Wire Stories

Sensient Technologies Corporation Reports Results for the Quarter Ended June 30, 2021

Reported Consolidated Revenue Growth of 3.9%

Adjusted Consolidated Local Currency Revenue Growth of 9.1%

 

Sensient Expects to be at or Above Previously Issued 2021 Guidance

MILWAUKEE--(BUSINESS WIRE)--Sensient Technologies Corporation (NYSE: SXT) reported consolidated revenue of $335.8 million in this year’s second quarter compared to $323.1 million in last year’s second quarter. Reported operating income in the second quarter of 2021 was $35.8 million compared to $42.1 million in the second quarter of 2020. Reported diluted earnings per share was 61 cents in the second quarter of 2021 compared to 72 cents in the second quarter of 2020. Foreign currency translation increased revenue and earnings per share by approximately 4% and 6%, respectively, in the quarter.

The 2021 second quarter reported results include divestiture & other related costs and operational improvement plan costs, which in total decreased second quarter net earnings by $7.0 million ($0.16 per diluted share). The 2020 second quarter reported results include divestiture & other related costs which increased net earnings by $1.0 million ($0.02 per diluted share). The 2021 and 2020 second quarter results also include the operations of the divested product lines, which included $2.2 million of revenue and decreased diluted earnings per share by $0.01 in the second quarter of 2021, and included $28.2 million of revenue and were not significant to diluted earnings per share in the second quarter of 2020. These adjustments are described in more detail under “Reconciliation of Non-GAAP Amounts” at the end of this release.

BUSINESS REVIEW

 

Reported

Revenue

Quarter

Flavors & Extracts

-2.3%

Color

9.8%

Asia Pacific

15.9%

Total Revenue

3.9%

 

Adjusted

Local Currency (1)

Revenue

Quarter

Flavors & Extracts

9.1%

Color

7.1%

Asia Pacific

11.3%

Total Revenue

9.1%

 

(1) Adjusted local currency percentage changes are described in more detail in the "Reconciliation of Non-GAAP Amounts" at the end of this release.

The Flavors & Extracts Group reported second quarter revenue of $179.4 million compared to $183.6 million reported in the comparable period last year, a decrease of 2.3%, primarily due to the divestiture of the Fragrances product line in early April 2021. Adjusted local currency revenue increased 9.1% in the quarter. The higher adjusted local currency revenue was the result of strong growth in all product categories. Segment operating income was $24.5 million in the current quarter compared to $22.8 million reported in the comparable period last year, an increase of 7.8%. Adjusted local currency operating income increased 13.2% in the quarter. The Group’s higher profit was primarily a result of favorable volume growth. Foreign currency translation increased segment revenue and operating income by approximately 4% and 3%, respectively, in the quarter.

The Color Group reported revenue of $133.2 million in the quarter compared to $121.3 million in last year’s comparable period, an increase of 9.8%. Adjusted local currency revenue increased 7.1% in the quarter. The Group experienced growth in Food & Pharmaceutical colors and in Personal Care. Segment operating income was $25.6 million in the quarter compared to $22.3 million in last year’s comparable period, an increase of 15.1%. Adjusted local currency operating income increased 5.2% compared to prior year’s second quarter. The higher operating income is primarily a result of the higher volumes. Foreign currency translation increased both segment revenue and operating income by approximately 5% in the quarter.

The Asia Pacific Group reported revenue of $32.3 million in the quarter compared to $27.9 million in last year’s comparable period, an increase of 15.9%. Adjusted local currency revenue increased 11.3% in the quarter. Segment operating income was $5.8 million in the quarter compared to $4.8 million in last year’s comparable quarter, an increase of 19.5%. Adjusted local currency operating income increased 21.6% in the quarter. The higher profit was primarily a result of the favorable volume growth. Foreign currency translation increased segment revenue by approximately 6% and decreased segment operating income by approximately 1% in the quarter.

