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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 second quarter 10-Q and our forthcoming third 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.
Due to changes we have made to our portfolio and the divestitures we announced last year, we are updating our group and product lines.
The most notable change is that our flavors and fragrances segment will now be named the flavors and extracts segment.
You will also notice some small changes to the names we use for some of our product lines.
Sensient's focused portfolio strengthens our ability to service the food, pharmaceutical and personal care markets.
We will continue to report the three divested product lines of fragrances, yogurt fruit preparations and inks as long as these product lines impact our comparisons.
Now we'll hear from Paul.
And I'm pleased to report that results were in line with our expectations and our overall guidance for the year.
I'm very pleased with the continued revenue and profit growth in our flavors and extract group as well as our food and pharmaceutical business in the color group.
Our Asia Pacific group also posted solid profit growth in the quarter.
Overall, each of our groups performed well despite the adverse impact of COVID-19.
COVID-19 continues to be a net negative to the Company.
The market decline in the makeup industry continues to impact the color group's personal care business.
And on a geographic basis, we continue to see headwinds in Asia Pacific, Europe and Latin America.
In the midst of this pandemic, we have ensured our employees are safe and healthy, our facilities remain open, our supply chain remains strong and we have delivered our products on time to our customers.
Based on current trends, I expect that we will deliver on our earnings per share outlook for the year as the foundation of our business remains strong.
Our focus over the years on customer service, on-time delivery and sales execution has led to a high level of revenue from new product wins during the second half of 2019 and the first half of this year.
Furthermore, as the pandemic continues and new product development at certain companies has slowed, we have focused on regaining lost business and gaining share at our customers.
This focus, coupled with lower overall sales attrition, is paying off in our results and should continue to benefit future periods.
Last year at this time, we announced three divestitures.
In the second quarter, we completed the sale of inks.
And I'm pleased to say that we completed the sale of the yogurt fruit prep business during the third quarter.
This is our second completed divestiture in 2020, and I am optimistic that we will complete the divestiture of fragrances in the near future.
As I mentioned last year, the divestiture of these three businesses allows us to focus on our key customer markets, food, pharmaceutical and personal care.
I'm very pleased with the progress of our flavors and extracts group this year.
The group had an impressive quarter with adjusted local currency revenue growth of 13% and profit growth of 24%.
This is the third straight quarter of revenue growth, which has resulted in continued profit and margin improvement.
This growth is based on the group's focus on sales execution, which has resulted in a high win rate, a focus on retaining existing business and an overall decline in the group's attrition rate.
Additionally, the group's focus on transitioning the product portfolio to more value-added solutions and the reduction of its production cost structure from restructuring and ongoing initiatives is complementing the revenue growth and the overall improvement in the group's profit and margin.
Within the flavors and extracts group, the natural ingredients business had another strong quarter with local currency sales growth of 14.5% as a result of strong demand for seasoning, snacks and packaged foods.
This business has a solid foundation to deliver a consistent and reliable supply of high-quality natural ingredients to its customers.
Flavors extracts and flavor ingredients also had a nice quarter, up 12% in local currency.
The business' strong technology platform in flavor modulation and enhancement, its clean label solutions and its applications expertise are leading factors in the growth of this business.
Overall, the flavors and extracts group's operating profit margin was up 110 basis points in the quarter.
Long term, I expect mid-single digit revenue growth with continued margin improvement for the group.
Now turning to colors.
Revenue for food and pharmaceutical colors was up low-single digits for the quarter.
The group continues to see solid demand for natural colors in the market.
There's also strong consumer interest in functional natural extracts and nutraceuticals, and the group's product portfolio and innovation are well positioned to support this demand.
Despite the continued growth in food and pharmaceutical colors, revenue in personal care continues to be down as a result of the negative impacts of COVID-19 on the color makeup market.
The demand for makeup in Europe, North America and Asia continues to be down substantially for the year.
Given the uncertainty with COVID-19 and ongoing restrictions, I anticipate challenges for this cosmetics product line to continue.
The color group's adjusted operating profit increased 3% in the quarter.
Food and pharmaceutical colors had a great quarter, generating profit growth of more than 20% and about 15% for the first nine months of 2020.
However, the lower demand for makeup and other personal care products continues to be a drag on the group's profit performance.
Overall, the color group's operating profit margin increased 110 basis points in this quarter.
Long term, I continue to expect mid-single digit revenue growth from food and pharmaceutical colors as well as personal care once demand normalizes from the impacts of COVID-19.
We've made good product -- progress in our Asia Pacific group this year.
Similar to flavors and extracts and colors, the group has focused on sales execution and building a stronger customer service and technology-driven organization.
The group has created a solid infrastructure and has been focused on localizing production.
During the quarter, the group had solid sales growth in certain regions.
However, this growth was offset by declines in other regions, as government COVID-19 restrictions continue to significantly impact many sales channels.
