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[10-Q] Sensient Technology Corporation Quarterly Earnings Report

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
10-Q
Rhea-AI Filing Summary

TCW Strategic Income Fund, Inc. (TSI) will hold its 2025 Annual Meeting on 16 Sep 2025 in Los Angeles. Shareholders of record as of 31 Jul 2025 will vote on two main items: (1) election of eight directors (seven independent, one interested) to succeed retiring director Patrick Moore, and (2) ratification of Deloitte & Touche LLP as independent registered public accounting firm for FY-2025.

The nominated board remains majority-independent; Andrew Tarica continues as Independent Chair and Robert Rooney chairs the Audit Committee. Director cash compensation was reduced effective 1 Mar 2024 (annual fee cut to $12.5k and per-meeting fee to $500) with supplemental retainers for committee leadership.

Deloitte’s proposed audit fee for FY-2024 was $62k, down from $83.3k in FY-2023; audit-related and other fees were $0, while tax services were $4.7k (vs $6.1k prior year). Independent directors collectively own less than 1 % of outstanding shares; Cede & Co. holds 97.5 % in street name. A quorum is a majority of the 47.8 m shares outstanding. The board recommends voting FOR all nominees and FOR auditor ratification.

TCW Strategic Income Fund, Inc. (TSI) terrà la sua Assemblea Annuale 2025 il 16 settembre 2025 a Los Angeles. Gli azionisti registrati al 31 luglio 2025 voteranno su due punti principali: (1) l'elezione di otto amministratori (sette indipendenti, uno interessato) per sostituire il direttore uscente Patrick Moore, e (2) la ratifica di Deloitte & Touche LLP come società di revisione contabile indipendente per l'anno fiscale 2025.

Il consiglio nominato rimane a maggioranza indipendente; Andrew Tarica continua come Presidente Indipendente e Robert Rooney presiede il Comitato di Revisione. La retribuzione in contanti per i direttori è stata ridotta a partire dal 1° marzo 2024 (compenso annuale ridotto a 12.500 $ e compenso per riunione a 500 $) con compensi supplementari per la leadership dei comitati.

La tariffa proposta da Deloitte per la revisione del FY-2024 è di 62.000 $, in calo rispetto agli 83.300 $ del FY-2023; le spese correlate alla revisione e altre sono state pari a 0, mentre i servizi fiscali ammontano a 4.700 $ (rispetto ai 6.100 $ dell'anno precedente). I direttori indipendenti possiedono collettivamente meno dell'1% delle azioni in circolazione; Cede & Co. detiene il 97,5% in nome di terzi. Il quorum è costituito dalla maggioranza delle 47,8 milioni di azioni in circolazione. Il consiglio raccomanda di votare A FAVORE di tutti i nominati e A FAVORE della ratifica del revisore.

TCW Strategic Income Fund, Inc. (TSI) celebrará su Junta Anual 2025 el 16 de septiembre de 2025 en Los Ángeles. Los accionistas registrados al 31 de julio de 2025 votarán sobre dos puntos principales: (1) la elección de ocho directores (siete independientes, uno interesado) para sustituir al director saliente Patrick Moore, y (2) la ratificación de Deloitte & Touche LLP como firma independiente de auditoría registrada para el año fiscal 2025.

La junta nominada sigue siendo mayoritariamente independiente; Andrew Tarica continúa como Presidente Independiente y Robert Rooney preside el Comité de Auditoría. La compensación en efectivo para los directores se redujo a partir del 1 de marzo de 2024 (cuota anual reducida a 12.500 $ y cuota por reunión a 500 $) con retenciones suplementarias para la dirección de comités.

La tarifa propuesta por Deloitte para la auditoría del FY-2024 fue de 62.000 $, inferior a los 83.300 $ del FY-2023; las tarifas relacionadas con la auditoría y otras fueron 0, mientras que los servicios fiscales fueron 4.700 $ (frente a 6.100 $ del año anterior). Los directores independientes poseen colectivamente menos del 1 % de las acciones en circulación; Cede & Co. posee el 97,5 % en nombre de terceros. El quórum es la mayoría de las 47,8 millones de acciones en circulación. La junta recomienda votar A FAVOR de todos los nominados y A FAVOR de la ratificación del auditor.

TCW Strategic Income Fund, Inc. (TSI)는 2025년 9월 16일 로스앤젤레스에서 2025년 연례 주주총회를 개최할 예정입니다. 2025년 7월 31일 기준 주주들은 두 가지 주요 안건에 대해 투표할 예정입니다: (1) 은퇴하는 이사 Patrick Moore를 대체할 8명의 이사(7명 독립, 1명 이해관계자) 선출, 그리고 (2) 2025 회계연도 독립 등록 공인회계법인으로 Deloitte & Touche LLP의 승인.

지명된 이사회는 여전히 과반수가 독립 이사로 구성되어 있으며, Andrew Tarica가 독립 의장으로 계속 재임하고 Robert Rooney가 감사위원회를 이끌고 있습니다. 이사 현금 보수는 2024년 3월 1일부터 인하되어 연간 수수료는 12,500달러, 회의당 수수료는 500달러로 조정되었으며, 위원회 리더십에 대한 추가 보수가 제공됩니다.

Deloitte가 제안한 2024 회계연도 감사 수수료는 62,000달러로 2023 회계연도의 83,300달러보다 감소했으며, 감사 관련 및 기타 수수료는 0달러, 세무 서비스 수수료는 4,700달러(전년 6,100달러 대비)입니다. 독립 이사들은 총 발행 주식의 1% 미만을 소유하고 있으며, Cede & Co.는 명의주로 97.5%를 보유하고 있습니다. 의사정족수는 발행 주식 4,780만 주의 과반수입니다. 이사회는 모든 후보자에 대해 찬성 투표와 감사인 승인에 찬성할 것을 권고합니다.

TCW Strategic Income Fund, Inc. (TSI) tiendra son Assemblée Générale Annuelle 2025 le 16 septembre 2025 à Los Angeles. Les actionnaires inscrits au 31 juillet 2025 voteront sur deux points principaux : (1) l’élection de huit administrateurs (sept indépendants, un intéressé) pour succéder au directeur sortant Patrick Moore, et (2) la ratification de Deloitte & Touche LLP en tant que cabinet d’audit indépendant enregistré pour l’exercice 2025.

Le conseil d’administration proposé reste majoritairement indépendant ; Andrew Tarica continue en tant que président indépendant et Robert Rooney préside le comité d’audit. La rémunération en espèces des administrateurs a été réduite à compter du 1er mars 2024 (honoraire annuel réduit à 12 500 $ et rémunération par réunion à 500 $) avec des indemnités supplémentaires pour la direction des comités.

Les honoraires d’audit proposés par Deloitte pour l’exercice 2024 s’élèvent à 62 000 $, en baisse par rapport à 83 300 $ en 2023 ; les frais liés à l’audit et autres sont de 0, tandis que les services fiscaux s’élèvent à 4 700 $ (contre 6 100 $ l’année précédente). Les administrateurs indépendants détiennent collectivement moins de 1 % des actions en circulation ; Cede & Co. détient 97,5 % en nom de tiers. Le quorum est la majorité des 47,8 millions d’actions en circulation. Le conseil recommande de voter POUR tous les candidats et POUR la ratification de l’auditeur.

Die TCW Strategic Income Fund, Inc. (TSI) wird ihre Hauptversammlung 2025 am 16. September 2025 in Los Angeles abhalten. Die zum 31. Juli 2025 eingetragenen Aktionäre werden über zwei Hauptpunkte abstimmen: (1) die Wahl von acht Direktoren (sieben unabhängig, einer interessiert), um den ausscheidenden Direktor Patrick Moore zu ersetzen, und (2) die Bestätigung von Deloitte & Touche LLP als unabhängige registrierte Wirtschaftsprüfungsgesellschaft für das Geschäftsjahr 2025.

Der vorgeschlagene Vorstand bleibt mehrheitlich unabhängig; Andrew Tarica bleibt unabhängiger Vorsitzender und Robert Rooney leitet den Prüfungsausschuss. Die Barvergütung der Direktoren wurde ab dem 1. März 2024 reduziert (Jahresgebühr auf 12.500 $ und Sitzungshonorar auf 500 $) mit zusätzlichen Vergütungen für die Leitung der Ausschüsse.

Die von Deloitte vorgeschlagene Prüfungsgebühr für das Geschäftsjahr 2024 betrug 62.000 $, gegenüber 83.300 $ im Geschäftsjahr 2023; prüfungsbezogene und sonstige Gebühren beliefen sich auf 0, während die Steuerdienstleistungen 4.700 $ betrugen (gegenüber 6.100 $ im Vorjahr). Die unabhängigen Direktoren besitzen zusammen weniger als 1 % der ausstehenden Aktien; Cede & Co. hält 97,5 % im Depot. Das Quorum besteht aus der Mehrheit der 47,8 Mio. ausstehenden Aktien. Der Vorstand empfiehlt, für alle vorgeschlagenen Kandidaten und für die Bestätigung des Abschlussprüfers zu stimmen.

Positive
  • None.
Negative
  • None.

Insights

TL;DR: Routine proxy; maintains majority-independent board and re-appoints Deloitte; low governance risk.

The filing seeks shareholder approval for standard governance items. The board composition remains 7/8 independent, aligning with closed-end fund best practices. Leadership rotation continues, with one retirement (Patrick Moore) and nomination of incumbent officers, signaling stability. Audit oversight appears robust: Deloitte’s independence affirmed under ISB No.1 and audit fees declined 26 % YoY, indicating potential cost discipline. Compensation revisions lower fixed fees, modestly benefiting expense ratios. No by-law amendments, capital changes, or contested elections are proposed, suggesting minimal impact on NAV or distribution policy.

TL;DR: Filing is neutral for NAV; no balance-sheet or distribution implications.

Investors should view this DEF 14A as administrative. Director elections and auditor ratification do not influence portfolio strategy, leverage levels, or dividend policy. Audit fee savings are immaterial versus fund assets. Shareholder ownership data confirm no concentrated control aside from street-name holdings. The updated fee schedule for directors trims overhead, but savings per share are negligible. Overall, the proposals maintain operational continuity without altering the investment thesis.

TCW Strategic Income Fund, Inc. (TSI) terrà la sua Assemblea Annuale 2025 il 16 settembre 2025 a Los Angeles. Gli azionisti registrati al 31 luglio 2025 voteranno su due punti principali: (1) l'elezione di otto amministratori (sette indipendenti, uno interessato) per sostituire il direttore uscente Patrick Moore, e (2) la ratifica di Deloitte & Touche LLP come società di revisione contabile indipendente per l'anno fiscale 2025.

Il consiglio nominato rimane a maggioranza indipendente; Andrew Tarica continua come Presidente Indipendente e Robert Rooney presiede il Comitato di Revisione. La retribuzione in contanti per i direttori è stata ridotta a partire dal 1° marzo 2024 (compenso annuale ridotto a 12.500 $ e compenso per riunione a 500 $) con compensi supplementari per la leadership dei comitati.

La tariffa proposta da Deloitte per la revisione del FY-2024 è di 62.000 $, in calo rispetto agli 83.300 $ del FY-2023; le spese correlate alla revisione e altre sono state pari a 0, mentre i servizi fiscali ammontano a 4.700 $ (rispetto ai 6.100 $ dell'anno precedente). I direttori indipendenti possiedono collettivamente meno dell'1% delle azioni in circolazione; Cede & Co. detiene il 97,5% in nome di terzi. Il quorum è costituito dalla maggioranza delle 47,8 milioni di azioni in circolazione. Il consiglio raccomanda di votare A FAVORE di tutti i nominati e A FAVORE della ratifica del revisore.

