RTTNews | Jul 17, 2020 07:23AM EDT

07:23 Friday, July 17, 2020 (RTTNews.com) - Sensient Technologies Corp. (SXT) reported a decline in Q2 profit, reflecting lower revenues. Further, the company revised its GAAP earnings forecast and reconfirmed adjusted earnings outlook for fiscal 2020.

The company's Q2 net income was $30.6 million or $0.72 per share versus $34.3 million or $0.81 per share a year ago.

Revenue was $323.1 million in this year's second quarter compared to $339.2 million in the comparable period last year.

Looking ahead, the company now expects fiscal 2020 earnings in the range of $2.10 - $2.35, compared to the previously communicated range of $1.85 - $2.15 per share. Meanwhile, the company reconfirms its previously issued guidance of $2.60 - $2.80 for adjusted earnings per share.

Analysts polled by Thomson Reuters expect earnings of $2.48 per share for fiscal 2020. Analysts' estimate typically exclude certain special items.

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