MILWAUKEE -- Sensient Technologies' net income grew 3 percent in the third quarter but results weighed down by a strong dollar.
Sensient, which makes colors, flavors and scents for food, cosmetics and ink, narrowed its full-year guidance, but still expects net income consistent with Wall Street expectations.
Shares of Sensient Technologies Corp. fell $1.63, or 4.4 percent, to $35.83 in afternoon trading.
Net income edged up to $32.9 million, or 66 cents per share, from $32 million, or 64 cents per share. Revenue rose 2 percent, to $369.4 million from $363.8 million.
Analysts were forecasting income of 65 cents per share on average.
Revenue from its flavor and fragrance division rose 2 percent to $224.7 million and color revenue slipped to $120.7 million from $121 million. The company's other revenue rose to $40.8 million from $37.6 million. About $16.8 million in revenue is counted toward more than one of the company's businesses.
For the full year the company is now projecting net income of $2.51 to $2.56 per share, compared to its previous estimate of $2.50 to $2.59 per share. Analysts expect Sensient to earn $2.54 per share on average.
The company also said it will make significant investments to build a new color and flavor complex in Johannesburg, South Africa. Sensient said the new facility will bolster its growth and support its position in the African market.