TCW Strategic Income Fund, Inc. (TSI) celebrará su Junta Anual 2025 el 16 de septiembre de 2025 en Los Ángeles. Los accionistas registrados al 31 de julio de 2025 votarán sobre dos puntos principales: (1) la elección de ocho directores (siete independientes, uno interesado) para sustituir al director saliente Patrick Moore, y (2) la ratificación de Deloitte & Touche LLP como firma independiente de auditoría registrada para el año fiscal 2025.

La junta nominada sigue siendo mayoritariamente independiente; Andrew Tarica continúa como Presidente Independiente y Robert Rooney preside el Comité de Auditoría. La compensación en efectivo para los directores se redujo a partir del 1 de marzo de 2024 (cuota anual reducida a 12.500 $ y cuota por reunión a 500 $) con retenciones suplementarias para la dirección de comités.

La tarifa propuesta por Deloitte para la auditoría del FY-2024 fue de 62.000 $, inferior a los 83.300 $ del FY-2023; las tarifas relacionadas con la auditoría y otras fueron 0, mientras que los servicios fiscales fueron 4.700 $ (frente a 6.100 $ del año anterior). Los directores independientes poseen colectivamente menos del 1 % de las acciones en circulación; Cede & Co. posee el 97,5 % en nombre de terceros. El quórum es la mayoría de las 47,8 millones de acciones en circulación. La junta recomienda votar A FAVOR de todos los nominados y A FAVOR de la ratificación del auditor.

TCW Strategic Income Fund, Inc. (TSI)는 2025년 9월 16일 로스앤젤레스에서 2025년 연례 주주총회를 개최할 예정입니다. 2025년 7월 31일 기준 주주들은 두 가지 주요 안건에 대해 투표할 예정입니다: (1) 은퇴하는 이사 Patrick Moore를 대체할 8명의 이사(7명 독립, 1명 이해관계자) 선출, 그리고 (2) 2025 회계연도 독립 등록 공인회계법인으로 Deloitte & Touche LLP의 승인.

지명된 이사회는 여전히 과반수가 독립 이사로 구성되어 있으며, Andrew Tarica가 독립 의장으로 계속 재임하고 Robert Rooney가 감사위원회를 이끌고 있습니다. 이사 현금 보수는 2024년 3월 1일부터 인하되어 연간 수수료는 12,500달러, 회의당 수수료는 500달러로 조정되었으며, 위원회 리더십에 대한 추가 보수가 제공됩니다.

Deloitte가 제안한 2024 회계연도 감사 수수료는 62,000달러로 2023 회계연도의 83,300달러보다 감소했으며, 감사 관련 및 기타 수수료는 0달러, 세무 서비스 수수료는 4,700달러(전년 6,100달러 대비)입니다. 독립 이사들은 총 발행 주식의 1% 미만을 소유하고 있으며, Cede & Co.는 명의주로 97.5%를 보유하고 있습니다. 의사정족수는 발행 주식 4,780만 주의 과반수입니다. 이사회는 모든 후보자에 대해 찬성 투표와 감사인 승인에 찬성할 것을 권고합니다.

TCW Strategic Income Fund, Inc. (TSI) tiendra son Assemblée Générale Annuelle 2025 le 16 septembre 2025 à Los Angeles. Les actionnaires inscrits au 31 juillet 2025 voteront sur deux points principaux : (1) l’élection de huit administrateurs (sept indépendants, un intéressé) pour succéder au directeur sortant Patrick Moore, et (2) la ratification de Deloitte & Touche LLP en tant que cabinet d’audit indépendant enregistré pour l’exercice 2025.

Le conseil d’administration proposé reste majoritairement indépendant ; Andrew Tarica continue en tant que président indépendant et Robert Rooney préside le comité d’audit. La rémunération en espèces des administrateurs a été réduite à compter du 1er mars 2024 (honoraire annuel réduit à 12 500 $ et rémunération par réunion à 500 $) avec des indemnités supplémentaires pour la direction des comités.

Les honoraires d’audit proposés par Deloitte pour l’exercice 2024 s’élèvent à 62 000 $, en baisse par rapport à 83 300 $ en 2023 ; les frais liés à l’audit et autres sont de 0, tandis que les services fiscaux s’élèvent à 4 700 $ (contre 6 100 $ l’année précédente). Les administrateurs indépendants détiennent collectivement moins de 1 % des actions en circulation ; Cede & Co. détient 97,5 % en nom de tiers. Le quorum est la majorité des 47,8 millions d’actions en circulation. Le conseil recommande de voter POUR tous les candidats et POUR la ratification de l’auditeur.

Die TCW Strategic Income Fund, Inc. (TSI) wird ihre Hauptversammlung 2025 am 16. September 2025 in Los Angeles abhalten. Die zum 31. Juli 2025 eingetragenen Aktionäre werden über zwei Hauptpunkte abstimmen: (1) die Wahl von acht Direktoren (sieben unabhängig, einer interessiert), um den ausscheidenden Direktor Patrick Moore zu ersetzen, und (2) die Bestätigung von Deloitte & Touche LLP als unabhängige registrierte Wirtschaftsprüfungsgesellschaft für das Geschäftsjahr 2025.

Der vorgeschlagene Vorstand bleibt mehrheitlich unabhängig; Andrew Tarica bleibt unabhängiger Vorsitzender und Robert Rooney leitet den Prüfungsausschuss. Die Barvergütung der Direktoren wurde ab dem 1. März 2024 reduziert (Jahresgebühr auf 12.500 $ und Sitzungshonorar auf 500 $) mit zusätzlichen Vergütungen für die Leitung der Ausschüsse.

Die von Deloitte vorgeschlagene Prüfungsgebühr für das Geschäftsjahr 2024 betrug 62.000 $, gegenüber 83.300 $ im Geschäftsjahr 2023; prüfungsbezogene und sonstige Gebühren beliefen sich auf 0, während die Steuerdienstleistungen 4.700 $ betrugen (gegenüber 6.100 $ im Vorjahr). Die unabhängigen Direktoren besitzen zusammen weniger als 1 % der ausstehenden Aktien; Cede & Co. hält 97,5 % im Depot. Das Quorum besteht aus der Mehrheit der 47,8 Mio. ausstehenden Aktien. Der Vorstand empfiehlt, für alle vorgeschlagenen Kandidaten und für die Bestätigung des Abschlussprüfers zu stimmen.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended:
June 30, 2025
  

OR

☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from
to
  
Commission file number: 001-07626

Sensient Technologies Corporation
(Exact name of registrant as specified in its charter)

Wisconsin
  
39-0561070
(State or other jurisdiction of incorporation or organization)
  
(I.R.S. Employer Identification Number)

777 EAST WISCONSIN AVENUE, MILWAUKEE, WISCONSIN 53202-5304
(Address of principal executive offices)

Registrant’s telephone number, including area code:
(414) 271-6755
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, par value $0.10 per share
SXT
New York Stock Exchange LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at least the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer   ☒
Accelerated Filer ☐
Non-Accelerated Filer ☐
Smaller Reporting Company ☐
Emerging Growth Company ☐
  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐    No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class
  
Outstanding at July 22, 2025
Common Stock, par value $0.10 per share
  
42,466,138

SENSIENT TECHNOLOGIES CORPORATION
INDEX

     
Page No.
       
PART I. FINANCIAL INFORMATION:
  
       
 
Item 1.
Financial Statements:
  
   

 
   
Consolidated Statements of Earnings ‑ Three and Six Months Ended June 30, 2025 and 2024.
1
       
   
Consolidated Condensed Statements of Comprehensive Income ‑ Three and Six Months Ended June 30, 2025 and 2024.
2
   

 
   
Consolidated Balance Sheets - June 30, 2025 and December 31, 2024.
3
       
   
Consolidated Statements of Cash Flows ‑ Six Months Ended June 30, 2025 and 2024.
 4
   


   
Consolidated Statements of Shareholders’ Equity ‑ Three and Six Months Ended June 30, 2025 and 2024.
5
       
   
Notes to Consolidated Condensed Financial Statements.
6
       
 
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
 15
   


 
Item 3.
Quantitative and Qualitative Disclosures About Market Risk.
21
       
 
Item 4.
Controls and Procedures.
21
       
PART II. OTHER INFORMATION:
  
       
 
Item 1.
Legal Proceedings.
21
       
 
Item 1A.
Risk Factors.
21
       
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds.
21
       
 
Item 5.
Other Information
21
       
 
Item 6.
Exhibits.
 21
       
   
Exhibit Index.
22
       
   
Signatures.
23

Index
PART I.
FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS

SENSIENT TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands except per share amounts)
(Unaudited)

 
Three Months
Ended June 30,
    
Six Months
Ended June 30,
  
   
2025
    
2024
    
2025
    
2024
  
                         
Revenue
  
$
414,230
    
$
403,525
    
$
806,555
    
$
788,195
  
Cost of products sold
    
271,398
      
272,803
      
531,946
      
530,924
  
Selling and administrative expenses
    
85,126
      
81,065
      
163,373
      
158,208
  
Operating income
    
57,706
      
49,657
      
111,236
      
99,063
  
Interest expense
    
7,391
      
7,653
      
14,732
      
14,698
  
Earnings before income taxes
    
50,315
      
42,004
      
96,504
      
84,365
  
Income taxes
    
12,728
      
11,072
      
24,455
      
22,493
  
Net earnings
  
$
37,587
    
$
30,932
    
$
72,049
    
$
61,872
  
                                 
Weighted average number of common shares outstanding:
                                
Basic
    
42,246
      
42,154
      
42,221
      
42,129
  
Diluted
    
42,575
      
42,398
      
42,522
      
42,351
  
                                 
Earnings per common share:
                                
Basic
  
$
0.89
    
$
0.73
    
$
1.71
    
$
1.47
  
Diluted
  
$
0.88
    
$
0.73
    
$
1.69
    
$
1.46
  
                                 
Dividends declared per common share
  
$
0.41
    
$
0.41
    
$
0.82
    
$
0.82
  

See accompanying notes to consolidated condensed financial statements.

1
Index
SENSIENT TECHNOLOGIES CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)

Three Months
Ended June 30,
  
Six Months
Ended June 30,
  
 
2025
  
2024
  
2025
  
2024
  
                 
Comprehensive income
  
$
75,982
    
$
8,483
    
$
125,409
    
$
35,812
  

See accompanying notes to consolidated condensed financial statements.