Corporate & Other reported operating costs of $20.2 million in the current quarter compared to $7.7 million in last year’s comparable period, an increase of 160.9%. The higher costs are primarily due to higher divestiture & other costs reported in the second quarter of 2021 compared to the amount recorded in the second quarter of 2020. Adjusted local currency operating expenses for Corporate & Other increased 29.4% in the quarter partly due to higher performance based executive compensation.

2021 OUTLOOK

Sensient is reconfirming its previously issued 2021 guidance for GAAP diluted earnings per share to grow at a mid to high single digit growth rate compared to the Company’s 2020 reported GAAP diluted earnings per share of $2.59. Our full year 2021 guidance includes approximately 25 cents per share of estimated divestiture & other related costs, the results of the divested operations, and the operational improvement plan costs. The Company expects its reported tax rate to be approximately 24% for the last six months of 2021.

The Company now expects its 2021 adjusted local currency revenue(2) to grow at a mid-single digit rate. The Company’s previous 2021 guidance for adjusted local currency revenue(2) was a low to mid-single digit growth rate. The Company reconfirms its previously issued 2021 adjusted local currency EBITDA(2) to grow at a mid-single digit rate. The Company also continues to expect, on a local currency basis, 2021 adjusted diluted earnings per share(2) to grow at a mid-single digit growth rate compared to the Company’s 2020 adjusted diluted earnings per share(2) of $2.79. The Company expects its adjusted tax rate(2) to be approximately 22% for the last six months of 2021.

The Company expects earnings per share reported on a U.S. dollar basis to benefit by approximately ten cents based on current exchange rates.

The Company’s guidance is based upon current trends, current tax law, and the effects of COVID-19 to date. The full impacts of the ongoing COVID-19 pandemic remain uncertain and management will continue to monitor its impacts on our business.

(2)

See “Reconciliation of Non-GAAP Amounts” at the end of this release for more information.

USE OF NON-GAAP FINANCIAL MEASURES

The Company’s non-GAAP financial measures eliminate the impact of certain items, which, depending on the measure, include, currency movements, depreciation and amortization, non-cash share-based compensation, divestiture & other related costs, operational improvement plan costs, and the results of the divested operations. These measures are provided to enhance the overall understanding of the Company’s performance when viewed together with the GAAP results. Refer to “Reconciliation of Non-GAAP Amounts” at the end of this release.

CONFERENCE CALL

The Company will host a conference call to discuss its 2021 second quarter financial results at 8:30 a.m. CDT on Friday, July 23, 2021. To participate in the conference call, contact Chorus Call Inc. at (844) 492-3726 or (412) 317-1078, and ask to join the Sensient Technologies Corporation conference call. Alternatively, the call can be accessed by using the webcast link that is available on the Investor Information section of the Company’s web site at www.sensient.com.

A replay of the call will be available one hour after the end of the conference call through July 30, 2021, by calling (877) 344-7529 and referring to conference identification number 10156624. An audio replay and written transcript of the call will also be posted on the Investor Information section of the Company’s web site at www.sensient.com on or after July 27, 2021.

This release contains statements that may constitute “forward-looking statements” within the meaning of Federal securities laws including under “2021 Outlook” above. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors concerning the Company’s operations and business environment. Important factors that could cause actual results to differ materially from those suggested by these forward-looking statements and that could adversely affect the Company’s future financial performance include the following: the impact and uncertainty created by the ongoing COVID-19 pandemic, including, but not limited to, its effects on our employees, facilities, customers, and suppliers, the availability and cost of raw materials and other supplies, the availability of logistics and transportation, governmental regulations and restrictions and general economic conditions; the pace and nature of new product introductions by the Company and the Company’s customers; the Company’s ability to anticipate and respond to changing consumer preferences and changing technologies; the Company’s ability to successfully implement its growth strategies; the outcome of the Company’s various productivity-improvement and cost-reduction efforts, acquisition and divestiture activities, and operational improvement plan; the effectiveness of the Company’s past restructuring activities; changes in costs of raw materials, including energy; industry, regulatory, legal, and economic factors related to the Company’s domestic and international business; the effects of tariffs, trade barriers, and disputes; growth in markets for products in which the Company competes; industry and customer acceptance of price increases; actions by competitors; currency exchange rate fluctuations; and other factors included in “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, and in other documents that the Company files with the SEC. The risks and uncertainties identified above are not the only risks the Company faces. Additional risks and uncertainties not presently known to the Company or that it currently believes to be immaterial also may adversely affect the Company. Should any known or unknown risks and uncertainties develop into actual events, these developments could have material adverse effects on our business, financial condition, and results of operations. This release contains time-sensitive information that reflects management’s best analysis only as of the date of this release. Except to the extent required by applicable laws, the Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied herein will not be realized.

