8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

July 18, 2008
(Date of Report/Date of earliest event reported)

SENSIENT TECHNOLOGIES CORPORATION

(Exact name of registrant as specified in its charter)

WISCONSIN	1-7626	39-0561070
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202-5304
(Address and zip code of principal executive offices)

(414) 271-6755
(Registrant’s telephone number, including area code)

N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On July 18, 2008, Sensient Technologies Corporation issued a press release disclosing its results of operations for its quarter and six months ended June 30, 2008 and its financial condition at that date. The press release is furnished as Exhibit 99.1 to this Report on Form 8-K.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

Exhibit 99.1: The following exhibit is furnished with this Report on Form 8-K: Sensient Technologies Corporation Earnings Press Release for the Quarter and Six Months Ended June 30, 2008

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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 hereunto duly authorized.

SENSIENT TECHNOLOGIES CORPORATION (Registrant)
By: Name:	/s/ John L. Hammond John L. Hammond
Title:	Vice President, Secretary and General Counsel
Date: July 18, 2008

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EXHIBIT INDEX

Exhibit 99.1: The following exhibit is furnished with this Report on Form 8-K: Sensient Technologies Corporation Earnings Press Release for the Quarter and Six Months Ended June 30, 2008

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact:	Dick Hobbs
	(414) 347-3836

Sensient Technologies Corporation
Reports Earnings for the Quarter Ended June 30, 2008

Record Sales Drive 17.8% Increase in Second Quarter EPS

     MILWAUKEE—July 18, 2008—Sensient Technologies Corporation (NYSE: SXT) posted record revenue of $332.8 million for its second quarter ended June 30, 2008, up 9.4% from the comparable period in 2007. Second quarter diluted earnings per share rose 17.8% to 53 cents from 45 cents in last year’s second quarter.

     Revenue for the first six months of this year was $640.2 million, an 8.6% increase from the prior year’s comparable period. Diluted earnings per share for the six months ended June 30, 2008, were up 17.1% to 96 cents compared to 82 cents in last year’s first half. Favorable foreign currency translation increased revenues in both the quarter and year-to-date period by approximately 6%.

     “We reported record second quarter revenue, operating income and earnings,” said Kenneth P. Manning, Chairman and CEO of Sensient Technologies Corporation. “The Company has achieved ten consecutive quarters of earnings growth and we expect this strong performance to continue in the second half and into next year.”

BUSINESS REVIEW

     The Flavors & Fragrances Group reported record quarterly revenue and operating income. Second quarter 2008 revenue increased 7.8% to $214.4 million. Operating income was up 11.9% to $33.9 million compared to the second quarter of 2007. Year-to-date revenue increased 8.0% to $409.6 million and operating income jumped 12.5% to $62.7 million. Group revenue in the quarter benefited from improved pricing and favorable foreign

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Sensient Technologies Corporation	Page 2
Earnings Release — Second quarter ended June 30, 2008
July 18, 2008

currency translation. Several key markets, including Europe and Canada, experienced solid growth. Quarterly profit rose as a result of the higher sales and continued improvements in the profitability of the Group’s European operations. Higher profit from these sources was partially offset by increased raw material and energy costs. Group operating margins in the second quarter improved 50 basis points in comparison to the prior year.

     The Color Group’s revenue increased 12.0% to a record $107.3 million for the quarter ended June 30, 2008, compared to $95.8 million in last year’s second quarter. Operating income for the quarter was $19.3 million, up 12.4% from $17.2 million reported in the second quarter of 2007. Year-to-date revenue increased 9.4% to $210.1 million and operating income was up 10.3% to $37.8 million. Quarterly revenue for the Color Group reflects strong growth within the cosmetic, pharmaceutical and technical color product lines and favorable foreign currency translation. Sales of food and beverage colors were also up. Second quarter operating profit increased on solid volume growth and improved pricing, partially offset by higher raw material costs.

2008 OUTLOOK

Sensient expects 2008 diluted earnings per share to be between $1.80 and $1.84. This guidance represents an increase over the previously provided range which was between $1.77 and $1.80.

CONFERENCE CALL

     The company will host a conference call to discuss its 2008 second quarter financial results at 11:00 a.m. CDT on Friday, July 18, 2008. To make a reservation for the conference call, please contact InterCall Teleconferencing at (706) 645-6973 and refer to the Sensient Technologies Corporation conference call.

     A replay will be available beginning at 1:00 p.m. CDT on July 18, 2008, through midnight on July 25, 2008, by calling (706) 645-9291 and referring to passcode 54215665.

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Sensient Technologies Corporation	Page 3
Earnings Release — Second quarter ended June 30, 2008
July 18, 2008

A transcript of the call will also be posted on the company’s web site at www.sensient-tech.com after the call concludes.

     This release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) that reflect management’s current assumptions and estimates of future economic circumstances, industry conditions, company performance and financial results. A variety of factors could cause the company’s actual results and experience to differ materially from the anticipated results, including, but not limited to the factors noted in this press release and in the Management’s Discussion and Analysis in our most recently filed annual report on Form 10-K for the year ended December 31, 2007, and quarterly report on Form 10-Q for the quarter ended March 31, 2008. The forward-looking statements in this press release speak only as to the date of this release. Sensient Technologies Corporation expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations upon which such statements are based.