2
Index
SENSIENT TECHNOLOGIES CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)


  
June 30,
2025
(Unaudited)
    
December 31,
2024
  
Assets
           
Current Assets:
            
Cash and cash equivalents
  
$
56,686
    
$
26,626
  
Trade accounts receivable
    
333,951
      
290,087
  
Inventories
    
619,595
      
600,302
  
Prepaid expenses and other current assets
    
54,221
      
44,871
  
Fixed assets held for sale
     1,629       -  
                 
Total current assets
    
1,066,082
      
961,886
  
                 
Other assets
    
103,252
      
96,276
  
Deferred tax assets
    
67,816
      
50,387
  
Intangible assets, net
    
10,928
      
11,883
  
Goodwill
    
441,014
      
411,775
  
Property, Plant, and Equipment:
                
Land
    
34,239
      
32,369
  
Buildings
    
360,193
      
351,171
  
Machinery and equipment
    
844,623
      
804,385
  
Construction in progress
    
62,888
      
43,929
  
     
1,301,943
      
1,231,854
  
Less accumulated depreciation
    
(786,474
)
    
(740,267
)
     
515,469
      
491,587
  
                 
Total assets
  
$
2,204,561
    
$
2,023,794
  
                 
Liabilities and Shareholders’ Equity
                
                 
Current Liabilities:
                
Trade accounts payable
  
$
121,442
    
$
139,052
  
Accrued salaries, wages, and withholdings from employees
    
34,006
      
47,470
  
Other accrued expenses
    
58,124
      
52,026
  
Income taxes
    
11,272
      
12,243
  
Short-term borrowings
    
26,280
      
19,848
  
                 
Total current liabilities
    
251,124
      
270,639
  
                 
Deferred tax liabilities
    
15,087
      
14,607
  
Other liabilities
    
44,245
      
39,540
  
Accrued employee and retiree benefits
    
26,865
      
24,499
  
Long-term debt
    
710,119
      
613,523
  
Shareholders’ Equity:
                
Common stock
    
5,396
      
5,396
  
Additional paid-in capital
    
119,114
      
117,500
  
Earnings reinvested in the business
    
1,819,488
      
1,782,139
  
Treasury stock, at cost
    
(613,398
)
    
(617,210
)
Accumulated other comprehensive loss
    
(173,479
)
    
(226,839
)
                 
Total shareholders’ equity
    
1,157,121
      
1,060,986
  
                 
Total liabilities and shareholders’ equity
  
$
2,204,561
    
$
2,023,794
  

See accompanying notes to consolidated condensed financial statements.

3
Index
SENSIENT TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

 
Six Months
Ended June 30,
  
   
2025
    
2024
  
             
Cash flows from operating activities:
            
Net earnings
  
$
72,049
    
$
61,872
  
Adjustments to arrive at net cash provided by operating activities:
                
Depreciation and amortization
    
30,334
      
29,725
  
Share-based compensation expense
    
6,639
      
4,911
  
Net loss (gain) on assets
    
76
      
(195
)
Portfolio Optimization Plan costs
     1,274       1,495  
Deferred income taxes
    
2,711
      
529
  
Changes in operating assets and liabilities:
                
Trade accounts receivable
    
(30,293
)
    
(49,449
)
Inventories
    
(548
)
    
36,730
  
Prepaid expenses and other assets
    
(11,028
)
    
(6,612
)
Accounts payable and other accrued expenses
    
(17,578
)
    
(22,722
)
Accrued salaries, wages, and withholdings from employees
    
(15,129
)
    
7,824
  
Income taxes
    
(937
)
    
(6,591
)
Other liabilities
    
1,734
      
1,429
  
                 
Net cash provided by operating activities
    
39,304
      
58,946
  
                 
Cash flows from investing activities:
                
Acquisition of property, plant, and equipment
    
(38,035
)
    
(22,850
)
Proceeds from sale of assets
    
56
      
296
  
Acquisition of new business
     (4,867 )     -  
Other investing activities
    
1,354
      
(336
)
                 
Net cash used in investing activities
    
(41,492
)
    
(22,890
)
                 
Cash flows from financing activities:
                
Proceeds from additional borrowings
    
106,484
      
132,189
  
Debt payments
    
(43,148
)
    
(120,571
)
Dividends paid
    
(34,700
)
    
(34,685
)
Other financing activities
    
(2,648
)
    
(3,016
)
                 
Net cash provided by (used in) financing activities
    
25,988
      
(26,083
)
                 
Effect of exchange rate changes on cash and cash equivalents
    
6,260
      
(8,568
)
                 
Net increase in cash and cash equivalents
    
30,060
      
1,405
  
Cash and cash equivalents at beginning of period
    
26,626
      
28,934
  
                 
Cash and cash equivalents at end of period
  
$
56,686
    
$
30,339
  

See accompanying notes to consolidated condensed financial statements.

4
Index
SENSIENT TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In thousands, except share and per share amounts)
(Unaudited)

Three Months Ended June 30, 2025
  
Common
Stock
    
Additional
Paid-In
Capital
    
Earnings
Reinvested
in the
Business
    

   
Treasury Stock
    
Accumulated
Other
Comprehensive
Income (Loss)
    
Total
Equity
  
Shares     Amount
Balances at March 31, 2025
  
$
5,396
    
$
116,117
    
$
1,799,225
      
11,714,809
    
$
(613,830
)
  
$
(211,874
)
  
$
1,095,034
  
Net earnings
    
-
      
-
      
37,587
      
-
      
-
      
-
      
37,587
  
Other comprehensive income
    
-
      
-
      
-
      
-
      
-
      
38,395
      
38,395
  
Cash dividends paid – $0.41 per share
    
-
      
-
      
(17,324
)
    
-
      
-
      
-
      
(17,324
)
Share-based compensation
    
-
      
3,739
      
-
      
-
      
-
      
-
      
3,739
  
Non-vested stock issued upon vesting
     -       (633 )     -       (12,087 )     633       -       -  
Other
     -       (109 )     -       3,844       (201 )     -       (310 )
Balances at June 30, 2025
  
$
5,396
    
$
119,114
    
$
1,819,488
      
11,706,566
    
$
(613,398
)
  
$
(173,479
)
  
$
1,157,121
  

Three Months Ended June 30, 2024
                                          
Balances at March 31, 2024
  
$
5,396
    
$
112,389
    
$
1,740,500
      
11,806,249
    
$
(618,621
)
  
$
(175,728
)
  
$
1,063,936
  
Net earnings
    
-
      
-
      
30,932
      
-
      
-
      
-
      
30,932
  
Other comprehensive loss
    
-
      
-
      
-
      
-
      
-
      
(22,449
)
    
(22,449
)
Cash dividends paid – $0.41 per share
    
-
      
-
      
(17,373
)
    
-
      
-
      
-
      
(17,373
)
Share-based compensation
    
-
      
2,916
      
-
      
-
      
-
      
-
      
2,916
  
Non-vested stock issued upon vesting     -       (528 )     -       (10,076 )     528       -       -  
Other
     -       (47 )     -       2,680       (140 )     -       (187 )
Balances at June 30, 2024
  
$
5,396
    
$
114,730
    
$
1,754,059
      
11,798,853
    
$
(618,233
)
  
$
(198,177
)
  
$
1,057,775
  

Six Months Ended June 30, 2025  
                                         
Balances at December 31, 2024
  
$
5,396
    
$
117,500
    
$
1,782,139
      
11,779,321
    
$
(617,210
)
  
$
(226,839
)
  
$
1,060,986
  
Net earnings
    
-
      
-
      
72,049
      
-
      
-
      
-
      
72,049
  
Other comprehensive income
    
-
      
-
      
-
      
-
      
-
      
53,360
      
53,360
  
Cash dividends paid – $0.82 per share
    
-
      
-
      
(34,700
)
    
-
      
-
      
-
      
(34,700
)
Share-based compensation
    
-
      
6,639
      
-
      
-
      
-
      
-
      
6,639
  
Non-vested stock issued upon vesting
    
-
      
(4,606
)
    
-
      
(87,916
)
    
4,606
      
-
      
-
  
Benefit plans
    
-
      
394
      
-
      
(19,899
)
    
1,043
      
-
      
1,437
  
Other
    
-
      
(813
)
    
-
      
35,060
      
(1,837
)
    
-
      
(2,650
)
Balances at June 30, 2025
  
$
5,396
    
$
119,114
    
$
1,819,488
      
11,706,566
    
$
(613,398
)
  
$
(173,479
)
  
$
1,157,121
  

Six Months Ended June 30, 2024  
                                         
Balances at December 31, 2023
  
$
5,396
    
$
115,941
    
$
1,726,872
      
11,885,398
    
$
(622,768
)
  
$
(172,117
)
  
$
1,053,324
  
Net earnings
    
-
      
-
      
61,872
      
-
      
-
      
-
      
61,872
  
Other comprehensive loss
    
-
      
-
      
-
      
-
      
-
      
(26,060
)
    
(26,060
)
Cash dividends paid – $0.82 per share
    
-
      
-
      
(34,685
)
    
-
      
-
      
-
      
(34,685
)
Share-based compensation
    
-
      
4,911
      
-
      
-
      
-
      
-
      
4,911
  
Non-vested stock issued upon vesting
    
-
      
(5,893
)
    
-
      
(112,472
)
    
5,893
      
-
      
-
  
Benefit plans
    
-
      
299
      
-
      
(21,405
)
    
1,122
      
-
      
1,421
  
Other
    
-
      
(528
)
    
-
      
47,332
      
(2,480
)
    
-
      
(3,008
)
Balances at June 30, 2024
  
$
5,396
    
$
114,730
    
$
1,754,059
      
11,798,853
    
$
(618,233
)
  
$
(198,177
)
  
$
1,057,775
  

See accompanying notes to consolidated condensed financial statements.

5
Index
SENSIENT TECHNOLOGIES CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
1.
Accounting Policies

In the opinion of Sensient Technologies Corporation (the Company), the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) that are necessary to present fairly the financial position of the Company as of June 30, 2025, and the results of operations, comprehensive income, and shareholders’ equity for the three and six months ended June 30, 2025 and 2024, and cash flows for the six months ended June 30, 2025 and 2024. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Expenses are charged to operations in the period incurred.

Recently Adopted Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires the Company to disclose segment expenses that are significant and regularly provided to the Company’s chief operating decision maker (CODM). In addition, this ASU requires the Company to disclose the title and position of its CODM and how the CODM uses segment profit or loss information in assessing segment performance and deciding how to allocate resources. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted this standard in the fourth quarter of 2024 using a retrospective transition method, and the adoption did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require the Company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This ASU will also require the Company to disaggregate its income taxes paid disclosure by federal, state, and foreign taxes, with further disaggregation required for significant individual jurisdictions. This ASU is effective for fiscal years beginning after December 15, 2024. The Company will adopt this ASU in the fourth quarter of 2025 using a prospective transition method. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements and its related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) – Disaggregation of Income Statement Expenses, which will require the Company to disclose disaggregated information about certain income statement expense line items. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements and its related disclosures.

Please refer to the notes in the Company’s annual consolidated financial statements for the year ended December 31, 2024, for additional details of the Company’s financial condition and a description of the Company’s accounting policies, which have been continued without change.

2.
Acquisition

On February 14, 2025, the Company acquired Biolie SAS, a natural color extraction business located in France. The Company paid $4.9 million in cash for this acquisition, which is net of $0.2 million in debt assumed. The assets acquired and liabilities assumed were recorded at their estimated fair value as of the acquisition date. The Company acquired net assets of $0.3 million, with the remaining $4.6 million allocated to goodwill. This business is part of the Color segment.

6
Index
3.
Portfolio Optimization Plan

During the fourth quarter of 2023, the Board of Directors of the Company approved a plan to undertake an effort to optimize certain production facilities and improve efficiencies within the Company (Portfolio Optimization Plan). As part of the Portfolio Optimization Plan, in the Flavors & Extracts segment, the Company evaluated the closure of its manufacturing facility in Felinfach, Wales, United Kingdom, the closure of its sales office in Granada, Spain, and the centralization and elimination of certain selling and administrative positions. In addition, in the Color segment, the Company evaluated the closure of a manufacturing facility in Delta, British Columbia, Canada, the closure of a sales office in Argentina, and centralizing and eliminating certain production positions and selling and administrative positions. The Company reports all costs associated with the Portfolio Optimization Plan in the Corporate & Other segment.

