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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 previous SEC filings and our forthcoming 10-K 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.
We continue to have strong results from our Flavors & Extracts Group, our Food and Pharmaceutical business in the Color Group and in our Asia-Pacific Group.
Our results were at the top end of our earnings per share guidance for the year.
Overall, the company had a strong financial and operating performance in 2020.
Flavors & Extract Group had an outstanding year achieving high single-digit revenue growth and double-digit profit growth.
Within the Color Group, the Food and Pharmaceutical business also had a strong year with mid single-digit revenue growth and double-digit operating profit growth in 2020.
The Company's cash flow from operations increased over 23% and we reduced debt by over $90 million in 2020.
We completed two of our three divestitures and signed a purchase agreement for the third, which we expect to close in the first half of 2021.
Our focus over the past years on customer service levels has been a significant factor for our strong revenue growth in 2020.
Our continued focus on sales execution along with lower overall sales attrition across all three groups is paying off, and should continue to benefit future periods.
In addition, our focus on reducing fixed cost has also contributed to our overall profit improvement and strong operating leverage.
Flavors and Extract Group had a great year in 2020 and finished with a very strong fourth quarter with adjusted local currency revenue growth of 14% and adjusted local currency profit growth of 55%.
The Group's revenue and profit growth are driven by high sales win rate; lower sales attrition; focus on sales execution; robust customer service and our continued transition to more value-added product solutions.
The cost reduction initiatives from our earlier restructuring efforts along with our ongoing fixed cost takeout initiatives have also contributed to the overall profit and margin improvement.
Within the Flavors and Extract Group, the Natural Ingredients business had a strong year with double-digit local currency sales growth.
Our Natural Ingredients business supply CPG, foodservice and innovative food and spice companies around the world with the highest quality natural, organic and value-added ingredients.
This business continues to grow by leveraging its robust supply chain, strong customer service model and focus on new product development.
The business is well positioned for further growth in the years to come.
Overall, the Flavors & Extract Group's operating profit margin was up over 300 basis points in the quarter and 50 basis points for the year.
Over the long-term, I expect the Flavors & Extract Group to deliver mid single-digit revenue growth with continued operating profit margin improvement.
Within the Color Group revenue for food and pharmaceutical colors is up mid single-digits for the quarter and year.
The Group continues to see solid demand for natural colors and functional extracts used in food, nutraceutical and pharmaceutical OTC applications.
The growth in these areas as a result of our focus on Clean Label Technologies innovated natural color solutions, strong customer service and sales execution.
As a result of these efforts the business achieved a high win rate throughout 2020, which will continue to benefit 2021 and future years.
Also within the Color Group revenue in personal care continues to be down as a result of the negative impacts of COVID-19.
Overall, the demand for makeup and hair care products in North America, Europe and Asia was down substantially in 2020.
Given the uncertainty with COVID-19, I anticipate continued strong headwinds for personal care at least through the first half of 2021.
Despite this impact, we continue to make progress on our operational improvement plan, which is designed to consolidate some of our cosmetic manufacturing operations.
These actions will better align our cost structure in the personal care business for long-term sustainable growth and continued strong operating leverage.
Long-term for the Color Group I expect to -- I continue to expect mid single-digit revenue growth from food and pharmaceutical colors, driven by new product launches and growth in natural colors and extracts.
Once the impact of COVID-19 subside, I expect mid single-digit revenue growth from our personal care business as a result of its strong technology platform and market trends toward natural products in skin hair and makeup.
Over the long-term, we expect to maintain our EBIT margin at or above 20% for the Color Group.
Within our Asia Pacific Group, we are seeing high sales win rate as a result of the Group's focus on sales execution and building a stronger customer service and technology-driven organization.
The Group's revenue continues to be negatively impacted in certain regions by COVID-19 restrictions.
However, as these restrictions begin to ease the Group should resume mid to high single-digit revenue growth.
Overall, the Group's local currency adjusted revenue was up 3% for the year and local currency operating profit was up over 14% for the year.
In summary, I expect Flavors & Extracts, Asia Pacific and our Food and Pharmaceutical businesses to each grow revenue at a mid single-digit rate in 2021.
Our personal care business will continue to face headwinds for at least the first half of 2021, due to COVID.
Our operating profit margin within the Color Group continues to be around 20%, which is a good long-term level for the Group.
The operating profit margin for our Flavors & Extract Group continues to grow and we expect a 50 basis point to 100 basis point improvement in 2021.
Our balance sheet and cash flow are strong.
We have made good progress on reducing our inventory, which we reduced by more than 30-days in 2020.
There is still more opportunity to reduce our inventory further.
We continue to invest in good ROI capital projects and we are evaluating sensible acquisition opportunities.
Absent an acquisition, we will continue to pay down debt and we have the option to buyback stock.
Our employees remain committed to keeping our plants open and delivering our products to our customers on time.
I'm very proud of the way that our employees adapt to do a constantly changing environment and tirelessly worked to ensure a safe and healthy workplace.
