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

April 18, 2013

(Date of Report/Date of earliest event reported)

SENSIENT TECHNOLOGIES CORPORATION

(Exact name of registrant as specified in its charter)

WISCONSIN (State or other jurisdiction of incorporation) 1-7626 (Commission File Number) 39-0561070 (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 April 18, 2013, Sensient Technologies Corporation issued a press release disclosing its results of operations for its quarter ended March 31, 2013, 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.

The following exhibit is furnished with this Report on Form 8-K:

Exhibit 99.1: Sensient Technologies Corporation Earnings Press Release for the Quarter Ended March 31, 2013.

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:	/s/ John L. Hammond
	Name:	John L. Hammond
	Title:	Senior Vice President, General Counsel and Secretary
Date: April 18, 2013

EXHIBIT INDEX

Exhibit 99.1: Sensient Technologies Corporation Earnings Press Release for the Quarter Ended March 31, 2013.

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact: Dick Hobbs

(414) 347-3706

Sensient Technologies Corporation

Reports Results for the Quarter Ended March 31, 2013

Reported EPS of 43 Cents Includes Restructuring Charge of 19 Cents

Adjusted EPS of 62 Cents is a 7% Increase and a First Quarter Record

Cash Provided by Operations in the First Quarter Increased to $25.6 Million

MILWAUKEE—April 18, 2013—Sensient Technologies Corporation (NYSE: SXT) reported diluted earnings per share of 43 cents for the three months ended March 31, 2013, which includes restructuring costs of 19 cents per share.  As adjusted, to remove the impact of the restructuring costs, diluted earnings per share were 62 cents, an increase of 6.9% over the 58 cents reported in the first three months of 2012, and a record for the first quarter.  Consolidated revenue of $366 million in the first quarter was unchanged from the prior year.  Operating income was $36.3 million, as reported and included $12.8 million of pre-tax restructuring costs.  Adjusted operating income increased 5.6% to $49.1 million, from $46.5 million in the first quarter of 2012.  The Company’s operating margin, as reported, was 9.9%.  As adjusted, the Company’s operating margin was 13.4%, an increase of 70 basis points from 12.7% in last year’s first quarter.  Foreign currency translation did not have a significant impact on either revenue or operating income in the first quarter.

Cash provided by operating activities was $25.6 million in the first quarter of 2013, compared to $9.0 million in the first quarter of 2012.  The $16.6 million improvement was driven by improved utilization of working capital.

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Sensient Technologies Corporation Earnings Release – First Quarter Ended March 31, 2013 April 18, 2013 Page 2

Earlier this year, the Company announced that it was initiating a broad and strategic restructuring plan.  The plan includes relocating the Flavors & Fragrances Group headquarters to Chicago, consolidating several operating facilities throughout Europe and North America, and reducing headcount by more than 200 employees.  The Company has included non-GAAP results, to remove the costs related to the restructuring plan and provide investors with a view of operating performance excluding significant and non-recurring items.

“I am very pleased with the Company’s performance in the first quarter,” said Kenneth P. Manning, Chairman and CEO of Sensient Technologies Corporation.  “We will remain focused on improving profitability, and our restructuring program will enhance this effort.  We started to realize some savings from this plan in the first quarter, and we will achieve greater cost savings as the year progresses.  I am very optimistic about the Company’s future.”

BUSINESS REVIEW

The Color Group reported revenue of $127.9 million in the first quarter of 2013, compared to $132.3 million in the comparable period last year.  Operating income increased to $26.0 million from $25.8 million reported in the first quarter of 2012.  Foreign currency did not have a significant impact on either revenue or operating income in the quarter.  The Group’s operating margin for the first quarter increased 80 basis points to 20.3%, from 19.5% in last year’s first quarter.  Strong performances in industrial inks and the food and beverage businesses in Latin America and Brazil contributed to the operating margin improvement.

The Flavors & Fragrances Group reported revenue of $217.0 million in this year’s first quarter, compared to $214.7 million in the comparable period last year.  Operating income for the quarter was $28.9 million compared to $29.1 million in last year’s first quarter.  Foreign currency translation did not have a significant impact on either revenue or operating income.  The relocation of the Flavors & Fragrances Group headquarters to Chicago is on schedule, and the move is expected to be completed before the end of the year.  The costs related to the relocation are included in the restructuring costs, which are reported in the results of the Corporate & Other segment.

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Sensient Technologies Corporation Earnings Release – First Quarter Ended March 31, 2013 April 18, 2013 Page 3

The Corporate & Other segment, which includes the Company’s operations in Asia Pacific and China, and the flavor businesses in Central and South America, reported revenue of $36.0 million, compared to $35.0 million in the first quarter of 2012.

2013 OUTLOOK

Sensient has increased its guidance for 2013 diluted earnings per share, which is now expected to be between $2.66 and $2.73, excluding the impact of the restructuring charge.  The Company’s previous guidance had been a range of $2.64 to $2.72 per share, excluding the restructuring charge.

CONFERENCE CALL

The Company will host a conference call to discuss its 2013 first quarter financial results at 10:00 a.m. CDT on Friday, April 19, 2013.  To make a reservation for the conference call, contact InterCall Teleconferencing at (706) 645-6973.  To participate in the conference call, contact InterCall Teleconferencing at (706) 758-1089 and refer to conference identification number 31527714.

A replay will be available beginning at 1:00 p.m. CDT on April 19, 2013, through midnight on April 26, 2013, by calling (404) 537-3406 and referring to conference identification number 31527714.  A transcript of the call will also be posted on the Company’s web site at www.sensient.com after the call concludes.