The Company’s Felinfach site was shut down in May 2025, and all production activities have been transferred to other locations. The Company began marketing the Felinfach site for sale in June 2025. As a result, the Company met all of the assets held for sale criteria for the Felinfach land and building assets, which have been recorded as the only balance in Fixed assets held for sale on the Consolidated Balance Sheets. The Company has substantially completed all other actions contemplated under the Portfolio Optimization Plan in accordance with local laws.

The Company recorded $0.3 million and $2.5 million of accrued liabilities in Other Accrued Expenses on the Company’s Consolidated Balance Sheets related to the Portfolio Optimization Plan as of June 30, 2025 and December 31, 2024, respectively. The Company expects the Portfolio Optimization Plan will cost approximately $45 million (increased from $40 million, as previously disclosed, primarily due to higher than anticipated decommissioning costs), of which $40.7 million has been incurred through June 30, 2025, primarily related to non-cash impairment charges and employee separation costs. We anticipate that the Portfolio Optimization Plan will reduce annual operating costs by approximately $8 million to $10 million, with the full benefit expected to be achieved after 2025. The Company reduced headcount by approximately 100 positions, primarily in the Flavors & Extracts and Color segments, related to certain production and selling and administrative positions.

The following table summarizes the Portfolio Optimization Plan expenses by segment for the three months ended June 30, 2025:

 
(In thousands)
  
Flavors &
Extracts
    
Color
    
Corporate
& Other
    
Consolidated
  
Non-cash impairment charges – Selling and administrative expenses
   $ 117     $ -     $ -     $ 117  
Non-cash charges – Cost of products sold
     326       -       -       326  
Employee separation – Selling and administrative expenses
    
234
      
-
       -      
234
  
Other production costs – Cost of products sold
     1,463       -       -       1,463  
Other costs – Selling and administrative expenses(1)
    
937
      
97
       165      
1,199
  
Total
  
$
3,077
    
$
97
     $
165    
$
3,339
  


(1) Other costs include professional services, decommissioning costs, and other related costs.
 
The following table summarizes the Portfolio Optimization Plan expenses by segment for the six months ended June 30, 2025:

 
(In thousands)
  
Flavors &
Extracts
    

Color
    
Corporate
& Other
    
Consolidated
  
Non-cash impairment charges – Selling and administrative expenses
  
$
117
    
$
-
    
$
-
    
$
117
  
Non-cash charges – Cost of products sold
    
1,181
      
-
      
-
      
1,181
  
Employee separation – Selling and administrative expenses
    
480
      
8
      
-
      
488
  
Other production costs – Cost of products sold
     2,422       -       -       2,422  
Other costs – Selling and administrative expenses(1)
    
1,728
      
102
      
165
      
1,995
  
Total
  
$
5,928
    
$
110
    
$
165
    
$
6,203
  


(1) Other costs include professional services, decommissioning costs, and other related costs.

7
Index
The following table summarizes the Portfolio Optimization Plan expenses by segment for the three months ended June 30, 2024:

(In thousands)
    
Flavors &
Extracts
       Color
     
Corporate
& Other
       Consolidated
 
Non-cash impairment charges – Selling and administrative expenses
  
$
-
    
$
154
    
$
-
    
$
154
  
Non-cash charges – Cost of products sold
    
283
      
(176
)
    
-
      
107
  
Employee separation – Selling and administrative expenses
    
240
      
35
      
-
      
275
  
Other production costs – Cost of products sold
    
100
      
-
      
-
      
100
  
Other costs – Selling and administrative expenses(1)
    
743
      
400
      
(27
)
    
1,116
  
Total
  
$
1,366
    
$
413
    
$
(27
)
  
$
1,752
  


(1) Other costs include professional services, decommissioning costs, accelerated depreciation, accelerated lease costs, and other related costs.

The following table summarizes the Portfolio Optimization Plan expenses by segment for the six months ended June 30, 2024:

(In thousands)
    
 Flavors &
Extracts
        Color      
 Corporate
& Other
        Consolidated  
Non-cash impairment charges – Selling and administrative expenses
  
$
-
    
$
1,129
    
$
-
    
$
1,129
  
Non-cash charges – Cost of products sold
    
408
      
(194
)
    
-
      
214
  
Employee separation – Selling and administrative expenses
    
851
      
526
      
28
      
1,405
  
Other production costs – Cost of products sold
    
100
      
-
      
-
      
100
  
Other costs – Selling and administrative expenses(1)
    
1,059
      
684
      
(27
)
    
1,716
  
Total
  
$
2,418
    
$
2,145
    
$
1
    
$
4,564
  


(1)
Other costs include professional services, decommissioning costs, accelerated depreciation, accelerated lease costs, and other related costs.

4.
Trade Accounts Receivable

Trade accounts receivables are recorded at their face amount, less an allowance for expected losses on doubtful accounts. The allowance for doubtful accounts is calculated based on customer-specific analysis and an aging methodology using historical loss information. The Company believes historical loss information is a reasonable basis for expected credit losses as the Company’s historical credit loss experience correlates with its customer delinquency status. This information is also adjusted for any known current economic conditions. Forecasted economic conditions have not had a significant impact on the current credit loss estimate due to the short-term nature of the Company’s customer receivables; however, the Company will continue to monitor and evaluate the rapidly changing economic conditions. Additionally, as the Company only has one portfolio segment, there are not different risks between portfolios. Specific accounts are written off against the allowance for doubtful accounts when the receivable is deemed no longer collectible.

The following table summarizes the changes in the allowance for doubtful accounts during the three and six month periods ended June 30, 2025 and 2024:

(In thousands)
Three Months Ended June 30, 2025
  
Allowance for
Doubtful Accounts
  
Balance at March 31, 2025
  
$
5,205
  
Provision for expected credit losses
    
390
  
Accounts written off
    
(174
)
Translation and other activity
    
191
Balance at June 30, 2025
  
$
5,612
  

(In thousands)
Three Months Ended June 30, 2024
  
Allowance for
Doubtful Accounts
  
Balance at March 31, 2024
  
$
3,882
  
Provision for expected credit losses
    
496
  
Accounts written off
    
(5
)
Translation and other activity
    
(98
)
Balance at June 30, 2024
  
$
4,275
  

8
Index
(In thousands)
Six Months Ended June 30, 2025
  
Allowance for
Doubtful Accounts
  
Balance at December 31, 2024
  
$
5,023
  
Provision for expected credit losses
    
744
  
Accounts written off
    
(465
)
Translation and other activity
    
310
Balance at June 30, 2025
  
$
5,612
  

(In thousands)
Six Months Ended June 30, 2024
  
Allowance for
Doubtful Accounts
  
Balance at December 31, 2023
  
$
4,373
  
Provision for expected credit losses
    
803
  
Accounts written off
     (752 )
Translation and other activity
     (149 )
Balance at June 30, 2024
   $ 4,275  

5.
Inventories
 
At June 30, 2025, and December 31, 2024, inventories included finished and in-process products totaling $435.3 million and $426.8 million, respectively, and raw materials and supplies of $184.3 million and $173.5 million, respectively.

6.
Debt

On June 13, 2025, the Company entered into a Fourth Amended and Restated Credit Agreement (Credit Agreement). The Credit Agreement provides for a $400 million senior unsecured revolving credit facility, with up to $20 million of the facility being available as a sub-facility for standby and commercial letters of credit and sub-limits of up to $50 million on swing line loans. The Credit Agreement amended and restated the Company’s Third Amended and Restated Credit Agreement to, among other things, (i) increase the aggregate revolving commitment amount from $350 million to $400 million, (ii) increase the incremental revolving commitment from $100 million to $150 million, (iii) extend the maturity of the Company’s revolving credit facility from May 2026 to June 2030, and (iv) modify certain other provisions. Funds are available in U.S. dollars, Euros, English pounds, and other major currencies. Proceeds from the facility will be used to refinance existing indebtedness of the Company, for working capital, and other general corporate purpose needs, including capital expenditures, of the Company.


On June 13, 2025, the Company also amended its term loan agreement with PNC Bank, N.A. to extend the termination date from November 2025 to June 2027.


On June 30, 2025, the Company entered into Amendment No. 12 (Receivables Amendment) to the Receivables Purchase Agreement, dated October 3, 2016. The Receivables Amendment amends the Receivables Purchase Agreement to, among other things, (i) increase the facility limit from $85 million to $105 million and (ii) extend the termination date of the Receivables Purchase Agreement from August 29, 2025 to August 31, 2026.

7.
Fair Value

Accounting Standards Codification 820, Fair Value Measurement, defines fair value for financial assets and liabilities, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. The carrying values of the Company’s cash and cash equivalents, trade accounts receivable, trade accounts payable, accrued expenses, and short-term borrowings were approximately the same as the fair values as of June 30, 2025 and December 31, 2024. The net fair value of the forward exchange contracts based on current pricing obtained for comparable derivative products (Level 2 inputs) was an asset of $0.9 million and a liability of $0.8 million as of June 30, 2025 and December 31, 2024, respectively. The fair value of the Company’s long-term debt, including the portions of long-term debt classified as Short-term borrowings on the Company’s Consolidated Balance Sheets, is estimated using discounted cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements (Level 2 inputs). The carrying value of the long-term debt at June 30, 2025 and December 31, 2024, was $735.3 million and $613.7 million, respectively. The fair value of the long-term debt at June 30, 2025 and December 31, 2024, was $745.9 million and $622.0 million, respectively.

9
Index
8.
Segment Information

The Company evaluates performance based on operating income before share-based compensation (except for share-based compensation expense associated with stock grants to certain business unit leaders); restructuring and other charges, including Portfolio Optimization Plan costs; interest expense; and income taxes (segment operating income). Total revenue and segment operating income by business segment and geographic region include both sales to customers, as reported in the Company’s Consolidated Statements of Earnings, and intersegment sales, which are accounted for at prices that approximate market prices and are eliminated in consolidation.

Assets by business segment and geographic region are those assets used in the Company’s operations in each segment and geographic region. Segment assets reflect the allocation of goodwill to each segment. Corporate & Other assets consist primarily of accounts receivables from the securitization program, investments, deferred tax assets, and fixed assets.

The Company determines its operating segments based on information utilized by its chief operating decision maker (CODM) to allocate resources and assess performance. The Company’s CODM is the President and Chief Executive Officer. The CODM uses segment operating income or loss to allocate resources, which includes employees, financial, or capital resources, predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual and year-over-year variances on a monthly basis for segment operating income or loss when allocating capital and personnel resources to the segments. Segment performance is evaluated based on operating income of the respective business units before share-based compensation (except for share-based compensation expense associated with stock grants to certain business unit leaders) and restructuring and other charges, including the Portfolio Optimization Plan costs, which are reported in Corporate & Other.

The Company’s three reportable segments are the Flavors & Extracts and Color segments, which are both managed on a product line basis, and the Asia Pacific segment, which is managed on a geographic basis. The Company’s Flavors & Extracts segment produces flavor, extracts, and essential oils products that impart a desired taste, texture, aroma, or other characteristics to a broad range of consumer and other products. The Color segment produces natural and synthetic color systems for foods, beverages, pharmaceuticals, and nutraceuticals; colors, ingredients, and systems for personal care; and technical colors for industrial applications. The Asia Pacific segment is managed on a geographic basis and produces and distributes color, flavor, and essential oils products for the Asia Pacific countries. The Company’s corporate expenses, share-based compensation (except for share-based compensation expense associated with stock grants to certain business unit leaders), and restructuring and other charges, including Portfolio Optimization Plan costs, are included in the “Corporate & Other” category.