ABOUT SENSIENT TECHNOLOGIES

Sensient Technologies Corporation is a leading global manufacturer and marketer of colors, flavors, and other specialty ingredients. Sensient uses advanced technologies and robust global supply chain capabilities to develop specialized solutions for food and beverages, as well as products that serve the pharmaceutical, nutraceutical, cosmetic, and personal care industries. Sensient’s customers range in size from small entrepreneurial businesses to major international manufacturers representing some of the world’s best-known brands. Sensient is headquartered in Milwaukee, Wisconsin.

www.sensient.com

Sensient Technologies Corporation

 

 

(In thousands, except percentages and per share amounts)

 

 

(Unaudited)

 

 

 

 

Consolidated Statements of Earnings

Three Months Ended June 30,

Six Months Ended June 30,

 

 

2021

2020

% Change

2021

2020

% Change

 

 

Revenue

$

335,827

 

$

323,090

 

3.9%

$

695,529

 

$

673,767

 

3.2%

 

 

Cost of products sold

 

224,233

 

 

220,876

 

1.5%

 

468,322

 

 

459,660

 

1.9%

Selling and administrative expenses

 

75,841

 

 

60,089

 

26.2%

 

144,557

 

 

137,421

 

5.2%

 

 

Operating income

 

35,753

 

 

42,125

 

(15.1%)

 

82,650

 

 

76,686

 

7.8%

Interest expense

 

3,322

 

 

3,608

 

 

 

6,755

 

 

7,915

 

 

 

 

Earnings before income taxes

 

32,431

 

 

38,517

 

 

 

75,895

 

 

68,771

 

 

Income taxes

 

6,495

 

 

7,897

 

 

 

18,291

 

 

17,378

 

 

 

 

Net earnings

$

25,936

 

$

30,620

 

(15.3%)

$

57,604

 

$

51,393

 

12.1%

 

 

Earnings per share of common stock:

 

 

Basic

$

0.62

 

$

0.72

 

 

$

1.37

 

$

1.22

 

 

 

 

Diluted

$

0.61

 

$

0.72

 

 

$

1.36

 

$

1.21

 

 

 

 

Average common shares outstanding:

 

 

Basic

 

42,135

 

 

42,305

 

 

 

42,199

 

 

42,294

 

 

 

 

Diluted

 

42,267

 

 

42,322

 

 

 

42,328

 

 

42,315

 

 

 

 

 

 

 

 

Results by Segment

Three Months Ended June 30,

Six Months Ended June 30,

 

 

Revenue

2021

2020

% Change

2021

2020

% Change

 

 

Flavors & Extracts

$

179,401

 

$

183,611

 

(2.3%)

$

380,312

 

$

370,109

 

2.8%

Color

 

133,207

 

 

121,296

 

9.8%

 

268,927

 

 

264,791

 

1.6%

Asia Pacific

 

32,317

 

 

27,873

 

15.9%

 

66,157

 

 

58,322

 

13.4%

Intersegment elimination

 

(9,098

)

 

(9,690

)

 

 

(19,867

)

 

(19,455

)

 

 

 

Consolidated

$

335,827

 

$

323,090

 

3.9%

$

695,529

 

$

673,767

 

3.2%

 

 

 

 

Operating Income

 

 

 

 

Flavors & Extracts

$

24,536

 

$

22,752

 

7.8%

$

51,554

 

$

43,623

 

18.2%

Color

 

25,615

 

 

22,263

 

15.1%

 