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Sensient Technologies Corporation Earnings Release – First Quarter Ended March 31, 2013 April 18, 2013 Page 4

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, 2012. 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 and fine chemicals.  The Company’s customers include major international manufacturers representing most of the world’s best-known brands.  Sensient is headquartered in Milwaukee, Wisconsin.

www.sensient.com

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

Consolidated Statements of Earnings	Three Months Ended March 31,
	2013		2012		% Change
Revenue	$	365,640	$	365,660		0.0	%
Cost of products sold		248,503		250,328		-0.7	%
Selling and administrative expenses		80,799		68,843		17.4	%
Operating income		36,338		46,489		-21.8	%
Interest expense		4,261		4,406
Earnings before income taxes		32,077		42,083		-23.8	%
Income taxes		10,638		13,177
Net earnings	$	21,439	$	28,906		-25.8	%
Earnings per common share:
Basic	$	0.43	$	0.58		-25.9	%
Diluted	$	0.43	$	0.58		-25.9	%
Average common shares outstanding:
Basic		49,711		49,795		-0.2	%
Diluted		49,867		50,016		-0.3	%

Reconciliation of Non-GAAP Amounts

The Company's results include restructuring charges of $12.8 million pre-tax ($9.4 million after-tax or $0.19 per share) related primarily to a broad restructuring program to relocate the Flavors & Fragrances Group headquarters to Chicago, as well as a profit improvement plan across all segments of the Company.

	Three Months Ended March 31,
	Reported		Restructuring			Adjusted		Reported
	2013		Impact			2013		2012		% Change
Revenue	$	365,640	$	-		$	365,640	$	365,660		0.0	%
Cost of products sold		248,503		595			247,908		250,328		-1.0	%
Selling and administrative expenses		80,799		12,178			68,621		68,843		-0.3	%
Operating income		36,338		(12,773	)		49,111		46,489		5.6	%
Interest expense		4,261		-			4,261		4,406
Earnings before income taxes		32,077		(12,773	)		44,850		42,083		6.6	%
Income taxes		10,638		(3,366	)		14,004		13,177
Net earnings	$	21,439	$	(9,407	)	$	30,846	$	28,906		6.7	%
Earnings per common share:
Basic	$	0.43	$	(0.19	)	$	0.62	$	0.58		6.9	%
Diluted	$	0.43	$	(0.19	)	$	0.62	$	0.58		6.9	%
Average common shares outstanding:
Basic		49,711					49,711		49,795		-0.2	%
Diluted		49,867					49,867		50,016		-0.3	%

The Company is presenting these non-GAAP amounts to provide investors with a view of operating performance excluding the restructuring impact.

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Sensient Technologies Corporation	Page 6
(In thousands, except per share amounts)

Results by Segment	Three Months Ended March 31,
Revenue	2013			2012			% Change
Flavors & Fragrances	$	217,041		$	214,731			1.1	%
Color *		127,878			132,256			-3.3	%
Corporate & Other		35,993			34,996			2.8	%
Intersegment elimination		(15,272	)		(16,323	)		-6.4	%
Consolidated	$	365,640		$	365,660			0.0	%
Operating Income
Flavors & Fragrances	$	28,920		$	29,065			-0.5	%
Color *		25,973			25,783			0.7	%
Corporate & Other		(18,555	)		(8,359	)
Consolidated	$	36,338		$	46,489			-21.8	%
Consolidated Excluding Restructuring Charge	$	49,111		$	46,489			5.6	%

* Beginning in the first quarter of 2013, the results of operations for the Company’s cosmetic and pharmaceutical businesses in Asia Pacific and China, previously reported in the Corporate and Other segment, are reported in the Colors Group. Results for 2012 have been restated to reflect this change. 

Consolidated Condensed Balance Sheets
March 31,	2013		2012
Current assets	$	756,090	$	733,790
Goodwill and intangibles (net)		452,257		466,461
Property, plant and equipment (net)		512,247		463,082
Other assets		47,418		38,070
Total Assets	$	1,768,012	$	1,701,403
Current liabilities	$	206,458	$	198,700
Long-term debt		327,625		336,716
Accrued employee and retiree benefits		60,939		54,068
Other liabilities		25,028		32,523
Shareholders' equity		1,147,962		1,079,396
Total Liabilities and Shareholders' Equity	$	1,768,012	$	1,701,403

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Sensient Technologies Corporation	Page 7
(In thousands, except per share amounts)

Consolidated Statements of Cash Flows
Three Months Ended March 31,	2013			2012
Net cash provided by operating activities	$	25,589		$	8,978
Cash flows from investing activities:
Acquisition of property, plant and equipment		(21,039	)		(16,939	)
Proceeds from sale of assets		24			32
Other investing activity		(70	)		(94	)
Net cash used in investing activities		(21,085	)		(17,001	)
Cash flows from financing activities:
Proceeds from additional borrowings		33,438			31,364
Debt payments		(23,954	)		(11,613	)
Purchase of treasury stock		-			(15,360	)
Dividends paid		(10,999	)		(10,561	)
Proceeds from options exercised and other		56			272
Net cash used in financing activities		(1,459	)		(5,898	)
Effect of exchange rate changes on cash and cash equivalents		1,363			4,415
Net increase (decrease) in cash and cash equivalents		4,408			(9,506	)
Cash and cash equivalents at beginning of period		15,062			22,855
Cash and cash equivalents at end of period	$	19,470		$	13,349
Supplemental Information
Three Months Ended March 31,		2013			2012
Depreciation and amortization	$	12,963		$	12,037
Dividends per share	$	0.22		$	0.21