Operating results by segment for the periods presented are as follows:

 (In thousands)  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Corporate
& Other
    
Consolidated
  
Three months ended June 30, 2025:
                              
Total segment revenue
   $
203,251
     $
179,282
     $
42,744
     $
-
     $
425,277
  
Intersegment revenue
    
(5,770
)
    
(5,210
)
    
(67
)
    
-
      
(11,047
)
Consolidated revenue from external customers
    
197,481
      
174,072
      
42,677
      
-
      
414,230
  
Cost of products sold
    
142,625
      
101,762
      
25,222
      
1,789
      
271,398
  
Selling and administrative expense
    
26,350
      
33,388
      
8,512
      
16,876
      
85,126
  
Operating income (loss)
    
28,506
      
38,922
      
8,943
      
(18,665
)
    
57,706
  
Interest expense
                                    
7,391
  
Earnings before income taxes
                                   $
50,315
  
                                         
Assets
    
843,445
      
887,924
      
130,214
      
342,978
      
2,204,561
  
Capital expenditures
    
14,472
      
4,959
      
429
      
1,321
      
21,181
  
Depreciation and amortization
    
7,676
      
6,062
      
570
      
952
      
15,260
  
                                         
Three months ended June 30, 2024:
                                        
Total segment revenue
   $
209,213
     $
167,700
     $
38,580
     $
-
     $
415,493
  
Intersegment revenue
    
(7,193
)
    
(4,775
)
    
-
   
-
      
(11,968
)
Consolidated revenue from external customers
    
202,020
      
162,925
      
38,580
      
-
      
403,525
  
Cost of products sold
    
149,346
      
100,349
      
22,901
      
207
      
272,803
  
Selling and administrative expense
    
26,465
      
31,074
      
7,799
      
15,727
      
81,065
  
Operating income (loss)
    
26,209
      
31,502
      
7,880
      
(15,934
)
    
49,657
  
Interest expense
                                    
7,653
  
Earnings before income taxes
                                   $
42,004
  
                                         
Assets
    
763,530
      
831,381
      
112,361
      
287,595
      
1,994,867
  
Capital expenditures
    
4,917
      
4,842
      
874
      
1,187
      
11,820
  
Depreciation and amortization
    
7,638
      
5,749
      
617
      
1,012
      
15,016
  

10
Index
 
(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Corporate
& Other
    
Consolidated
  
Six months ended June 30, 2025:
                              
Total segment revenue
  
$
396,932
    
$
347,032
    
$
84,645
    
$
-
    
$
828,609
  
Intersegment revenue
    
(11,653
)
    
(10,324
)
    
(77
)
    
-
      
(22,054
)
Consolidated revenue from external customers
    
385,279
      
336,708
      
84,568
      
-
      
806,555
  
Cost of products sold
    
280,559
      
198,199
      
49,585
      
3,603
      
531,946
  
Selling and administrative expense
    
51,225
      
64,735
      
16,598
      
30,815
      
163,373
  
Operating income (loss)
    
53,495
      
73,774
      
18,385
      
(34,418
)
    
111,236
  
Interest expense
                                    
14,732
  
Earnings before income taxes
                                  
$
96,504
  
                                         
Assets
    
843,445
      
887,924
      
130,214
      
342,978
      
2,204,561
  
Capital expenditures
    
27,008
      
8,481
      
604
      
1,942
      
38,035
  
Depreciation and amortization
    
15,316
      
11,998
      
1,118
      
1,902
      
30,334
  
                                         
Six months ended June 30, 2024:
                                        
Total segment revenue
  
$
402,305
    
$
327,725
    
$
78,886
    
$
-
    
$
808,916
  
Intersegment revenue
    
(12,263
)
    
(8,436
)
    
(22
)
    
-
      
(20,721
)
Consolidated revenue from external customers
    
390,042
      
319,289
      
78,864
      
-
      
788,195
  
Cost of products sold
    
288,328
      
195,352
      
46,930
      
314
      
530,924
  
Selling and administrative expense
    
51,827
      
60,756
      
15,278
      
30,347
      
158,208
  
Operating income (loss)
    
49,887
      
63,181
      
16,656
      
(30,661
)
    
99,063
  
Interest expense
                                    
14,698
  
Earnings before income taxes
                                  
$
84,365
  
                                         
Assets
    
763,530
      
831,381
      
112,361
      
287,595
      
1,994,867
  
Capital expenditures
    
9,498
      
10,059
      
1,264
      
2,029
      
22,850
  
Depreciation and amortization
    
15,258
      
11,189
      
1,253
      
2,025
      
29,725
  

11
Index
Product Lines

(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Consolidated
  
Three months ended June 30, 2025:
                        
Flavors, Extracts & Flavor Ingredients
  
$
141,736
    
$
-
    
$
-
    
$
141,736
  
Natural Ingredients
    
61,515
      
-
      
-
      
61,515
  
Food & Pharmaceutical Colors
    
-
      
136,377
      
-
      
136,377
  
Personal Care
    
-
      
42,905
      
-
      
42,905
  
Asia Pacific
    
-
      
-
      
42,744
      
42,744
  
Intersegment Revenue
    
(5,770
)
    
(5,210
)
    
(67
)
    
(11,047
)
Total revenue from external customers
  
$
197,481
    
$
174,072
    
$
42,677
    
$
414,230
  
                                 
Three months ended June 30, 2024:
                                
Flavors, Extracts & Flavor Ingredients
  
$
134,749
    
$
-
    
$
-
    
$
134,749
  
Natural Ingredients
    
74,464
      
-
      
-
      
74,464
  
Food & Pharmaceutical Colors
    
-
      
125,327
      
-
      
125,327
  
Personal Care
    
-
      
42,373
      
-
      
42,373
  
Asia Pacific
    
-
      
-
      
38,580
      
38,580
  
Intersegment Revenue
    
(7,193
)
    
(4,775
)
    
-
      
(11,968
)
Total revenue from external customers
  
$
202,020
    
$
162,925
    
$
38,580
    
$
403,525
  

(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Consolidated
  
Six months ended June 30, 2025:
                        
Flavors, Extracts & Flavor Ingredients
  
$
271,917
    
$
-
    
$
-
    
$
271,917
  
Natural Ingredients
    
125,015
      
-
      
-
      
125,015
  
Food & Pharmaceutical Colors
    
-
      
260,977
      
-
      
260,977
  
Personal Care
    
-
      
86,055
      
-
      
86,055
  
Asia Pacific
    
-
      
-
      
84,645
      
84,645
  
Intersegment Revenue
    
(11,653
)
    
(10,324
)
    
(77
)
    
(22,054
)
Total revenue from external customers
  
$
385,279
    
$
336,708
    
$
84,568
    
$
806,555
  
                                 
Six months ended June 30, 2024:
                                
Flavors, Extracts & Flavor Ingredients
  
$
259,554
    
$
-
    
$
-
    
$
259,554
  
Natural Ingredients
    
142,751
      
-
      
-
      
142,751
  
Food & Pharmaceutical Colors
    
-
      
242,385
      
-
      
242,385
  
Personal Care
    
-
      
85,340
      
-
      
85,340
  
Asia Pacific
    
-
      
-
      
78,886
      
78,886
  
Intersegment Revenue
    
(12,263
)
    
(8,436
)
    
(22
)
    
(20,721
)
Total revenue from external customers
  
$
390,042
    
$
319,289
    
$
78,864
    
$
788,195
  

Geographic Markets

(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Consolidated
  
Three months ended June 30, 2025:
                        
North America
  
$
152,292
    
$
84,402
    
$
14
    
$
236,708
  
Europe
    
33,284
      
50,686
      
16
      
83,986
  
Asia Pacific
    
4,722
      
17,048
      
41,078
      
62,848
  
Other
    
7,183
      
21,936
      
1,569
      
30,688
  
Total revenue from external customers
  
$
197,481
    
$
174,072
    
$
42,677
    
$
414,230
  
                                 
Three months ended June 30, 2024:
                                
North America
  
$
156,650
    
$
82,535
    
$
82
    
$
239,267
  
Europe
    
32,064
      
45,825
      
60
      
77,949
  
Asia Pacific
    
5,103
      
15,648
      
37,017
      
57,768
  
Other
    
8,203
      
18,917
      
1,421
      
28,541
  
Total revenue from external customers
  
$
202,020
    
$
162,925
    
$
38,580
    
$
403,525
  

12
Index
(In thousands)
  
Flavors &
Extracts
    
Color
    
Asia Pacific
    
Consolidated
  
Six months ended June 30, 2025:
                        
North America
  
$
301,919
    
$
163,071
    
$
15
    
$
465,005
  
Europe
    
61,441
      
98,409
      
38
      
159,888
  
Asia Pacific
    
9,244
      
33,674
      
81,842
      
124,760
  
Other
    
12,675
      
41,554
      
2,673
      
56,902
  
Total revenue from external customers
  
$
385,279
    
$
336,708
    
$
84,568
    
$
806,555
  
                                 
Six months ended June 30, 2024:
                                
North America
  
$
303,602
    
$
157,655
    
$
82
    
$
461,339
  
Europe
    
64,221
      
91,987
      
106
      
156,314
  
Asia Pacific
    
8,809
      
33,067
      
75,702
      
117,578
  
Other
    
13,410
      
36,580
      
2,974
      
52,964
  
Total revenue from external customers
  
$
390,042
    
$
319,289
    
$
78,864
    
$
788,195
  

9.
Retirement Plans
 
The Company’s components of annual benefit cost for the defined benefit plans for the periods presented are as follows:
 

 
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
(In thousands)
  
2025
    
2024
    
2025
    
2024
  
Service cost
  
$
376
    
$
509
    
$
745
    
$
881
  
Interest cost
    
455
      
529
      
899
      
930
  
Expected return on plan assets
    
(276
)
    
(260
)
    
(541
)
    
(502
)
Recognized actuarial gain
    
(71
)
    
(91
)
    
(143
)
    
(182
)
Total defined benefit expense
  
$
484
    
$
687
    
$
960
    
$
1,127
  
 
The Company’s non-service cost portion of defined benefit expense is recorded in Interest Expense on the Company’s Consolidated Statements of Earnings. The Company’s service cost portion of defined benefit expense is recorded in Selling and Administrative Expenses on the Company’s Consolidated Statements of Earnings.

10.
Derivative Instruments and Hedging Activity

The Company may use forward exchange contracts and foreign currency denominated debt to manage its exposure to foreign exchange risk in order to reduce the effect of fluctuating foreign currencies on short-term foreign currency denominated intercompany transactions, non-functional currency raw material purchases, non-functional currency sales, and other known foreign currency exposures. These forward exchange contracts generally have maturities of less than 18 months. The Company’s primary hedging activities and their accounting treatment are summarized below.

Forward exchange contracts – Certain forward exchange contracts have been designated as cash flow hedges. The Company had $39.6 million and $70.3 million of forward exchange contracts designated as cash flow hedges outstanding as of June 30, 2025 and December 31, 2024, respectively. For the three and six months ended June 30, 2025 and 2024, the amounts reclassified into net earnings in the Company’s Consolidated Statements of Earnings that offset the underlying transactions’ impact on earnings in the same period were not material. In addition, the Company utilizes forward exchange contracts that are not designated as cash flow hedges. The results of these transactions were not material to the financial statements of the Company.

