Sensient sees FY23 GAAP EPS down low double digits from $3.34 in FY233

Sensient now expects FY23 GAAP diluted EPS to be down low double digits compared to our 2022 reported GAAP diluted EPS of $3.34 and also on a local currency basis compared to our 2022 adjusted diluted EPS of $3.29. The Company’s previous FY23 GAAP diluted EPS guidance was for GAAP diluted earnings per share to be down high single digits compared to our 2022 reported GAAP diluted EPS and on a local currency basis compared to our 2022 adjusted diluted EPS. The Company now expects 2023 revenue to grow at a low single-digit rate on a local currency basis compared to the Company’s 2022 revenue. The Company’s previous 2023 revenue guidance was for a mid-single-digit growth rate on a local currency basis compared to the Company’s 2022 revenue. The Company continues to expect its 2023 adjusted EBITDA to be down mid-single digits on a local currency basis compared to the Company’s 2022 adjusted EBITDA. The Company expects its 2023 diluted earnings per share to be impacted by higher interest rates and a higher tax rate. Based on current exchange rates, the Company expects foreign exchange rates to be modestly favorable for the full year.