Exhibit 99.1

Contact:
Amy Agallar
(414) 347-3706

Sensient Technologies Corporation
Reports Results for the Quarter Ended March 31, 2020

Cash Provided by Operating Activities Increased 58% in the Quarter

Sensient Plants Remain Operational to Meet Customer Demand

Consolidated Revenue Increased 0.9%; Adjusted Local Currency Consolidated Revenue increased 3.1%

Sensient Confirms Full Year Guidance

MILWAUKEE—April 29, 2020 — Sensient Technologies Corporation (NYSE: SXT) reported diluted earnings per share of 49 cents in the first quarter of 2020 compared to diluted earnings per share of 78 cents in the first quarter of 2019. Revenue was $350.7 million in this year’s first quarter compared to $347.5 million in the comparable period last year. Operating income was $34.6 million in the first quarter of 2020 compared to operating income of $49.4 million in last year’s first quarter. Foreign currency translation decreased revenues and operating income by approximately 2% and earnings per share by approximately 3% in the quarter.

The 2020 reported first quarter results include divestiture & other related costs, primarily non-cash impairment charges, which decreased net earnings by $10.9 million ($0.26 per diluted share), and the results of operations of the product lines to be divested, which increased net earnings by $1.1 million ($0.03 per diluted share). The 2019 first quarter results of operations of the product lines to be divested were not significant to net earnings or diluted earnings per share. These adjustments are described in more detail under “Reconciliation of Non-GAAP Amounts” at the end of this release.

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 Page 2
Earnings Release – Quarter Ended March 31, 2020
 
April 29, 2020
 

“While this market is challenging for all businesses as a result of COVID-19, our results for the first quarter were in line with my expectations, and we are on track for the year,” said Paul Manning, Chairman, President and CEO of Sensient Technologies Corporation. “All of our production facilities are open and producing to support our customers and their demand for our products during these unprecedented times.”

BUSINESS REVIEW

Revenue
  
Reported
Quarter
Color
    
(0.3
%)
Flavors & Fragrances
    
1.6
%
Asia Pacific
    
6.8
%
Total Revenue
    
0.9
%

   
Adjusted
Local Currency (1)
Revenue
  
Quarter
Color
    
2.8
%
Flavors & Fragrances
    
3.6
%
Asia Pacific
    
8.5
%
Total Revenue
    
3.1
%

(1) Adjusted local currency percentage changes are described in more detail in the “Reconciliation of Non-GAAP Amounts” at the end of this release.

The reported results include the impact of foreign currency, which is described in more detail under “Reconciliation of Non-GAAP Amounts” at the end of this release. In contrast, the non-GAAP amounts eliminate the impact of currency movements, depreciation and amortization, non-cash share-based compensation, divestiture & other related costs, and the results of the operations to be divested to enhance the overall understanding of the Company’s performance when viewed together with the GAAP results. Refer to “Reconciliation of Non-GAAP Amounts” at the end of this release.

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 Page 3
Earnings Release – Quarter Ended March 31, 2020
 
April 29, 2020
 

The Color Group reported revenue of $143.5 million in the quarter compared to $143.9 million in last year’s first quarter. Adjusted local currency revenue increased 2.8% in the quarter. Segment operating income was $29.7 million in the quarter compared to $30.2 million in last year’s comparable period. Foreign currency translation decreased revenue and operating income by approximately 2% in the quarter. Continued growth in natural colors in the Food & Beverage Colors business and growth in the Pharmaceutical business was offset by lower volumes in Inks and in the Personal Care business. Color Group operating income was slightly lower in the quarter as higher profit in the Food & Beverage Colors business was offset by the impact of foreign currency translation and lower profit in the Personal Care business mainly due to the impact of COVID-19 and lower overall demand for makeup products.

The Flavors & Fragrances Group reported first quarter revenue of $186.5 million compared to $183.6 million reported in the comparable period last year. Adjusted local currency revenue increased 3.6% in the quarter. Higher revenue was primarily the result of strong natural ingredients growth and increases in finished flavors and extracts product lines during the period. Segment operating income was $20.9 million in the first quarter compared to $23.1 million reported in the first quarter of 2019. The Group’s lower profit was primarily a result of higher raw material costs, mainly in natural ingredients, timing of cost reductions relative to lower production volumes, and the timing of inventory reductions. Foreign currency translation decreased revenue and operating income by approximately 1% in the quarter.

The Asia Pacific Group reported revenue of $30.4 million in the quarter compared to $28.5 million reported in the comparable prior year period. Adjusted local currency revenue increased 8.5% in the quarter. Segment operating income was $5.1 million in the quarter compared to $4.2 million in last year’s comparable period. Foreign currency translation decreased segment revenue by approximately 2% and increased operating income by approximately 1% in the quarter.

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 Page 4
Earnings Release – Quarter Ended March 31, 2020
 
April 29, 2020
 

Corporate & Other reported operating costs of $21.0 million in the current quarter compared to $8.1 million in the first quarter of 2019. The higher costs are primarily due to divestiture & other related costs of $11.8 million in the current period, which are primarily non-cash impairment charges, and higher non-cash performance based compensation.

Cash flow from operations was $36.9 million in this year’s first quarter compared to $23.4 million in the first quarter of 2019, an increase of approximately 58%.

2020 OUTLOOK

Based upon current trends, Sensient is reconfirming its previously issued diluted earnings per share guidance for 2020 of $1.85 to $2.15. The guidance now includes 55 to 65 cents per share of divestiture & other related costs and the results of the operations to be divested. The guidance also includes approximately 10 cents of foreign currency headwinds based on current exchanges rates.