52,209

 

 

51,927

 

0.5%

Asia Pacific

 

5,793

 

 

4,849

 

19.5%

 

12,545

 

 

9,908

 

26.6%

Corporate & Other

 

(20,191

)

 

(7,739

)

 

 

(33,658

)

 

(28,772

)

 

 

 

Consolidated

$

35,753

 

$

42,125

 

(15.1%)

$

82,650

 

$

76,686

 

7.8%

 

 

 
Sensient Technologies Corporation
(In thousands)
(Unaudited)
 
Consolidated Condensed Balance SheetsJune 30,December 31,

2021

2020

 
Cash and cash equivalents

$

33,306

$

24,770

Trade accounts receivable

 

258,411

 

234,132

Inventories

 

360,240

 

381,346

Prepaid expenses and other current assets

 

56,111

 

48,578

Assets held for sale

 

-

 

52,760

Total Current Assets

 

708,068

 

741,586

 
Goodwill & intangible assets (net)

 

429,204

 

434,220

Property, plant, and equipment (net)

 

442,022

 

445,493

Other assets

 

118,436

 

119,561

 
Total Assets

$

1,697,730

$

1,740,860

 
Trade accounts payable

$

115,325

$

107,324

Short-term borrowings

 

771

 

9,247

Other current liabilities

 

80,320

 

82,045

Liabilities held for sale

 

-

 

17,339

Total Current Liabilities

 

196,416

 

215,955

 
Long-term debt

 

483,230

 

518,004

Accrued employee and retiree benefits

 

29,863

 

28,941

Other liabilities

 

43,944

 

43,624

Shareholders' Equity

 

944,277

 

934,336

 
Total Liabilities and Shareholders' Equity

$

1,697,730

$

1,740,860

 
Sensient Technologies Corporation
(In thousands, except per share amounts)
(Unaudited)
 
Consolidated Statements of Cash Flows
Six Months Ended June 30,

2021

2020

Cash flows from operating activities:
Net earnings

$

57,604

 

$

51,393

 

Adjustments to arrive at net cash provided by operating activities:
Depreciation and amortization

 

25,817

 

 

24,522

 

Share-based compensation expense

 

4,188

 

 

2,662

 

Net loss on assets

 

206

 

 

50

 

Loss on divestitures and other charges

 

13,511

 

 

6,634

 

Deferred income taxes

 

1,702

 

 

1,075

 

Changes in operating assets and liabilities:
Trade accounts receivable

 

(26,902

)

 

(20,494

)

Inventories

 

19,357

 

 

24,816

 

Prepaid expenses and other assets

 

(15,573

)

 

(3,975

)

Trade accounts payable and other accrued expenses

 

9,632

 

 

9,961

 

Accrued salaries, wages, and withholdings

 

(3,944

)

 

6,483

 

Income taxes

 

1,953

 

 

3,899

 

Other liabilities

 

1,710

 

 

588

 

 
Net cash provided by operating activities

 

89,261

 

 

107,614

 

 
Cash flows from investing activities:
Acquisition of property, plant, and equipment

 

(25,550

)

 

(21,417

)

Proceeds from sale of assets

 

169

 

 

6

 

Proceeds from divestiture of businesses

 

36,255

 

 

11,255

 

Other investing activities

 

(254

)

 

4,395

 

 
Net cash provided by (used in) investing activities

 

10,620

 

 

(5,761

)

 
Cash flows from financing activities:
Proceeds from additional borrowings

 

25,997

 

 

38,670

 

Debt payments

 

(62,578

)

 

(98,849

)

Purchase of treasury stock

 

(22,507

)

 

-

 

Dividends paid

 

(33,027

)

 

(33,018

)

Other financing activities

 

(582

)

 

(414

)

 
Net cash used in financing activities

 

(92,697

)

 

(93,611

)

 
Effect of exchange rate changes on cash and cash equivalents

 

1,352

 

 

(8,519

)

 
Net increase (decrease) in cash and cash equivalents

 

8,536

 

 

(277

)

Cash and cash equivalents at beginning of period

 