Net investment hedges – The Company has designated certain foreign currency denominated long-term borrowings as partial hedges of the Company’s foreign currency net asset positions. As of June 30, 2025 and December 31, 2024, the total value of the Company’s net investment hedges was $334.9 million and $295.3 million, respectively. These net investment hedges included Euro and British Pound denominated long-term debt. Changes in the fair value of this debt attributable to changes in the spot foreign exchange rate are recorded in foreign currency translation in Other Comprehensive Income (OCI). For the three months ended June 30, 2025 and 2024, the impact of foreign exchange rates on these debt instruments increased debt by $26.8 million and decreased debt by $1.9 million, respectively, which has been recorded as foreign currency translation in OCI. For the six months ended June 30, 2025 and 2024, the impact of foreign exchange rates on these debt instruments increased debt by $39.6 million and decreased debt by $8.5 million, respectively, which has been recorded as foreign currency translation in OCI.

11.
Income Taxes

The effective income tax rates for the three months ended June 30, 2025 and 2024, were 25.3% and 26.4%, respectively. For the six months ended June 30, 2025 and 2024, the effective income tax rates were 25.3% and 26.7%, respectively. The effective tax rates for the three and six months ended June 30, 2025 and 2024 were both impacted by the mix of foreign earnings and changes in estimates associated with the finalization of prior year foreign tax items. The effective tax rates for both the three and six months ended June 30, 2024 were further impacted by the limited tax deductibility of costs related to the Portfolio Optimization Plan.

13
Index
12.
Accumulated Other Comprehensive Income

The following table summarizes the changes in OCI during the three and six month periods ended June 30, 2025 and 2024:

(In thousands)
  
Cash Flow
Hedges (1)
    
Pension
Items (1)
    
Foreign
Currency
Items
    
Total
  
Balances at December 31, 2024
  
$
(310
)
  
$
(2,348
)
  
$
(224,181
)
  
$
(226,839
)
Other comprehensive income before reclassifications
    
1,724
      
-
      
52,434
      
54,158
  
Amounts reclassified from OCI
    
(691
)
    
(107
)
    
-
      
(798
)
Balances at June 30, 2025
  
$
723
    
$
(2,455
)
  
$
(171,747
)
  
$
(173,479
)

(In thousands)
  
Cash Flow
Hedges (1)
    
Pension
Items (1)
    
Foreign
Currency
Items
    
Total
  
Balances at March 31, 2025
  
$
509
    
$
(2,402
)
  
$
(209,981
)
  
$
(211,874
)
Other comprehensive income before reclassifications
    
716
   
-
      
38,234
   
38,950
Amounts reclassified from OCI
    
(502
)
    
(53
)
    
-
      
(555
)
Balances at June 30, 2025
  
$
723
    
$
(2,455
)
  
$
(171,747
)
  
$
(173,479
)

(In thousands)
  
Cash Flow
Hedges (1)
    
Pension
Items (1)
    
Foreign
Currency
Items
    
Total
  
Balances at December 31, 2023
  
$
997
    
$
(2,079
)
  
$
(171,035
)
  
$
(172,117
)
Other comprehensive loss before reclassifications
    
(537
)
    
-
      
(25,163
)
    
(25,700
)
Amounts reclassified from OCI
    
(224
)
    
(136
)
    
-
      
(360
)
Balances at June 30, 2024
  
$
236
    
$
(2,215
)
  
$
(196,198
)
  
$
(198,177
)

(In thousands)
 
Cash Flow
Hedges (1)
    
Pension
Items (1)
    
Foreign
Currency
Items
    
Total
  
Balances at March 31, 2024
  
$
1,477
    
$
(2,147
)
  
$
(175,058
)
  
$
(175,728
)
Other comprehensive loss before reclassifications
    
(1,239
)
    
-
      
(21,140
)
    
(22,379
)
Amounts reclassified from OCI
    
(2
)
    
(68
)
    
-
      
(70
)
Balances at June 30, 2024
  
$
236
    
$
(2,215
)
  
$
(196,198
)
  
$
(198,177
)


(1) Cash Flow Hedges and Pension Items are net of tax.

13.
Commitments and Contingencies


The Company is subject to various claims and litigation arising in the normal course of business. The Company establishes reserves for claims and proceedings when it is probable that liabilities exist, and reasonable estimates of loss can be made. While it is not possible to predict the outcome of these matters, based on our assessment of the facts and circumstances now known, we do not believe that these matters, individually or in the aggregate, will have a material adverse effect on our financial position. However, actual outcomes may be different from those expected and could have a material effect on our results of operations or cash flows in a particular period.

14.
Subsequent Event

On July 24, 2025, the Company announced its quarterly dividend of $0.41 per share would be payable on September 2, 2025.

14
Index
ITEM 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that reflect management’s current assumptions and estimates of future economic circumstances, industry conditions, Company performance, and financial results. Forward-looking statements include statements in the future tense, statements referring to any period after June 30, 2025, and statements including the terms “expect,” “believe,” “anticipate,” and other similar terms that express expectations as to future events or conditions. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for such forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, and other factors that could cause actual events to differ materially from those expressed in the forward-looking statements. A variety of factors could cause the Company’s actual results and experience to differ materially from the anticipated results. These factors and assumptions include, among others, the Company’s ability to manage general business, economic, and capital market conditions, including actions taken by customers in response to such market conditions, and the impact of recessions and economic downturns; the impact of macroeconomic and geopolitical volatility, including inflation and shortages impacting the availability and cost of raw materials, energy, and other supplies, disruptions and delays in the Company’s supply chain, and the conflicts between Russia and Ukraine and in the Middle East; industry, regulatory, legal, and economic factors related to the Company’s domestic and international business; the effects of tariffs, trade barriers, and disputes; the availability and cost of labor, logistics, and transportation; 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, changing technologies, and changing regulations; 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 Portfolio Optimization Plan; growth in markets for products in which the Company competes; industry and customer acceptance of price increases; actions by competitors; the Company’s ability to enhance its innovation efforts and drive cost efficiencies; currency exchange rate fluctuations; and the matters discussed under Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Except to the extent required by applicable law, 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 therein will not be realized.

OVERVIEW

Revenue
Revenue was $414.2 million and $403.5 million for the three months ended June 30, 2025 and 2024, respectively. Revenue was $806.6 million and $788.2 million for the six months ended June 30, 2025 and 2024, respectively. The increase in revenue for the three and six months ended June 30, 2025 was primarily due to higher selling prices. For the three and six months ended June 30, 2025, the impact of foreign exchange rates increased consolidated revenue by approximately 1% and decreased revenue by approximately 1%, respectively.

Gross Margin
The Company’s gross margin was 34.5% and 32.4% for the three months ended June 30, 2025 and 2024, respectively. The Company’s gross margin was 34.0% and 32.6% for the six months ended June 30, 2025 and 2024, respectively. For the three and six months ended June 30, 2025, Portfolio Optimization Plan costs totaling $1.8 million and $3.6 million, respectively, decreased gross margin by 40 and 50 basis points, respectively. Portfolio Optimization Plan costs for the three and six months ended June 30, 2024 had an immaterial impact on gross margin. See Portfolio Optimization Plan below for further information. The Company’s gross margins for the three and six months ended June 30, 2025 were further impacted by the favorable pricing, partially offset by higher raw material costs.

Selling and Administrative Expenses
Selling and administrative expense as a percent of revenue was 20.6% and 20.1% for the three months ended June 30, 2025 and 2024, respectively. Selling and administrative expense as a percent of revenue was 20.3% and 20.1% for the six months ended June 30, 2025 and 2024, respectively. For the three months ended June 30, 2025 and 2024, selling and administrative expenses were increased by Portfolio Optimization Plan costs totaling $1.6 and $1.5 million, respectively, which increased selling and administrative expenses as a percent of revenue by approximately 40 basis points for each period. For the six months ended June 30, 2025 and 2024, selling and administrative expenses were increased by Portfolio Optimization Plan costs totaling $2.6 million and $4.3 million, respectively, which increased selling and administrative expenses as a percent of revenue by approximately 40 and 60 basis points, respectively. See Portfolio Optimization Plan below for further information. The remaining increase in selling and administrative expense as a percent of revenue for the three and six months ended June 30, 2025 was primarily due to higher performance-based executive compensation costs incurred in 2025.

15
Index
Operating Income
Operating income was $57.7 million and $49.7 million for the three months ended June 30, 2025 and 2024, respectively. Operating margins were 13.9% and 12.3% for the three months ended June 30, 2025 and 2024, respectively. Portfolio Optimization Plan costs decreased operating margins by approximately 80 and 40 basis points for the three months ended June 30, 2025 and 2024, respectively. The increase in operating margin was primarily due to the higher selling prices, partially offset by higher raw material costs and higher performance-based executive compensation costs incurred in 2025.

Operating income was $111.2 million and $99.1 million for the six months ended June 30, 2025 and 2024, respectively. Operating margins were 13.8% and 12.6% for the six months ended June 30, 2025 and 2024, respectively. Portfolio Optimization Plan costs decreased operating margins by approximately 80 and 50 basis points for the six months ended June 30, 2025 and 2024, respectively. The increase in operating margin was primarily due to the higher selling prices, partially offset by higher raw material costs and higher performance-based executive compensation costs incurred in 2025.

Interest Expense
Interest expense was $7.4 million and $7.7 million for the three months ended June 30, 2025 and 2024, respectively, and $14.7 million for both the six months ended June 30, 2025 and 2024. The decrease in expense for the three months ended June 30, 2025 was primarily due to a decrease in the average interest rate.

Income Taxes
The effective income tax rates for the three months ended June 30, 2025 and 2024, were 25.3% and 26.4%, respectively. For the six months ended June 30, 2025 and 2024, the effective income tax rates were 25.3% and 26.7%, respectively. The effective tax rates for the three and six months ended June 30, 2025 and 2024 were both impacted by the mix of foreign earnings and changes in estimates associated with the finalization of prior year foreign tax items. The effective tax rates for both the three and six months ended June 30, 2024 were further impacted by the limited tax deductibility of costs related to the Portfolio Optimization Plan.

Acquisition
On February 14, 2025, the Company acquired Biolie SAS, a natural color extraction business located in France. The Company paid $4.9 million in cash for this acquisition, which is net of $0.2 million in debt assumed. The assets acquired and liabilities assumed were recorded at their estimated fair value as of the acquisition date. The Company acquired net assets of $0.3 million, with the remaining $4.6 million allocated to goodwill. This business is part of the Color segment.

Portfolio Optimization Plan
During the fourth quarter of 2023, the Board of Directors of the Company approved a plan to undertake an effort to optimize certain production facilities and improve efficiencies within the Company (Portfolio Optimization Plan). As part of the Portfolio Optimization Plan, in the Flavors & Extracts segment, the Company evaluated the closure of its manufacturing facility in Felinfach, Wales, United Kingdom, the closure of its sales office in Granada, Spain, and the centralization and elimination of certain selling and administrative positions. In addition, in the Color segment, the Company evaluated the closure of a manufacturing facility in Delta, British Columbia, Canada, the closure of a sales office in Argentina, and centralizing and eliminating certain production positions and selling and administrative positions. The Company reports all costs associated with the Portfolio Optimization Plan in the Corporate & Other segment.

The Company’s Felinfach site was shut down in May 2025, and all production activities have been transferred to other locations. The Company began marketing the Felinfach site for sale in June 2025. The Company has substantially completed all other actions contemplated under the Portfolio Optimization Plan in accordance with local laws.

