MILWAUKEE (AP) -- Sensient Technologies, which makes colors, flavors and scents, said Tuesday that its fourth-quarter profit rose 11 percent, boosted by strong results at its color group's North American operations.
But its quarterly and full-year revenue fell short of analysts' expectations, and its shares fell.
Milwaukee-based Sensient earned $28.6 million, or 57 cents per share, up from $25.8 million, or 52 cents per share, in the same quarter last year.
The recent quarter's results included a charge of $3.7 million, or 7 cents per share, for a cost reduction plan, which was offset by a gain of $3.6 million, or 7 cents per share, related to the company's acquisition of Les Colorants Wackherr do Brasil.
The profit beat Wall Street predictions by a penny. Analysts, on average, expected a profit of 56 cents per share, according to a FactSet poll.
Revenue edged up to $340.4 million from $339.3 million. Unfavorable exchange rates reduced the recent quarter's revenue by about 1 percent, Sensient said. Edward Yang with Oppenheimer & Co. in October forecast revenue of $352.6 million.
Operating income at the company's color group rose 11 percent to $20.3 million, while sales fell slightly to $112.8 million. Sensient attributed the business' profit growth to its North American operations and continued focus on the natural color market.
For the full year 2011, Sensient earned $120.5 million, or $2.41 per share, up from $107.1 million, or $2.17 per share, in 2010. Revenue rose to $1.43 billion from $1.33 billion. In January, analysts on average were expecting the company to report 2011 revenue of $1.46 billion.
For 2012, the company projected a profit of $2.48 to $2.58 per share, while analysts polled by FactSet expect a profit of $2.54 per share.
In afternoon trading, Sensient shares fell 98 cents, or 2.4 percent, to $39.36.
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