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

September 21, 2022

(Date of Report/Date of earliest event reported)

SENSIENT TECHNOLOGIES CORPORATION

(Exact name of registrant as specified in its charter)

Wisconsin	001-07626	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:

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

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

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

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 7.01 Regulation FD Disclosure.

On September 21, 2022, Sensient Technologies Corporation (the “Company”) will be participating in the Sidoti & Company LLC September Virtual Investor Conference.  A copy of the investor presentation to be used by the Company at the conference is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in this Item 7.01 (including Exhibit 99.1) is intended to be furnished under Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are furnished with this Current Report on Form 8-K:

EXHIBIT INDEX

Exhibit Number	Description
99.1	Sensient Technologies Corporation Investor Presentation – September 21, 2022.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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
By:	/s/ John J. Manning
Name:	John J. Manning
Title:	Senior Vice President, General Counsel, and Secretary
Date:	September 21, 2022

EX-99.1

Exhibit 99.1

 Sidoti Investor Conference September 21, 2022 

 FORWARD-LOOKING STATEMENTS  2  This document contains statements that may constitute “forward-looking statements” within the meaning of Federal securities laws. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors concerning the Company’s operations and business environment. Important factors that could cause actual results to differ materially from those sugges ted by these forward-looking  statements and that could adversely affect the Company’s future financial performance include the following: the impact and uncertainty created by the ongoing COVID-19 pandemic, including, but not limited to, its effects on our employees, facilities, customers, and suppliers, the availability and cost of raw materials, energy, and other supplies, the availability and cost of labor, logistics, and transportation, governmental regulations and restrictions, and general economic conditions, including inflation; the uncertain impacts of the ongoing conflict between Russia and Ukraine on our supply chain, input costs, including energy and transportation, and on general economic conditions; the pace and nature of new product introductions by the Company and the Company’s customers; the Company’s ability to anticipate and respond to changing consumer preferences and changing technologies; the Company’s ability to successfully implement its growth strategies; the outcome of the Company’s various productivity-improvement and cost-reduction efforts, acquisition and divestiture activities, and operational improvement plan; changes in costs of raw materials, including energy; industry, regulatory, legal, and economic factors related to the Company’s domestic and international business; the effects of tariffs, trade barriers, and disputes; growth in markets for products in which the Company competes; industry and customer acceptance of price increases; actions by competitors; currency exchange rate fluctuations; and other factors included in “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as updated and supplemented by the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, and in other documents that the Company files with the SEC. The risks and uncertainties identified above are not the only risks the Company faces. Additional risks and uncertainties not presently known to the Company or that it currently believes to be immaterial also may adversely affect the Company. Should any known or unknown risks and uncertainties develop into actual events, these developments could have material adverse effects on our business, financial condition, and results of operations. This presentation contains time-sensitive information that reflects management’s best analysis only as of the date of this presentation. Except to the extent required by applicable laws, the Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied herein will not be realized. 

 NON-GAAP FINANCIAL MEASURES  2  Within this document, the Company reports certain non-GAAP financial measures, including: (1) adjusted revenue, adjusted operating income, and adjusted operating margin (which exclude divestiture & other related costs, the results of the divested product lines, and restructuring and other costs, which include operational improvement plan costs and income), (2) adjusted results by segment (which exclude divestiture & other related costs, operational improvement plan costs and income, and the results of the divested operations), and (3) percentage changes in revenue on an adjusted local currency basis (which eliminate the effects that result from translating its international operations into U.S. dollars and revenue of the divested product lines). The Company has included each of these non-GAAP measures in order to provide additional information regarding the underlying operating results and comparable period-over- period 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 presentation and the Company’s SEC filings. 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. The Company believes this information can be beneficial to investors for these same purposes. These non-GAAP measures may not be comparable to similarly  titled measures used by other companies. Refer to “Non-GAAP Financial Measures” at the end of this presentation for reconciliations and additional  information. 

 Sensient Technologies Corporation  2  Provider of customized solutions for the food and beverage, pharmaceutical,  and personal care markets  Global market leader offering an extensive portfolio of flavor and color technology platforms and solutions  Exceptional innovation & applications expertise with unique ability to service global, regional, and local customers  Technically-driven products deliver high impact relative to cost 

 5  Flavors & Extracts Group  2021 Revenue: $739M 2021 Adj. Revenue*: $712M (+9.4% vs. 2020)  Core Areas of Focus: Flavors & Extracts, Natural Ingredients, and Other Flavor Ingredients  Color Group  2021 Revenue: $545M 2021 Adj. Revenue*: $543M (+9.4% vs. 2020)  Core Areas of Focus: Food & Beverage Colors, Pharmaceuticals, Natural Extracts, and Personal Care  Asia Pacific Group  2021 Revenue: $135M 2021 Adj. Revenue*: $135M (+10.1% vs. 2020)  Core Areas of Focus: Flavors and Colors for food and beverage  Group Overview  *2021 Global Revenues include intercompany sales which are eliminated on a consolidated basis.  Adj. Revenue is a Non-GAAP metric, please see our GAAP to Non-GAAP Reconciliation at the end of this document. 

