US flavours and fragrances maker Sensient Technologies last week reported higher third-quarter earnings at $20.2 million (€20.7m) up from $16.6 million a year earlier.
The company said that the 16.6 per cent rise in revenue, to $238 million from $204.1 million in the same period last year was driven by strong growth in sales of fragrances and beverage flavours.
The strong sales mark Sensient's fourth consecutive quarter of double-digit increases. Cash flow from operating activities increased 95.5 per cent to $31.9 million in the quarter over the comparable quarter in 2001.
Kenneth Manning,chairman, president and CEO of Sensient Technologies, said: "The success of our acquisitions and the results of our costreduction programmes over the last year have Sensient well-positionedfor the future. We will continue to emphasize technology-based,value-added products, while maintaining market leadership in ourtraditional businesses."
Sensient is also toincrease the annual cash dividend on its common stock from 53 centsper share to 56 cents per share. The increase will be effective forthe quarterly dividend of 14 cents per share payable on 2 December2002, to shareholders of record on 8 November 2002.