MILWAUKEE--(BUSINESS WIRE)--Sensient Technologies Corporation (NYSE: SXT) reported earnings per share from continuing operations of 30 cents in the first quarter of 2017 compared to 69 cents in last year’s first quarter. Revenue was $341.4 million in this year’s first quarter compared to $342.5 million in the comparable period last year. Operating income was $24.0 million in the first quarter of 2017 and $47.5 million in last year’s first quarter. Foreign currency translation reduced revenue, operating income, and earnings per share each by approximately 1% in the first quarter.
The reported results include restructuring and other costs, which are described in more detail under “Reconciliation of Non-GAAP Amounts” below. Restructuring and other costs reduced operating income by $31.3 million, or 53 cents per share, in this year’s first quarter and $3.3 million, or six cents per share, in the first quarter of 2016. The restructuring and other costs incurred in this year’s first quarter principally relate to non-cash losses from the divestitures of a European savory ingredient facility and certain related business lines, and the Company’s European Natural Ingredients business, which primarily sells dehydrated vegetables.
The reported results include restructuring and other costs, which are described in more detail under “Reconciliation of Non-GAAP Amounts” below. Restructuring and other costs reduced operating income by $31.3 million, or 53 cents per share, in this year’s first quarter and $3.3 million, or six cents per share, in the first quarter of 2016. The restructuring and other costs incurred in this year’s first quarter principally relate to non-cash losses from the divestitures of a European savory ingredient facility and certain related business lines, and the Company’s European Natural Ingredients business, which primarily sells dehydrated vegetables.
