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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 approves 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, including impacts on our business related to current logistics challenges.
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.
Earlier today, we released our third quarter results, reported strong consolidated adjusted local currency revenue growth of 13% and double-digit adjusted EBITDA growth for the quarter.
Each of our groups contributed to our positive performance in the quarter.
Flavors & Extracts group had another outstanding quarter reporting 12% adjusted local currency revenue growth and 16% adjusted local currency profit growth.
Color group had a strong quarter delivering 18% adjusted local currency revenue growth and 15% adjusted local currency profit growth, with our Food and Pharmaceutical Colors business and our Personal Care businesses both contributing to the Color Group's strong quarter.
Asia-Pacific delivered 10% adjusted local currency revenue growth and 11% adjusted local currency operating profit growth.
Despite some headwinds related to raw materials and logistics, I'm very pleased with our results this quarter and our performance so far this year and we are well above our expectations.
Our positive performance in each group is a direct result of our ongoing focus on customer service, product on-time delivery and sales execution, which continue to drive a very high level of new product wins for the year.
We are focused on gaining share with our customers and our sales attrition rates remain low.
The overall sales pipelines are strong and continue to build.
We are seeing a resumption of larger new product launches and we are optimistic that these will continue to increase in the quarters ahead.
As mentioned during our past quarterly calls, we are encountering numerous supply chain challenges.
There's been an increase in certain input costs including labor, transportation and raw materials.
We're still experiencing delays in shipping and logistics.
Despite these challenges, we believe our overall supply chain is strong and we can manage through these issues with pricing increases and by holding more safety stock to support continued good performance of on-time delivery and customer lead times.
We expect transportation constraints and higher input costs to remain with us throughout the end of the year and well into '22, but we are confident that we will continue to mitigate both.
Overall, we're generating strong growth in each of our businesses and expect this momentum to continue well into the fourth quarter and next year.
Turning to the group results.
Flavors & Extracts group had another great quarter with 12% adjusted local currency revenue growth and 16% adjusted local currency profit growth.
The performance this quarter is on top of last year's strong third quarter performance of 13% adjusted local currency revenue growth and 24% adjusted local currency operating profit growth.
During the third quarter of this year, the group completed the acquisition of Flavor Solutions.
This business brings a portfolio of technology platforms including functional flavors and taste modulation, a library of savory flavors and good customer relationships.
The integration of this business is proceeding as planned and the business contributed approximately $2.4 million of revenue to the Flavors & Extracts group in the third quarter.
Flavors & Extracts group experienced growth in almost all product lines during the quarter, including sweet, beverage and savory flavors, bio-nutrients and natural ingredients.
The group continues to benefit from its transition to more value-added product solutions, as well as a robust sales and customer service focus.
The group's adjusted operating profit margin increased 50 basis points in the quarter and has increased 70 basis points year-to-date.
We are well on track to achieve the 50 to 100 basis point improvement that we forecasted for the year and we expect good performance in the fourth quarter and into next year.
The Color Group had a terrific quarter, delivering 18% adjusted local currency revenue growth and 15% adjusted local currency profit growth.
The group benefited from strong growth in Food and Pharmaceutical colors and the Personal Care business.
Revenue in the Food and Pharmaceutical product line was up double digits in the quarter.
The group continues to see solid demand for natural colors in each of our key product lines and regions.
The group's product portfolio, production capacity and innovation pipeline are well positioned to support this continuing demand.
I anticipate our Food and Pharmaceutical business to continue it's strong growth in the fourth quarter and into next year.
The Personal Care business continue to rebound, delivering double-digit revenue growth in the quarter.
The group is focused on product line diversification and we are seeing good progress on expanding our revenue in skincare, body care and other categories.
I anticipate good growth in Personal Care in the fourth quarter and next year and ongoing success in our diversification strategy.
The Asia Pacific Group delivered 10% adjusted local currency revenue growth and 11% adjusted local currency profit growth in the quarter.
The group's focus on sales execution, customer service and new technologies related to the natural colors and flavors, continue to be the main drivers for the group's growth.
The group has also created a solid infrastructure, local technical support and a strong local sales force across the region.
During the quarter, the group had growth in almost all regions and I anticipate the group to continue to grow into the fourth quarter and next year.
Overall, I'm very pleased with the results of our group so far this year.