 Flavors & Extracts Capabilities  6  Unique ability to service global, regional, and local customers  Broad product offering includes flavors, extracts, taste modulation, and  natural ingredients (onion, garlic, capsicums)  Leading flavor masking technologies  Strong innovation and application capabilities 

 Color Capabilities  6  Leader in natural color technologies that improve product performance and  stability  Strong innovation and applications expertise  Extensive range of extraction technologies and expanding agronomy capabilities  Pharmaceutical business provides unique solutions with colors, flavors, coatings, and extracts  Personal care business recognized for innovative, functional products and  ingredients for use in color cosmetics, hair care, and skin care 

 8  Financial Performance  * Adjusted operating income and adjusted operating margin are Non-GAAP metrics. Please see our GAAP to Non-GAAP Reconciliation at the end of this document.  DOLLARS IN MILLIONS  DOLLARS IN MILLIONS  DOLLARS IN MILLIONS  DOLLARS IN MILLIONS 

 Capital Allocation  Prioritize ROI capital projects  Maintain financial flexibility to pursue M&A  Dividend payout increased 5.1% in 2021  Excess capital returned to shareholders through opportunistic share repurchases  $87  $77  $43  $54  $57  $62  $66  $67  $56  $51  $39  $52  $61  $31  $14  $9  $87  $118  $-  $50  $100  $150  $200  $250  2017  2018  2019  2020  2021  DOLLARS IN MILLIONS  Share Repurchase  Acquisitions  Dividends  Debt Repayments  Capital Expenditures  10 

 Why Invest?  10  Strong competitive position  ‘Sticky’ business (& low portion of customer costs) Global presence  Exposure to stable and growing markets  Focused on improving returns and on growth 

 APPENDIX  *Amounts in thousands, except percentages 

 Non-GAAP Financial Measures  15  Revenue   Total   Foreign  Exchange   Rates    Adjustments*   Adjusted  Local   Currency   Flavors & Extracts  (0.4%)  1.6%  (11.4%)  9.4%  Color  8.8%  2.1%  (2.7%)  9.4%  Asia Pacific  11.6%  1.7%  (0.2%)  10.1%  Total Revenue  3.6%  1.8%  (7.3%)  9.1%  Year Ended December 31, 2021  *Revenue adjustments consist of revenue of the divested product lines. 

 Non-GAAP Financial Measures (Cont’d)  Year Ended December 31,   2021    2020    2019   Revenue (GAAP)  $ 1,380,264  $ 1,332,001  $ 1,322,934  Revenue of the divested product lines   (30,062)   (113,553)   (143,172)  Adjusted revenue   $ 1,350,202    $ 1,218,448    $ 1,179,762   Operating income (GAAP)  $ 170,028  $ 152,656  $ 121,110  Divestiture & other related costs (income)  – Cost of products sold  86  1,795  10,567  Divestiture & other related costs – Selling and administrative expenses  14,052  10,360  35,313  Operating loss (income) of the divested product lines  (1,880)  (7,580)  (1,978)  Operational improvement plan - Cost of products sold  -  35  -  Operational improvement plan - Selling and administrative expenses (income)  (1,895)  3,304  -  COVID-19 employee payment - Cost of products sold  -  1,036  -  COVID-19 employee payment - Selling and administrative expenses   -    1,986    -   Adjusted operating income   $ 180,391    $ 163,592    $ 165,012   15 

 Non-GAAP Financial Measures (Cont’d)  Results by Segment   Year Ended December 31,   * For Revenue, adjustments consist of revenues of the divested product lines. For Operating Income, adjustments consist of the results of the divested product lines, divestiture & other related costs, operational improvement plan costs and income, and the 2020 COVID-19 employee payment.  Adjusted  Adjusted  Adjusted  Revenue   2021   Adjustments*  2021  2020  Adjustments*  2020  2019  Adjustments*  2019  Flavors & Extracts  $ 739,427  $ (27,837)  $ 711,590  $ 742,035  $ (99,543)  $ 642,492  $ 700,356  $ (107,363)  $ 592,993  Color  545,270  (2,080)  543,190  501,018  (14,008)  487,010  535,159  (36,002)  499,157  Asia Pacific  135,348  (295)  135,053  121,227  (518)  120,709  118,248  (712)  117,536  Intersegment elimination   (39,781)   150    (39,631)   (32,279)   516    (31,763)   (30,829)   905    (29,924)  Consolidated   $ 1,380,264   $ (30,062)  $ 1,350,202  $ 1,332,001  $ (113,553)  $ 1,218,448  $ 1,322,934  $ (143,172)  $ 1,179,762  Operating Income  Flavors & Extracts  $ 98,660  $ (2,368)  $ 96,292  $ 90,974  $ (8,292)  $ 82,682  $ 74,961  $ (1,236)  $ 73,725  Color  103,575  575  104,150  96,034  871  96,905  101,190  (562)  100,628  Asia Pacific  26,330  (87)  26,243  22,075  (159)  21,916  19,382  (180)  19,202  Corporate & Other   (58,537)   12,243    (46,294)   (56,427)   18,516    (37,911)   (74,423)   45,880    (28,543)  Consolidated   $ 170,028   $ 10,363  $ 180,391  $ 152,656  $ 10,936  $ 163,592  $ 121,110  $ 43,902  $ 165,012  Operating Margin  Flavors & Extracts  13.3%  0.2%  13.5%  12.3%  0.6%  12.9%  10.7%  1.7%  12.4%  Color  19.0%  0.2%  19.2%  19.2%  0.7%  19.9%  18.9%  1.3%  20.2%  Asia Pacific   19.5%   (0.1%)   19.4%   18.2%   0.0%   18.2%   16.4%   (0.1%)   16.3%  Consolidated   12.3%  1.1%  13.4%  11.5%  1.9%  13.4%  9.2%  4.8%  14.0%  15 

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XML

Document and Entity Information	Sep. 21, 2022
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 21, 2022
Entity File Number	001-07626
Entity Registrant Name	SENSIENT TECHNOLOGIES CORPORATION
Entity Central Index Key	0000310142
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-0561070
Entity Address, Address Line One	777 East Wisconsin Avenue
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53202-5304
City Area Code	414
Local Phone Number	271-6755
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, par value $0.10 per share
Trading Symbol	SXT
Security Exchange Name	NYSE