The group had another strong quarter of profit growth, up approximately 15% in the quarter and 17% for the first nine months of 2020.
The group's operating profit margin increased 200 basis points in the quarter.
This was the third straight quarter of strong profit improvement.
The Asia Pacific group is well positioned for long-term growth.
And I anticipate that as certain COVID-19-related restrictions ease, the group will resume mid-to-high single-digit revenue growth.
Overall, I'm very pleased with the results of our groups this year.
Our flavors and extract group is having a great year, and the food and pharmaceutical business within the color group continues to have solid revenue and very strong profit growth.
Our Asia Pacific group is well positioned for future revenue growth.
Overall, COVID-19 continues to be a headwind for the Company.
Despite this headwind, I'm excited about the future growth opportunities for Sensient due to the strength of our portfolio of technologies and our exceptional customer service.
Steve will now provide you with additional details on the third quarter results.
The adjusted results for 2020 and 2019 remove the impact of the divestiture-related costs, the operations divested or to be divested and our recently implemented operational improvement plan.
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 third quarter, the Company initiated a plan primarily to consolidate some of our global cosmetic manufacturing operations.
The Company expects to complete this operational improvement plan during the first half of 2021.
The costs of this plan are estimated to be approximately $5 million to $7 million.
Our third quarter GAAP diluted earnings per share was $0.78.
Included in these results are $1.4 million or approximately $0.03 per share of costs related to the divestitures and other related costs and the cost of the operational improvement plan.
In addition, our GAAP earnings per share this quarter include approximately $0.04 of earnings related to the results of the operations targeted for divestiture, which represents approximately $23.6 million of revenue in the quarter.
Last year's third quarter GAAP results included approximately $0.02 of earnings per share from the operations to be divested and approximately $34.1 million of revenue.
Excluding these items, consolidated adjusted revenue was $300 million, an increase of approximately 6.1% in local currency compared to the third quarter of 2019.
This revenue growth was primarily a result of the flavors and extracts group, which was up approximately 13% in local currency.
Consolidated adjusted operating income increased 10.1% in local currency to $41.5 million in the third quarter of 2020.
This growth was led by the flavors and extracts group, which increased operating income by 24.1% in local currency.
The Asia Pacific group also had a nice growth in operating income in the quarter, up 15.5% in local currency.
And operating income in the food and pharmaceutical business in the color group was up over 20% in local currency.
The increase in operating income in these businesses is a result of the volume growth Paul explained earlier combined with the overall lower cost structure across the Company.
Our adjusted diluted earnings per share was $0.77 in this year's third quarter compared to $0.74 in last year's third quarter.
As Paul mentioned, the overall impact of COVID on the Company's results has been a headwind.
The impact on our food and pharmaceutical businesses is mixed, but as we have discussed, the negative impact in our personal care business is significant.
We have reduced debt by approximately $60 million since the beginning of the year.
We have adequate liquidity to meet operating and financial needs through our cash flow and available credit lines.
Our debt-to-EBITDA is 2.6, down from 2.9 at the start of the year.
Cash flow from operations was $143 million for the first nine months of 2020, an increase of 12% compared to prior year.
Capital expenditures were $34 million in the first nine months of 2020 compared to $26.1 million in the first nine months of 2019.
Our free cash flow increased 7% to $109 million for the first nine months of this 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 expense in 2020.
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, we are reconfirming our previously issued full-year GAAP earnings per share guidance of $2.10 per share to $2.35 per share.
The full-year guidance also now includes approximately $0.05 of currency headwinds based on current exchange rates.
We are also reconfirming our previously issued full-year adjusted earnings per share guidance of $2.60 to $2.80, which excludes divestiture-related costs, operational improvement plan costs, the impact of the divested or to-be-divested businesses and foreign currency impacts.
The Company expects foreign currency impacts to be minimal in the fourth quarter.
We are also maintaining our adjusted EBITDA guidance of low-to-mid single-digit growth.
In conclusion, we continue to expect long-term revenue growth rates of mid-single digits in each of our groups.
Our stock-based compensation and other incentive costs have reset this year.
Going forward, this should be less of a headwind for us.
We do expect our tax rate to trend up slightly in future years under current law.
As a result, we believe adjusted EBITDA is a better measure of the Company's operating performance, and expect this metric 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 also continue to evaluate acquisition opportunities.
Absent an acquisition, we have the ability to buy back shares.
We expect our capital expenditures to be in a range of $50 million to $60 million annually.
Our divestiture activity and our operational improvement plan allows us to focus on our key customer markets of food, pharmaceutical excipients and personal care, while providing the foundation for future revenue and margin growth.

user
compname reports q3 earnings per share of $0.78.
q3 earnings per share $0.78.
sees fy 2020 earnings per share $2.10 to $2.35.
sees fy 2020 adjusted earnings per share $2.60 to $2.80 excluding items.
confirming its previously issued guidance of low to mid-single digit revenue growth in 2020 on a local currency basis.

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