24,770

 

 

21,153

 

Cash and cash equivalents at end of period

$

33,306

 

$

20,876

 

 
 
Supplemental Information
Six Months Ended June 30,

2021

2020

 
Dividends paid per share

$

0.78

 

$

0.78

 

 
 
Sensient Technologies Corporation

 

 

(In thousands, except percentages and per share amounts)

 

 

(Unaudited)

 

 

 

 

Reconciliation of Non-GAAP Amounts

 

 

 

 

The Company's results for the three and six months ended June 30, 2021 and 2020 include adjusted revenue, adjusted operating income, adjusted net earnings, and adjusted diluted earnings per share, which exclude divestiture & other related costs, operational improvement plan costs and income, and the results of the divested operations.

 

 

Three Months Ended June 30,

Six Months Ended June 30,

2021

2020

% Change

2021

2020

% Change

Revenue (GAAP)

$

335,827

 

$

323,090

 

3.9%

$

695,529

 

$

673,767

 

3.2%

Revenue of the divested product lines

 

(2,207

)

 

(28,217

)

 

 

(27,777

)

 

(64,802

)

 

Adjusted revenue

$

333,620

 

$

294,873

 

13.1%

$

667,752

 

$

608,965

 

9.7%

 

 

Operating income (GAAP)

$

35,753

 

$

42,125

 

(15.1%)

$

82,650

 

$

76,686

 

7.8%

Divestiture & other related costs – Cost of products sold

 

3

 

 

1,749

 

 

 

28

 

 

1,939

 

 

Divestiture & other related costs – Selling and administrative expenses

 

11,685

 

 

(3,276

)

 

 

13,232

 

 

8,377

 

 

Operating loss (income) of the divested product lines

 

459

 

 

(331

)

 

 

(2,468

)

 

(1,716

)

 

Operational improvement plan - Selling and administrative expenses

 

(3,494

)

 

-

 

 

 

(2,493

)

 

-

 

 

Adjusted operating income

$

44,406

 

$

40,267

 

10.3%

$

90,949

 

$

85,286

 

6.6%

 

 

Net earnings (GAAP)

$

25,936

 

$

30,620

 

(15.3%)

$

57,604

 

$

51,393

 

12.1%

Divestiture & other related costs, before tax

 

11,688

 

 

(1,527

)

 

 

13,260

 

 

10,316

 

 

Tax impact of divestiture & other related costs

 

(1,689

)

 

509

 

 

 

(896

)

 

(425

)

 

Net loss (earnings) of the divested product lines, before tax

 

459

 

 

(331

)

 

 

(2,468

)

 

(1,716

)

 

Tax impact of the divested product lines

 

(115

)

 

203

 

 

 

608

 

 

500

 

 

Operational improvement plan income, before tax

 

(3,494

)

 

-

 

 

 

(2,493

)

 

-

 

 

Tax impact of operational improvement plan

 

455

 

 

-

 

 

 

159

 

 

-

 

 

Adjusted net earnings

$

33,240

 

$

29,474

 

12.8%

$

65,774

 

$

60,068

 

9.5%

 

 

Diluted earnings per share (GAAP)

$

0.61

 

$

0.72

 

(15.3%)

$

1.36

 

$

1.21

 

12.4%

Divestiture & other related costs, net of tax

 

0.24

 

 

(0.02

)

 

 

0.29

 

 

0.23

 

 

Results of operations of the divested product lines, net of tax

 

0.01

 

 

-

 

 

 

(0.04

)

 

(0.03

)

 

Operational improvement plan income, net of tax

 

(0.07

)

 

-

 

 

 

(0.06

)

 

-

 

 

Adjusted diluted earnings per share

$

0.79

 

$

0.70

 

12.9%

$

1.55

 

$

1.42

 

9.2%

 

 

Note: Earnings per share calculations may not foot due to rounding differences.
Sensient Technologies Corporation
(In thousands)
(Unaudited)
 
Reconciliation of Non-GAAP Amounts - Continued
 
Results by SegmentThree Months Ended June 30,
AdjustedAdjusted

Revenue

2021

Adjustments(1)