For the three and six months ended June 30, 2025, the Company incurred costs of $3.3 million and $6.2 million, respectively, related to the Portfolio Optimization Plan recorded in Corporate & Other, primarily for dual plant operating costs, professional services, non-cash inventory charges, decommissioning costs, and employee separation costs. For the three and six months ended June 30, 2024, the Company incurred costs of $1.8 million and $4.6 million, respectively, related to the Portfolio Optimization Plan recorded in Corporate & Other, primarily for costs associated with decommissioning, employee separation, and impairment of fixed assets.

16
Index
NON-GAAP FINANCIAL MEASURES

Within the following tables, the Company reports certain non-GAAP financial measures, including: (1) adjusted operating income, adjusted net earnings, and adjusted diluted earnings per share, which exclude restructuring and other costs, including the Portfolio Optimization Plan costs, (2) percentage changes in revenue, operating income, and diluted earnings per share on an adjusted local currency basis, which eliminate the effects that result from translating its international operations into U.S. dollars and restructuring and other costs, including the Portfolio Optimization Plan costs, and (3) adjusted EBITDA, which excludes restructuring and other costs, including the Portfolio Optimization Plan costs, and non-cash share based compensation expense.

The Company has included each of these non-GAAP measures in order to provide additional information regarding our underlying operating results and comparable year-over-year performance. Such information is supplemental to information presented in accordance with GAAP and is not intended to represent a presentation in accordance with GAAP. These non-GAAP measures should not be considered in isolation. Rather, they should be considered together with GAAP measures and the rest of the information included in this report. Management internally reviews each of these non-GAAP measures to evaluate performance on a comparative period-to-period basis and to gain additional insight into underlying operating and performance trends, and the Company believes the information can be beneficial to investors for the same purposes. These non-GAAP measures may not be comparable to similarly titled measures used by other companies.

   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
(In thousands, except per share amounts)
  
2025
    
2024
    
% Change
    
2025
    
2024
    
% Change
  
Operating Income (GAAP)
  
$
57,706
    
$
49,657
      
16.2
%
  
$
111,236
    
$
99,063
      
12.3
%
Portfolio Optimization Plan costs – Cost of
products sold
    
1,789
      
207
              
3,603
      
314
          
Portfolio Optimization Plan costs – Selling
and administrative expenses
    
1,550
      
1,545
              
2,600
      
4,250
          
Adjusted operating income
  
$
61,045
    
$
51,409
      
18.7
%
  
$
117,439
    
$
103,627
      
13.3
%

                                               
Net Earnings (GAAP)
  
$
37,587
    
$
30,932
      
21.5
%
  
$
72,049
    
$
61,872
      
16.4
%
Portfolio Optimization Plan costs, before tax
    
3,339
      
1,752
              
6,203
      
4,564
          
Tax impact of Portfolio Optimization Plan
costs(1)
    
(815
)
    
(214
)
            
(1,517
)
    
(569
)
        
Adjusted net earnings
  
$
40,111
    
$
32,470
      
23.5
%
  
$
76,735
    
$
65,867
      
16.5
%

                                               
Diluted earnings per share (GAAP)
  
$
0.88
    
$
0.73
      
20.5
%
  
$
1.69
    
$
1.46
      
15.8
%
Portfolio Optimization Plan costs, net of tax
    
0.06
      
0.04
              
0.11
      
0.09
          
Adjusted diluted earnings per share
  
$
0.94
    
$
0.77
      
22.1
%
  
$
1.80
    
$
1.56
      
15.4
%

                                               
Operating Income (GAAP)
  
$
57,706
    
$
49,657
      
16.2
%
  
$
111,236
      
99,063
      
12.3
%
Depreciation and amortization
    
15,260
      
15,016
              
30,334
      
29,725
          
Share-based compensation expense
    
3,739
      
2,916
              
6,639
      
4,911
          
Portfolio Optimization Plan costs, before tax
    
3,339
      
1,752
              
6,203
      
4,564
          
Adjusted EBITDA
  
$
80,044
    
$
69,341
      
15.4
%
  
$
154,412
    
$
138,263
      
11.7
%

(1) Tax impact adjustments were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates.

Portfolio Optimization Plan costs are discussed under “Portfolio Optimization Plan” above and Note 3, Portfolio Optimization Plan, in the Notes to the Consolidated Financial Statements included in this report.

Note: Earnings per share calculations may not foot due to rounding differences.

17
Index
The following table summarizes the percentage change for the results of the three and six months ended June 30, 2025, compared to the results for the three and six months ended June 30, 2024, in the respective financial measures.

   
Three Months Ended June 30, 2025
    
Six Months Ended June 30, 2025
  
Revenue
  
Total
    
Foreign
Exchange
Rates
    
Adjustments(1)
    
Adjusted
Local
Currency
    
Total
    
Foreign
Exchange
Rates
    
Adjustments(1)
    
Adjusted
Local
Currency
  
Flavors & Extracts
    
(2.8
%)
    
0.4
%
    
N/A
      
(3.2
%)
    
(1.3
%)
    
(0.4
%)
    
N/A
      
(0.9
%)
Color
    
6.9
%
    
0.3
%
    
N/A
      
6.6
%
    
5.9
%
    
(1.5
%)
    
N/A
      
7.4
%
Asia Pacific
    
10.8
%
    
3.2
%
    
N/A
      
7.6
%
    
7.3
%
    
1.1
%
    
N/A
      
6.2
%
Total Revenue
    
2.7
%
    
0.6
%
    
N/A
      
2.1
%
    
2.3
%
    
(0.8
%)
    
N/A
      
3.1
%
                                                                 
Operating Income
                                                                
Flavors & Extracts
    
8.8
%
    
0.2
%
    
0.0
%
    
8.6
%
    
7.2
%
    
(0.3
%)
    
0.0
%
    
7.5
%
Color
    
23.6
%
    
1.5
%
    
0.0
%
    
22.1
%
    
16.8
%
    
(1.0
%)
    
0.0
%
    
17.8
%
Asia Pacific
    
13.5
%
    
5.5
%
    
0.0
%
    
8.0
%
    
10.4
%
    
2.9
%
    
0.0
%
    
7.5
%
Corporate & Other
    
17.1
%
    
0.0
%
    
9.0
%
    
8.1
%
    
12.3
%
    
0.0
%
    
4.2
%
    
8.1
%
Total Operating Income
    
16.2
%
    
1.9
%
    
(2.6
%)
    
16.9
%
    
12.3
%
    
(0.3
%)
    
(1.0
%)
    
13.6
%
Diluted Earnings per Share
    
20.5
%
    
1.3
%
    
(1.6
%)
    
20.8
%
    
15.8
%
    
0.0
%
    
(0.2
%)
    
16.0
%
Adjusted EBITDA
    
15.4
%
    
1.3
%
    
N/A
      
14.1
%
    
11.7
%
    
(0.4
%)
    
N/A
      
12.1
%

  (1)
Adjustments consist of Portfolio Optimization Plan costs.

Note: Refer to table above for a reconciliation of these non-GAAP measures.

SEGMENT INFORMATION

The Company determines its operating segments based on information utilized by its chief operating decision maker to allocate resources and assess performance. Segment performance is evaluated on operating income before share-based compensation (except for share-based compensation expense associated with stock grants to certain business unit leaders); restructuring and other costs, including the Portfolio Optimization Plan costs (which are reported in Corporate & Other); interest expense; and income taxes.

The Company’s reportable segments consist of the Flavors & Extracts, Color, and Asia Pacific segments.

Flavors & Extracts
Flavors & Extracts segment revenue was $203.3 million and $209.2 million for the three months ended June 30, 2025 and 2024, respectively, a decrease of approximately 3%. The decrease was a result of lower revenue in Natural Ingredients, partially offset by higher revenue in Flavors, Extracts & Flavor Ingredients. The lower revenue in Natural Ingredients was due to lower volumes, partially offset by higher selling prices. The higher revenue in Flavors, Extracts & Flavor Ingredients was primarily due to higher volumes and selling prices. Foreign exchange rates had an immaterial impact on segment revenue for the three months ended June 30, 2025.

Flavors & Extracts segment revenue was $396.9 million and $402.3 million for the six months ended June 30, 2025 and 2024, respectively, a decrease of approximately 1%. The decrease was a result of lower revenue in Natural Ingredients, partially offset by higher revenue in Flavors, Extracts & Flavor Ingredients. The lower revenue in Natural Ingredients was due to lower volumes, partially offset by higher selling prices. The higher revenue in Flavors, Extracts & Flavor Ingredients was primarily due to higher volumes and selling prices. Foreign exchange rates had an immaterial impact on segment revenue for the six months ended June 30, 2025.

Flavors & Extracts segment operating income was $28.5 million and $26.2 million for the three months ended June 30, 2025 and 2024, respectively, an increase of approximately 9%. The higher segment operating income was a result of higher operating income in Flavors, Extracts & Flavor Ingredients, partially offset by lower operating income in Natural Ingredients. The higher segment operating income in Flavors, Extracts & Flavor Ingredients was primarily due to higher selling prices, higher volumes, and lower manufacturing and other costs. The lower segment operating income in Natural Ingredients was primarily due to higher raw material costs and lower volumes, partially offset by higher selling prices. Segment operating income as a percent of revenue was 14.0% in the current quarter compared to 12.5% in the prior year’s comparable quarter. Foreign exchange rates had an immaterial impact on segment operating income for the three months ended June 30, 2025.

18
Index
Flavors & Extracts segment operating income was $53.5 million and $49.9 million for the six months ended June 30, 2025 and 2024, respectively, an increase of approximately 7%. The higher segment operating income was a result of higher operating income in Flavors, Extracts & Flavor Ingredients, partially offset by lower operating income in Natural Ingredients. The higher segment operating income in Flavors, Extracts & Flavor Ingredients was primarily due to higher selling prices, higher volumes, and lower manufacturing and other costs. The lower segment operating income in Natural Ingredients was primarily due to higher raw material costs and lower volumes, partially offset by higher selling prices. Segment operating income as a percent of revenue was 13.5% in the current six month period compared to 12.4% in the prior year’s comparable six month period. Foreign exchange rates had an immaterial impact on segment operating income for the six months ended June 30, 2025.

Color
Segment revenue for the Color segment was $179.3 million and $167.7 million for the three months ended June 30, 2025 and 2024, respectively, an increase of approximately 7%. The increase was primarily a result of higher revenue in Food & Pharmaceutical Colors, primarily due to higher volumes and selling prices. Foreign exchange rates had an immaterial impact on segment revenue for the three months ended June 30, 2025.

Segment revenue for the Color segment was $347.0 million and $327.7 million for the six months ended June 30, 2025 and 2024, respectively, an increase of approximately 6%. The increase was primarily a result of higher revenue in Food & Pharmaceutical Colors, primarily due to higher volumes and selling prices, partially offset by the unfavorable impact of foreign exchange rates that decreased segment revenue by approximately 2%.

Segment operating income for the Color segment was $38.9 million and $31.5 million for the three months ended June 30, 2025 and 2024, respectively, an increase of approximately 24%. The increase in segment operating income was primarily a result of higher operating income in Food & Pharmaceutical Colors, primarily due to higher selling prices and volumes, partially offset by higher raw material costs. Foreign exchange rates increased segment operating income by approximately 2%. Segment operating income as a percent of revenue was 21.7% in the current quarter and 18.8% in the prior year’s comparable quarter.