All while supporting our essential mission to provide ingredients to the food, pharmaceutical and personal care markets.
Steve will now provide you with additional details on the fourth quarter results.
The adjusted results for 2020 and 2019 remove the impact of the divestiture-related costs; the operations divested or to be divested; the impact of the costs related to our operational improvement plan and a one-time COVID-related payment to our employees.
We believe that the removal of these items provides a clearer picture to investors of the company's performance.
This also reflects how management reviews the Company's operations and performance.
During the fourth quarter, the Company's Board of Directors approved a one-time payment to our employees to recognize their commitment during the COVID-19 pandemic and the extraordinary and unforeseeable challenges associated with COVID-19.
The cost of this payment is approximately $3 million.
Our fourth quarter GAAP diluted earnings per share was $0.59, included in these results are $3.2 million or approximately $0.07 per share of costs related to the divestitures; the cost of the operational improvement plan and the one-time COVID payment.
In addition, our GAAP earnings per share this quarter include approximately $0.06 of earnings related to the results of the operations targeted for divestiture, which represents approximately $25.2 million of revenue in the quarter.
Last year's fourth quarter GAAP results include approximately $0.01 of earnings per share from the operations to be divested and approximately $33.7 million of revenue.
Excluding these items, consolidated adjusted revenue was $309.5 million, an increase of approximately 7.9% in local currency, compared to the fourth quarter of 2019.
This revenue growth was primarily a result of the Flavors & Extracts Group, which was up approximately 14% in local currency.
Consolidated adjusted operating income increased 19% in local currency to $36.8 million in the fourth quarter of 2020.
This growth was led by the Flavors & Extracts Group, which increased operating income by 54.9% in local currency.
The Asia-Pacific Group also had a nice growth in operating income in the quarter, up 7.8% in local currency.
Operating income in the Food and Pharmaceutical business in the Color Group was, up nearly 15% in local currency.
The increase in operating income in these businesses as a result of the volume growth, Paul mentioned earlier, combined with the overall lower cost structure across the company.
The overall impact of COVID on the Company's results has been a net negative.
The impact on our Food and Pharmaceutical business is mixed, but as we have discussed, the negative impact in our personal care business within the Color Group was significant in 2020.
Our adjusted local currency EBITDA increased 16.9% in the quarter and 3.2% for the full-year of 2020.
Our cash flow from operations was extremely strong in 2020, up 53% for the quarter and up 23% for the year, due to our strong earnings growth and significant efforts to reduce our inventory levels.
Capital expenditures were $52 million for 2020 and our free cash flow increased 58% in the quarter and 21% for the year.
We have reduced debt by approximately $90 million, since the beginning of the year.
Our debt to adjusted EBITDA is now 2.4%, down from 2.9% at the start of the year.
Now turning to 2021.
We expect GAAP earnings per share to be up mid to high single-digits, compared to our 2020 reported GAAP earnings per share of $2.59.
Our full-year guidance for 2021, includes approximately $0.25 to $0.30 of divestiture-related costs, operational improvement plan costs and the impact of the businesses to be divested.
On an adjusted basis, we expect our 2021 adjusted local currency earnings per share to be up mid single-digits, compared to our 2020 adjusted earnings per share of $2.79.
We also expect our adjusted local currency EBITDA to grow at a mid single-digit rate in 2021.
Based on current tax law, we expect our tax rate to be in line with our rate in 2020.
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.
As we have discussed the impact of COVID on the Company in 2020 was a net negative.
The impact on our Food & Beverage business was mixed, as new product launches were low and the quick service restaurant market was negatively impacted.
Other areas such as savory products saw solid growth.
Furthermore, the market decline in the makeup industry has significantly impacted the Color Group's personal care business, and we expect this to continue into 2021.
The exact timing of a recovery for our personal care business from the impact of COVID is uncertain, but we could see year-over-year improvement starting in late second quarter.
In conclusion, over the long-term, we continue to expect revenue to grow at a mid single-digit rate in each of our Groups and our adjusted EBITDA to grow at a mid single-digit rate or better.
In terms of our capital allocation priorities, we will continue to pay down debt in the near-term.
We anticipate our capital expenditures to be in the range of $55 million to $65 million in 2021.
We also continue to evaluate acquisition opportunities and we have the ability to buyback stock.
We expect to complete the sale of our fragrance business and the operational improvement plan in the first half of 2021.
The completion of our divestitures and the operational improvement plan allows us to focus on our key customer markets of food, pharmaceutical and personal care, while providing the foundation for future revenue and margin growth.

user
compname posts q4 earnings per share $0.59.
q4 earnings per share $0.59.
expects 2021 adjusted local currency revenue to grow at a low to mid-single digit rate.
expects, on a local currency basis, 2021 adjusted diluted earnings per share to grow at a mid-single digit growth rate.
expects 2021 full year gaap diluted earnings per share to grow at a mid to high single digit growth rate.
expects 2021 earnings per share reported on a u.s. dollar basis to benefit by anout ten cents based on current exchange rates.

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