2021

2020

Adjustments(1)

2020

 
Flavors & Extracts

$

179,401

 

$

(1,415

)

$

177,986

 

$

183,611

 

$

(24,742

)

$

158,869

 

Color

 

133,207

 

 

(792

)

 

132,415

 

 

121,296

 

 

(3,501

)

 

117,795

 

Asia Pacific

 

32,317

 

 

-

 

 

32,317

 

 

27,873

 

 

(213

)

 

27,660

 

Intersegment elimination

 

(9,098

)

 

-

 

 

(9,098

)

 

(9,690

)

 

239

 

 

(9,451

)

 
Consolidated

$

335,827

 

$

(2,207

)

$

333,620

 

$

323,090

 

$

(28,217

)

$

294,873

 

 
Operating Income
 
Flavors & Extracts

$

24,536

 

$

(45

)

$

24,491

 

$

22,752

 

$

(1,619

)

$

21,133

 

Color

 

25,615

 

 

504

 

 

26,119

 

 

22,263

 

 

1,347

 

 

23,610

 

Asia Pacific

 

5,793

 

 

-

 

 

5,793

 

 

4,849

 

 

(59

)

 

4,790

 

Corporate & Other

 

(20,191

)

 

8,194

 

 

(11,997

)

 

(7,739

)

 

(1,527

)

 

(9,266

)

 
Consolidated

$

35,753

 

$

8,653

 

$

44,406

 

$

42,125

 

$

(1,858

)

$

40,267

 

 
Results by SegmentSix Months Ended June 30,
AdjustedAdjusted

Revenue

2021

Adjustments(1)

2021

2020

Adjustments(1)

2020

 
Flavors & Extracts

$

380,312

 

$

(26,304

)

$

354,008

 

$

370,109

 

$

(52,187

)

$

317,922

 

Color

 

268,927

 

 

(1,328

)

 

267,599

 

 

264,791

 

 

(12,573

)

 

252,218

 

Asia Pacific

 

66,157

 

 

(295

)

 

65,862

 

 

58,322

 

 

(334

)

 

57,988

 

Intersegment elimination

 

(19,867

)

 

150

 

 

(19,717

)

 

(19,455

)

 

292

 

 

(19,163

)

 
Consolidated

$

695,529

 

$

(27,777

)

$

667,752

 

$

673,767

 

$

(64,802

)

$

608,965

 

 
Operating Income
 
Flavors & Extracts

$

51,554

 

$

(2,925

)

$

48,629

 

$

43,623

 

$

(2,837

)

$

40,786

 

Color

 

52,209

 

 

544

 

 

52,753

 

 

51,927

 

 

1,214

 

 

53,141

 

Asia Pacific

 

12,545

 

 

(87

)

 

12,458

 

 

9,908

 

 

(93

)

 

9,815

 

Corporate & Other

 

(33,658

)

 

10,767

 

 

(22,891

)

 

(28,772

)

 

10,316

 

 

(18,456

)

 
Consolidated

$

82,650

 

$

8,299

 

$

90,949

 

$

76,686

 

$

8,600

 

$

85,286

 

 
(1) For Revenue, adjustments consist of revenues of the divested product lines. For Operating Income, adjustments consist of the results of the divested product lines, divestiture & other related costs, and 2021 operational improvement plan costs and income.
 
Sensient Technologies Corporation

 

 

 

 

(In thousands, except percentages)

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

Reconciliation of Non-GAAP Amounts - Continued

 

 

 

 

The following tables summarize the percentage change in the 2021 results compared to the 2020 results for the corresponding periods.