Our Flavors & Extracts group is having another great year as is our Asia Pacific Group.
Our Color Group is achieving solid revenue growth in Food and Pharmaceutical and Personal Care.
The growth in all of our businesses results from our exceptional customer service model, diverse technology platforms and our strong new product wins.
With the completion of our divestitures this year, we're able to focus on our key customer markets, food, pharmaceutical and personal care.
We are on track for the year and are operating above our previous guidance for adjusted revenue, EBITDA and EPS.
The strong growth we saw this quarter across our businesses came primarily from higher volumes.
In looking at our volume growth, while we are likely seeing some benefit as customers are ordering ahead and building larger safety stocks, the vast majority of our volume growth is coming from new wins, share gains and ongoing positive market trends in natural colors and flavors.
We have implemented pricing actions, but the impact of higher pricing has not yet had a significant impact on our results.
We expect that trend to improve moving forward.
I continue to expect the Flavors & Extracts group to deliver mid-single digit revenue growth and 50 to 100 basis points of annual improvement to the operating profit margin for the foreseeable future.
I also expect the Color Group to deliver mid-single digit revenue growth along with an operating profit margin above 20%.
I expect the Asia Pacific Group to deliver mid to high single digit revenue growth over the long term.
I'm very optimistic about this year and the future of our business.
Steve will now provide you with additional details on the third quarter results.
Our third quarter GAAP diluted earnings per share was $0.80, included in these results are approximately $0.04 per share of divestiture costs and the cost of the operational improvement plan.
In addition, our GAAP earnings per share this quarter include approximately $1.6 million of revenue and an immaterial amount of operating income related to the results of the divested operations.
Last year's third quarter GAAP results include divestiture and operational improvement plan costs, which decreased last year's third quarter results by approximately $0.03 per share.
In addition, our GAAP earnings per share in the third quarter of 2020 include approximately $23.6 million of revenue and approximately $0.04 per share of earnings related to the divested product lines.
Excluding these items, consolidated adjusted revenue was $342.7 million, an increase of 13% in local currency compared to the third quarter of 2020.
Our adjusted local currency EBITDA was up 12.9% for the quarter and our adjusted local currency earnings per share was up 9.1% for the quarter.
The acquisition of Flavor Solutions contributed $2.4 million of revenue and an immaterial amount of operating income to our third quarter results.
Our cash flow from operations was down in the third quarter, primarily due to an increase in strategic investments in our inventory position, as well as an increase in receivables due to strong sales growth in the third quarter.
We remain focused on optimizing our working capital levels and we will continue to make strategic investments in our inventory in the fourth quarter to support our forecasted demand and ensure we have an appropriate safety -- and ensure we have appropriate safety stock positions.
We still expect our capital expenditures to be around $65 million for the year.
During the third quarter, we completed the acquisition of Flavor Solutions for approximately $15 million.
We also purchased approximately $9 million of company stock for 105,600 shares in the quarter, which brings our year-to-date total purchases to $32 million or 383,000 shares.
We have 1.8 million shares remaining under our share repurchase authorization.
Our leverage ratio is now 2.0 times debt adjusted EBITDA, down from 2.6 a year ago, leaving our balance sheet in a solid position to support potential acquisition, share repurchases, as well as our dividend payout.
Yesterday, we announced a 5% increase in our dividend.
We have increased our quarterly dividend by 37% since 2016, resulting in a compound annual growth rate of 6.4%.
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 earnings per share guidance, which 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.
We now expect our full year 2021 adjusted local currency revenue to grow at a high single digit rate, which is up from our previous guidance of a mid single digit growth rate.
We also now expect our full year 2021 adjusted EBITDA and adjusted earnings per share to both grow at a mid to high single digit rate on a local currency basis.
Our previous guidance called for mid single digit growth rates for both adjusted EBITDA and adjusted EPS.
Given current proposals related to changes in the corporate tax law, we continue to believe that our adjusted local currency EBITDA metric instead of earnings per share 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 $0.07 due to currency for the year.

user
q3 earnings per share $0.80.
reconfirming its previously issued 2021 guidance for gaap diluted earnings per share.
now expects its 2021 adjusted local currency revenue to grow at a high single-digit rate.
sensient technologies - now sees 2021 adjusted local currency ebitda & adjusted earnings per share on a local currency basis, to grow at a mid-to-high single-digit growth rate.

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