return to in-person work.
As mentioned during our first quarter call, we are encountering an increase in supply chain challenges, but we continue to manage through these matters.
We are also seeing an increase in certain input costs, including raw material and transportation, and we expect these costs to remain elevated for the remainder of the year.
COVID-19 continues to impact certain geographic regions and product lines.
Despite the varied impacts of COVID-19 throughout the world, our Food Colors and Flavor product lines continue to see robust growth.
As expected and discussed during our last quarterly call, our Personal Care business has begun to strongly rebound in the second quarter.
In pharma, we see headwinds due to Top 2020 comparables in our nutraceutical and pharmaceutical product lines.
Overall, I'm pleased with the growth across the company and the more recent improvements in our Personal Care business, which I anticipate to continue to improve in the second half of this year.
Turning to the group results.
Flavors & Extracts Group had another outstanding quarter with 9% adjusted local currency revenue growth and 13% adjusted local currency profit growth.
This growth is on top of the strong quarter the group achieved in last year's second quarter.
During the second quarter, the Flavors & Extracts Group generated strong growth in almost all product lines.
We are benefiting from a robust sales and customer service focus and a continued transition to more value-added product solutions.
The group's adjusted operating profit margin increased 50 basis points in the quarter compared to last year's second quarter.
We are well on track to achieve 50 basis points to 100 basis point improvement to operating profit margin this year.
Noteworthy within the Flavors & Extracts Group is our ice cream product line.
This product line continues to grow in both the US and Europe as a result of its integrated product sales and strong application capabilities.
We continue to invest in this product line.
I'm optimistic about its future growth prospects.
Our savory business is also having an outstanding year.
This business continues to grow and win new sales opportunities as a result of its strong flavor technologies and exceptional customer service.
Our savory business is well positioned in the market, and I expect it to have a strong year and future.
The Color Group had an exceptional rebound this quarter, delivering 7% adjusted local currency revenue growth and 5% adjusted local currency profit growth.
The group benefited from success in both Food Colors and Personal Care.
Revenue in the Food and Pharmaceutical product line was up mid-single-digits for the quarter.
The group's focus on sales execution and customer service, as well as its strong technology platforms positions us to capitalize on the consumer demand for natural colors, while continuing to maintain our strong synthetic colors business.
The Food and Pharmaceutical business had good growth in almost all geographies and that's experienced improvement in Europe and Latin America, areas in which we had seen softer markets in recent quarters.
Revenue within the Personal Care business was up double-digits in the quarter.
As noted during our last quarterly call, we are seeing a recovery within this business and anticipate continued improvement in the second half of the year and into next year.
People return to travel and other social activities that continue to be optimistic about the improvement within our Personal Care business.
The Asia Pacific Group delivered 11% adjusted local currency revenue growth and 22% adjusted local currency profit growth.
The group continues to drive revenue growth in almost all regions.
This growth is a result of our focus on customer service, new sales wins and utilization of our technology platforms.
The group's operating profit growth and margin improvement are a direct result of volume growth.
We delivered another good quarter and strong first half of the year.
The markets we have chosen to compete in, our recent divestiture activity, our robust customer service model and our technology platform are each providing the foundation for growth with our customers.
We are winning new sales opportunities, and our sales pipelines remain very healthy.
We are well on track for our full year guidance, and we are currently operating at or above the top end of this guidance.
Over the long term, I continue to expect Flavors & Extracts to deliver mid-single-digit revenue growth and 50 basis points to 100 basis points annual improvement to operating profit margin over the foreseeable future.
I also expect the Color Group to deliver mid-single-digit revenue growth, along with an operating profit margin at or above 20%.
And I expect Asia Pacific Group to deliver mid-single to high-single-digit revenue growth over the long term.
[Technical Issues] continue to remain very optimistic about the year and the future of our business.
Steve will now provide you with additional details on the second quarter results.
Our second quarter GAAP diluted earnings per share was $0.61.
Included in these results are $7 million or approximately $0.16 per share of costs related to the divestitures and the cost of the operational improvement plan.
In addition, our GAAP earnings per share this quarter include approximately $2.2 million of revenue or $0.01 of costs related to the results of the divested operations.
Last year's second quarter GAAP results include a gain related to the reclassification of accumulated foreign currency translation as a result of the sale of the Inks business and other divestiture-related costs.
The combination of these items were included within the divestiture and other related costs, which increased last year's second quarter net earnings by $1 million or approximately $0.02 per share.
In addition, our GAAP earnings per share in the second quarter of 2020 include approximately $28.2 million of revenue and an immaterial amount of net earnings related to the divested product lines.
Excluding these items, consolidated adjusted revenue was $333.6 million, an increase of 9.1% in local currency compared to the second quarter of 2020.
Our adjusted local currency EBITDA was up approximately 6% for the quarter, and our adjusted local currency earnings per share was up 8.6% for the quarter.
Our cash flow from operations was down in the second quarter, primarily due to an increase in sales activity in the second quarter of 2021 and the resulting use of cash to fund our working capital in the current quarter.
While we are currently making strategic investments in our inventory positions to support our forecasted growth, we continue to remain focused on optimizing our working capital levels.
In terms of capital expenditures, we continue to expect our spend to be around $65 million for the year.
During the second quarter, we bought back approximately $11 million of company's stock.
As Paul stated earlier, we completed the acquisition of Flavor Solutions last week, and we are actively reviewing other potential acquisitions.
Our leverage ratios are 2 times debt-to-adjusted EBITDA, down from 2.7 a year ago, leaving our balance sheet in a solid position to support potential acquisitions, share repurchases as well as our dividend payout.
The company will continue to be prudent in our approach to our capital allocation strategy.
Based on current trends and the current tax law, we are reconfirming our previously issued GAAP EPS, adjusted earnings per share and adjusted local currency EBITDA guidance.
As Paul stated earlier, we do believe we are operating near the top end of this guidance.
Our GAAP earnings per share guidance calls for mid-to-high single-digit growth compared to our 2020 reported GAAP earnings per share of $2.59.
Our full-year guidance for 2021 includes approximately $0.25 of divestiture-related costs, operational improvement plan costs and the impact of the divested businesses.
On an adjusted basis, our earnings per share guidance for the year calls for mid-single-digit local currency growth compared to our 2020 adjusted earnings per share of $2.79.
Based on current corporate tax law, we expect our adjusted tax rate to be approximately 22% for the last six months of 2021.
We now expect our 2021 adjusted local currency revenue to grow at a mid-single-digit rate.
This is up from our previous guidance of a low-to-mid single-digit growth rate for 2021.
We continue to expect our adjusted local currency EBITDA to grow at a mid-single-digit rate.
Given current proposals related to changes in the corporate tax law, we continue to believe that our adjusted local currency EBITDA metric, instead of EPS, provides a more reliable measure for our underlying business growth.
Our reported results include the impact of currency.
And based on current exchange rates, we expect our earnings to benefit by approximately $0.10 due to currency for the year.

user
compname posts q2 earnings per share $0.61.
q2 earnings per share $0.61.
sensient expects to be at or above previously issued 2021 guidance.
sensient is reconfirming previously issued 2021 guidance for gaap diluted earnings per share to grow at mid to high single digit growth rate.
company now expects its 2021 adjusted local currency revenue to grow at a mid-single digit rate.

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