 

 

 

 

Three Months Ended June 30,

Revenue

Total

Foreign

Exchange

Rates

Adjustments(2)

Adjusted

Local

Currency

Flavors & Extracts

(2.3%)

3.7%

(15.1%)

9.1%

Color

9.8%

5.3%

(2.6%)

7.1%

Asia Pacific

15.9%

5.5%

(0.9%)

11.3%

Total Revenue

3.9%

4.4%

(9.6%)

9.1%

 

 

 

 

Operating Income

 

 

 

 

Flavors & Extracts

7.8%

3.1%

(8.5%)

13.2%

Color

15.1%

5.4%

4.5%

5.2%

Asia Pacific

19.5%

(0.6%)

(1.5%)

21.6%

Corporate & Other

160.9%

0.1%

131.4%

29.4%

Total Operating Income

(15.1%)

4.5%

(25.4%)

5.8%

Diluted Earnings Per Share

(15.3%)

5.5%

(29.4%)

8.6%

Adjusted EBITDA

10.4%

4.4%

N/A

6.0%

 

 

 

 

Six Months Ended June 30,

Revenue

Total

Foreign

Exchange

Rates

Adjustments(2)

Adjusted

Local

Currency

Flavors & Extracts

2.8%

3.1%

(9.3%)

9.0%

Color

1.6%

3.8%

(4.5%)

2.3%

Asia Pacific

13.4%

5.7%

(0.1%)

7.8%

Total Revenue

3.2%

3.5%

(6.7%)

6.4%

 

 

 

 

Operating Income

 

 

 

 

Flavors & Extracts

18.2%

2.6%

(1.5%)

17.1%

Color

0.5%

4.1%

1.4%

(5.0%)

Asia Pacific

26.6%

0.3%

(0.3%)

26.6%

Corporate & Other

17.0%

0.1%

(7.1%)

24.0%

Total Operating Income

7.8%

4.3%

0.6%

2.9%

Diluted Earnings Per Share

12.4%

5.0%

1.8%

5.6%

Adjusted EBITDA

7.5%

3.5%

N/A

4.0%

 

 

 

 

(2) For Revenue, adjustments consist of revenues of the divested product lines. For Operating Income, Diluted Earnings per Share, and Adjusted EBITDA, adjustments consist of the results of the divested product lines, divestiture & other related costs, and 2021 operational improvement plan costs and income.
The following table summarizes the reconciliation between Operating Income (GAAP) and Adjusted EBITDA for the three and six months ended June 30, 2021 and 2020.
 
Three Months Ended June 30,Six Months Ended June 30,

 

 

 

2021

 

2020

 

% Change

 

2021

 

2020

 

% Change

Operating income (GAAP)

$

35,753

 

$

42,125

 

(15.1%)

$

82,650

 

$

76,686

 

7.8%

Depreciation and amortization

 

13,018

 

 

12,118

 

 

25,817

 

 

24,522

 

Depreciation and amortization, divested product lines

 

(48

)

 

(16

)

 

(97

)

 

(96

)

Share-based compensation expense

 

2,075

 

 

1,485

 

 

4,188

 

 

2,662

 

Divestiture & other related costs, before tax

 

11,688

 

 

(1,527

)

 

13,260

 

 

10,316

 

Results of operations of the divested product lines, before tax

 

459

 

 

(331

)

 

(2,468

)

 

(1,716

)

Operational improvement plan costs (income), before tax

 

(3,494

)

 

-

 

 

(2,493

)

 

-

 

Adjusted EBITDA

$

59,451

 

$

53,854

 

10.4%

$

120,857

 

$

112,374

 

7.5%

 
The following table summarizes the reconciliation between Net cash provided by operating activities (GAAP) and Free Cash Flow for the three and six months ended June 30, 2021 and 2020.
 
Three Months Ended June 30,Six Months Ended June 30,

 

 

 

2021

 

2020

 

% Change

 

2021

 

2020

 

% Change

Net cash provided by operating activities (GAAP)

$

60,297

 

$

70,686

 

(14.7%)

$

89,261

 

$

107,614

 

(17.1%)

Capital expenditures

 

(11,306

)

 

(12,006

)

 

(25,550

)

 

(21,417

)

Free Cash Flow

$

48,991

 

$

58,680

 

(16.5%)

$

63,711

 

$

86,197

 

(26.1%)

 

Contacts

Amy Agallar

(414) 347-3706

Read full story here

To Top