Segment operating income for the Color segment was $73.8 million and $63.2 million for the six months ended June 30, 2025 and 2024, respectively, an increase of approximately 17%. The increase in segment operating income was a result of higher operating income in Food & Pharmaceutical Colors, partially offset by lower operating income in Personal Care. The higher operating income in Food & Pharmaceutical Colors was primarily due to higher selling prices and volumes, partially offset by higher raw material and manufacturing and other costs. The lower operating income in Personal Care was primarily due to higher manufacturing and other costs, partially offset by higher selling prices. Foreign exchange rates decreased segment operating income by approximately 1%. Segment operating income as a percent of revenue was 21.3% in the current six month period and 19.3% in the prior year’s comparable period.

Asia Pacific
Segment revenue for the Asia Pacific segment was $42.7 million and $38.6 million for the three months ended June 30, 2025 and 2024, respectively, an increase of approximately 11%. The increase was a result of higher selling prices, higher volumes, and the favorable impact of foreign exchange rates that increased segment revenue by approximately 3%.

Segment revenue for the Asia Pacific segment was $84.6 million and $78.9 million for the six months ended June 30, 2025 and 2024, respectively, an increase of approximately 7%. The increase was a result of higher volumes, higher selling prices, and the favorable impact of foreign exchange rates that increased segment revenue by approximately 1%.

Segment operating income for the Asia Pacific segment was $8.9 million and $7.9 million for the three months ended June 30, 2025 and 2024, respectively, an increase of approximately 14%. The increase was primarily a result of higher selling prices and volumes and the favorable impact of foreign exchange rates that increased segment operating income by approximately 6%, partially offset by higher manufacturing and other costs. Segment operating income as a percent of revenue was 20.9% in the current quarter and 20.4% in the prior year’s comparable quarter.

Segment operating income for the Asia Pacific segment was $18.4 million and $16.7 million for the six months ended June 30, 2025 and 2024, respectively, an increase of approximately 10%. The increase was primarily a result of higher selling prices and volumes and the favorable impact of foreign exchange rates that increased segment operating income by approximately 3%, partially offset by higher manufacturing and other costs. Segment operating income as a percent of revenue was 21.7% in the current six month period and 21.1% in the prior year’s comparable period.

Corporate & Other
The Corporate & Other operating expense was $18.7 million and $15.9 million for the three months ended June 30, 2025 and 2024, respectively. For the three months ended June 30, 2025 and 2024, Corporate & Other operating expenses were increased by Portfolio Optimization Plan costs totaling $3.3 million and $1.8 million, respectively. See the Portfolio Optimization Plan section above for further information. The remaining increase in Corporate & Other operating expenses was primarily due to higher performance-based executive compensation costs incurred in 2025.

19
Index
The Corporate & Other operating expense was $34.4 million and $30.7 million for the six months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, Corporate & Other operating expenses were increased by Portfolio Optimization Plan costs totaling $6.2 million and $4.6 million, respectively. See the Portfolio Optimization Plan section above for further information. The remaining increase in Corporate & Other operating expenses was primarily due to higher performance-based executive compensation costs incurred in 2025.

LIQUIDITY AND FINANCIAL CONDITION

Financial Condition
The Company’s financial position remains strong. The Company is in compliance with its loan covenants calculated in accordance with applicable agreements as of June 30, 2025. The Company expects its cash flow from operations and its existing debt capacity can be used to meet anticipated future cash requirements for operations, capital expenditures, and dividend payments, as well as potential acquisitions and stock repurchases. The Company’s contractual obligations consist primarily of operational commitments, which we expect to continue to be able to satisfy through cash generated from operations and debt. The Company has various series of notes outstanding that mature from 2025 through 2029. The Company believes that it has the ability to refinance or repay these obligations through a combination of cash flow from operations, issuance of additional notes, and sufficient borrowing capacity under the Company’s revolving credit facility, which matures in 2030.

As a result of our ability to manage the impact of inflation through pricing and other actions, the impact of inflation was not material to the Company’s financial position and its results of operations for the three or six months ended June 30, 2025. The Company has experienced increased costs for certain inputs, such as raw materials, shipping and logistics, and labor. We continue to expect to manage these impacts in the near term, but persistent, accelerated, or expanded inflationary conditions could exacerbate these challenges and impact our profitability.

The United States has recently implemented significant tariffs on imports from a wide range of countries and has announced the possibility of implementing additional, or increasing current, tariffs. These actions, and retaliatory tariffs imposed by other countries on United States exports, have led to significant volatility and uncertainty in global markets. The Company anticipates incurring incremental tariff costs on certain raw materials to produce our products and certain finished goods shipped to customers. However, the Company expects to manage the impact of the increased tariff costs through pricing actions. To the extent the Company is unable to offset the increased tariff costs, or the tariffs negatively impact demand, the Company’s revenue and profitability would be adversely impacted. If additional tariffs are adopted, the Company would incur additional tariff costs that could be material.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The OBBBA includes a broad range of tax reform provisions, such as the extension of certain expiring provisions, modifications to the international tax framework, and the continuation of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing its impact on our consolidated financial statements.

Cash Flows from Operating Activities
Net cash provided by operating activities was $39.3 million and $58.9 million for the six months ended June 30, 2025 and 2024, respectively. The decrease in net cash from operating activities was primarily due to an increase in cash used for performance-based compensation payments (which are determined based on prior year performance) made during 2025 compared to 2024 and a decrease in cash provided by inventory during 2025 compared to 2024, partially offset by an increase in cash provided by accounts receivable.

Cash Flows from Investing Activities
Net cash used in investing activities was $41.5 million and $22.9 million during the six months ended June 30, 2025 and 2024, respectively. Capital expenditures were $38.0 million and $22.9 million during the six months ended June 30, 2025 and 2024, respectively. In 2025, the Company paid $4.9 million for the acquisition of Biolie SAS.

Cash Flows from Financing Activities
Net cash provided by financing activities was $26.0 million and net cash used in financing activities was $26.1 million for the six months ended June 30, 2025 and 2024, respectively. Net debt increased by $63.3 million and $11.6 million for the six months ended June 30, 2025 and 2024, respectively. The cash proceeds from the increase in net debt in the current period were primarily used to support capital expenditure investments during the six months ended June 30, 2025. For purposes of the cash flow statement, net changes in debt exclude the impact of foreign exchange rates. Dividends of $34.7 million were paid during both the six months ended June 30, 2025 and 2024. Total dividends of $0.82 per share were paid for both the six months ended June 30, 2025 and 2024.

20
Index
CRITICAL ACCOUNTING POLICIES

There have been no material changes in the Company’s critical accounting policies during the quarter ended June 30, 2025. For additional information about the Company’s critical accounting policies, refer to “Critical Accounting Policies” under Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in the Company’s exposure to market risk during the quarter ended June 30, 2025. For additional information about market risk, refer to Part II, Item 7A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

ITEM 4.
CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures: The Company carried out an evaluation, under the supervision and with the participation of management, including the Company’s Chairman, President, and Chief Executive Officer and its Vice President and Chief Financial Officer, of the effectiveness, as of the end of the period covered by this report, of the design and operation of the disclosure controls and procedures, as defined in Rule 13a-15(e) of the Exchange Act. Based upon that evaluation, the Company’s Chairman, President, and Chief Executive Officer and its Vice President and Chief Financial Officer have concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report.

Changes in Internal Control over Financial Reporting: There have been no changes in the Company’s internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II.
OTHER INFORMATION

ITEM 1.
LEGAL PROCEEDINGS

See Part I, Item 1, Note 13, Commitments and Contingencies, of this report for information regarding legal proceedings in which the Company is involved.

ITEM 1A.
RISK FACTORS

There were no material changes to the risk factors previously disclosed in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

ITEM 2.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

On October 19, 2017, the Board of Directors authorized the repurchase of up to three million shares (2017 Authorization). As of June 30, 2025, 1,267,019 shares had been repurchased under the 2017 Authorization. There is no expiration date for the 2017 Authorization. The 2017 Authorization may be modified, suspended, or discontinued by the Board of Directors at any time. As of June 30, 2025, the maximum number of shares that may be purchased under publicly announced plans is 1,732,981. No shares were purchased by the Company during the three or six months ended June 30, 2025.

ITEM 5.
OTHER INFORMATION

During the three months ended June 30, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

ITEM 6.
EXHIBITS

The exhibits listed in the following Exhibit Index are filed as part of this Quarterly Report on Form 10-Q.

21
Index
SENSIENT TECHNOLOGIES CORPORATION
EXHIBIT INDEX
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2025

Exhibit
Description
  
Incorporated by Reference From
  
Filed Herewith


 
 
10.1
Fourth Amended and Restated Credit Agreement dated as of June 13, 2025
  
Exhibit 10.1 to Current Report on Form 8-K filed June 18, 2025 (Commission File No. 1-7626)
  


 
 
10.2
Amendment No. 2 to Loan Agreement, dated as of June 13, 2025, between Sensient Technologies Corporation and PNC Bank, National Association.
  
Exhibit 10.2 to Current Report on Form 8-K filed June 18, 2025 (Commission File No. 1-7626)
 


 
 
10.3
Amendment No. 12 to Receivables Purchase Agreement, dated as of June 30, 2025, among Sensient Receivables LLC, Sensient Technologies Corporation, and Wells Fargo Bank, National Association
  
Exhibit 10.1 to Current Report on Form 8-K filed July 1, 2025 (Commission File No. 1-7626)
  


 
 
31
Certifications of the Company’s Chairman, President & Chief Executive Officer and Vice President & Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act
  
 
X


 
 
32
Certifications of the Company’s Chairman, President & Chief Executive Officer and Vice President & Chief Financial Officer pursuant to 18 United States Code § 1350
  
 
X


 
 
101.INS
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
  
 
X


 
 
101.SCH
Inline XBRL Taxonomy Extension Schema Document
  
 
X
     
   
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document
  
 
X
     
   
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document
  
 
X


 
 
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document
       X
           
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document
       X
           
104
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
       X

22
Index
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
SENSIENT TECHNOLOGIES CORPORATION




 
Date:
August 5, 2025
By:
/s/  John J. Manning
 
 
John J. Manning, Senior Vice




President, General Counsel &




Secretary





Date:
August 5, 2025
By:
/s/  Tobin Tornehl
  



Tobin Tornehl, Vice President &




Chief Financial Officer


23

Source: View Original Filing on SEC EDGAR

FAQ

When is TCW Strategic Income Fund's 2025 annual meeting?

The meeting is scheduled for 8:00 a.m. PDT on 16 September 2025 at 515 South Flower Street, Los Angeles.

What items will TSI (ticker: TSI) shareholders vote on?

Shareholders will vote on eight director elections and ratification of Deloitte & Touche LLP as independent auditor.

How much are Deloitte's audit fees for FY-2024 versus FY-2023?

Audit fees declined from $83,323 in 2023 to $62,000 in 2024; audit-related and other fees were $0.

Did director compensation change?

Yes. Effective 1 Mar 2024 the annual fee per independent director dropped to $12,500 and per-meeting fees to $500 in-person / $250 telephonic.

What is the quorum requirement for the 2025 meeting?

A majority of the 47,785,440 shares outstanding must be present in person or by proxy to conduct business.

Who owns more than 5 % of TSI shares?

Only Cede & Co. (street-name nominee) held more than 5 %, with 97.54 % of outstanding shares as of 31 Jul 2025.
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Jul 25, 2025
Sensient Technologies Corporation Reports Results for the Quarter Ended June 30, 2025
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[8-K] Sensient Technology Corporation Reports Material Event
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[Form 4] Sensient Technology Corporation Insider Trading Activity
Jul 1, 2025
[Form 4] Sensient Technology Corporation Insider Trading Activity

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