ABOUT SENSIENT TECHNOLOGIES

     Sensient Technologies Corporation is a leading global manufacturer and marketer of colors, flavors and fragrances. Sensient employs advanced technologies at facilities around the world to develop specialty food and beverage systems, cosmetic and pharmaceutical systems, inkjet and specialty inks and colors, and other specialty chemicals. The company’s customers include major international manufacturers representing some of the world’s best-known brands. Sensient is headquartered in Milwaukee, Wisconsin.

     www.sensient-tech.com

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Sensient Technologies Corporation	Page 4
(In thousands, except percentages and per share amounts)

Consolidated Statements of Earnings	Three Months Ended June 30,						Six Months Ended June 30,
	2008		2007		% Change		2008		2007		% Change
Revenue	$	332,795	$	304,310		9.4	$	640,214	$	589,578		8.6
Cost of products sold		231,073		209,834		10.1		442,850		408,954		8.3
Selling and administrative expenses		56,869		54,485		4.4		112,878		106,421		6.1
Operating income		44,853		39,991		12.2		84,486		74,203		13.9
Interest expense		8,480		9,470				17,058		18,722
Earnings before income taxes		36,373		30,521		19.2		67,428		55,481		21.5
Income taxes		10,913		9,288				21,291		16,902
Net earnings	$	25,460	$	21,233		19.9	$	46,137	$	38,579		19.6
Earnings per common share:
Basic	$	0.54	$	0.46		17.4	$	0.97	$	0.83		16.9
Diluted	$	0.53	$	0.45		17.8	$	0.96	$	0.82		17.1
Average common shares outstanding:
Basic		47,569		46,655		2.0		47,434		46,529		1.9
Diluted		48,166		47,149		2.2		47,986		47,029		2.0

Results by Segment	Three Months Ended June 30,								Six Months Ended June 30,
	2008			2007			% Change		2008			2007			% Change
Revenue
Flavors & Fragrances	$	214,422		$	198,844			7.8	$	409,625		$	379,357			8.0
Color		107,341			95,818			12.0		210,112			192,010			9.4
Corporate & Other*		20,263			17,401			16.4		38,854			33,545			15.8
Intersegment elimination		(9,231	)		(7,753	)		19.1		(18,377	)		(15,334	)		19.8
Consolidated	$	332,795		$	304,310			9.4	$	640,214		$	589,578			8.6
Operating Income
Flavors & Fragrances	$	33,944		$	30,341			11.9	$	62,739		$	55,778			12.5
Color		19,288			17,157			12.4		37,793			34,270			10.3
Corporate & Other*		(8,379	)		(7,507	)		11.6		(16,046	)		(15,845	)		1.3
Consolidated	$	44,853		$	39,991			12.2	$	84,486		$	74,203			13.9

*	Corporate & Other contains the Company’s Asia Pacific and China operations as well as certain unallocated corporate expenses.
	Prior to the first quarter of 2008, the results of the Company’s business in China were reported as part of the Flavors & Fragrances Group. Results for 2007 have been restated to reflect this change.

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Sensient Technologies Corporation	Page 5
(In thousands, except per share amounts)

Consolidated Condensed Balance Sheets
June 30,	2008		2007
Current assets	$	668,799	$	568,930
Goodwill and intangibles (net)		508,326		470,191
Property, plant and equipment (net)		432,750		390,946
Other assets		43,800		47,360
Total Assets	$	1,653,675	$	1,477,427
Current liabilities	$	231,553	$	224,544
Long-term debt		458,381		438,515
Accrued employee and retiree benefits		46,493		46,326
Other liabilities		29,504		17,176
Shareholders’ equity		887,744		750,866
Total Liabilities and Shareholders’ Equity	$	1,653,675	$	1,477,427

Consolidated Statements of Cash Flows
Six Months Ended June 30,	2008			2007
Net cash provided by operating activities	$	38,486		$	48,817
Cash flows from investing activities:
Acquisition of property, plant and equipment		(22,876	)		(15,629	)
Proceeds from sale of assets		25			1,420
Other investing activity		1,410			462
Net cash used in investing activities		(21,441	)		(13,747	)
Cash flows from financing activities:
Proceeds from additional borrowings		9,052			25,191
Debt payments		(21,562	)		(52,876	)
Dividends paid		(17,235	)		(15,003	)
Proceeds from options exercised and other		11,785			7,985
Net cash used in financing activities		(17,960	)		(34,703	)
Effect of exchange rate changes on cash and cash equivalents		673			518
Net (decrease) increase in cash and cash equivalents		(242	)		885
Cash and cash equivalents at beginning of period		10,522			5,035
Cash and cash equivalents at end of period	$	10,280		$	5,920

Supplemental Information
Six Months Ended June 30,	2008		2007
Depreciation and amortization	$	22,784	$	22,216
Dividends per share	$	0.36	$	0.32