Based upon current trends, the Company is also reconfirming the previously issued guidance of $2.60 to $2.80 for adjusted diluted earnings per share(2), which excludes divestiture & other related costs, the results of the operations to be divested, and foreign currency impacts.

The following table summarizes the Company’s 2020 Outlook

   
Previous Guidance
    
Current Guidance
  
Diluted Earnings Per Share (GAAP)
  
$
1.85
    
$
2.15
    
$
1.85
    
$
2.15
  
Divestiture & Other Costs and Results of Operations to be Divested
    
0.75
      
0.65
      
0.65
      
0.55
  
Foreign Currency Headwinds
    
-
      
-
      
0.10
      
0.10
  
Adjusted Diluted Earnings Per Share in Local Currency
  
$
2.60
    
$
2.80
    
$
2.60
    
$
2.80
  

The Company is also confirming, based upon current trends, its previously issued guidance, which calls for low to mid-single digit revenue growth in 2020 on a local currency basis, excluding the revenues of the product lines to be divested. The Company expects 2020 Adjusted EBITDA(2) to grow at a low to mid-single digit rate and Adjusted Operating Income(2) to be flat to down at a low-single digit rate, in each case on a local currency basis. Adjusted Operating Income will be impacted by higher non-cash performance-based compensation.

The full impact of COVID-19 is unknown and creates uncertainty. The Company will continue to monitor the impact of COVID-19 and will update the outlook at each of the quarterly calls this year, as appropriate.


 (2)
See “Reconciliation of Non-GAAP Amounts” at the end of this release for more information.

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 Page 5
Earnings Release – Quarter Ended March 31, 2020
 
April 29, 2020
 

CONFERENCE CALL

The Company will host a conference call to discuss its 2020 first quarter financial results at 8:30 a.m. CDT on Wednesday, April 29, 2020. To participate in the conference call, contact Chorus Call Inc. at (844) 492-3726 or (412) 317-1078, and ask to join the Sensient Technologies Corporation conference call. Alternatively, the call can be accessed by using the webcast link that is available on the Investor Information section of the Company’s web site at www.sensient.com.

A replay of the call will be available one hour after the end of the conference call through May 6, 2020, by calling (877) 344-7529 and referring to conference identification number 10139552. An audio replay and written transcript of the call will also be posted on the Investor Information section of the Company’s web site at www.sensient.com on or after May 1, 2020.

This release contains statements that may constitute “forward-looking statements” within the meaning of Federal securities laws including under “2020 Outlook” above. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors concerning the Company’s operations and business environment. Important factors that could cause actual results to differ materially from those suggested by these forward-looking statements and that could adversely affect the Company’s future financial performance include the following: the impact and uncertainty created by the ongoing COVID-19 pandemic, including, but not limited to, its effects on our employees, facilities, customers and suppliers, the availability and cost of raw materials and other supplies, logistics and transportation, governmental regulations and restrictions and general economic conditions; the pace and nature of new product introductions by the Company and the Company’s customers; the Company’s ability to anticipate and respond to changing consumer preferences and changing technologies; the Company’s ability to successfully implement its growth strategies; the outcome of the Company’s various productivity-improvement and cost-reduction efforts and acquisition and divestiture activities; the success of the Company’s efforts to explore strategic alternatives for certain non-core product lines; the effectiveness of the Company’s past restructuring activities; changes in costs of raw materials, including energy; industry, regulatory, legal, and economic factors related to the Company’s domestic and international business; the effects of tariffs, trade barriers, and disputes; growth in markets for products in which the Company competes; industry and customer acceptance of price increases; actions by competitors; currency exchange rate fluctuations; and other factors included in “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, and in other documents that the Company files with the SEC. The risks and uncertainties identified above are not the only risks the Company faces. Additional risks and uncertainties not presently known to the Company or that it currently believes to be immaterial also may adversely affect the Company. Should any known or unknown risks and uncertainties develop into actual events, these developments could have material adverse effects on our business, financial condition, and results of operations. This release contains time-sensitive information that reflects management’s best analysis only as of the date of this release. Except to the extent required by applicable laws, the Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied herein will not be realized.

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 Page 6
Earnings Release – Quarter Ended March 31, 2020
 
April 29, 2020
 

ABOUT SENSIENT TECHNOLOGIES

Sensient Technologies Corporation is a leading global manufacturer and marketer of colors, flavors, and fragrances.  Sensient uses advanced technologies at facilities around the world to develop specialty food and beverage systems, cosmetic, fragrance, pharmaceutical, and nutraceutical ingredients and systems, specialty inks and colors, and other specialty and fine chemicals.  The Company’s customers include major international manufacturers representing some of the world’s best-known brands.  Sensient is headquartered in Milwaukee, Wisconsin.

www.sensient.com

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 Page 7
(In thousands, except percentages and per share amounts)
 
(Unaudited)
 

Consolidated Statements of Earnings
  
Three Months Ended March 31,
  
                   
   
2020
    
2019
    
% Change
  
                   
Revenue
  
$
350,677
    
$
347,513
      
0.9
%
                         
Cost of products sold
    
238,784
      
232,288
      
2.8
%
Selling and administrative expenses
    
77,332
      
65,805
      
17.5
%
                         
Operating income
    
34,561
      
49,420
      
(30.1
%)
Interest expense
    
4,307
      
5,402
          
                         
Earnings before income taxes
    
30,254
      
44,018
          
Income taxes
    
9,481
      
11,211
          
                         
Net earnings
  
$
20,773
    
$
32,807
      
(36.7
%)
                         
Earnings per share of common stock:
                        
Basic
  
$
0.49
    
$
0.78
          
Diluted
  
$
0.49
    
$
0.78
          
                         
Average common shares outstanding:
                        
Basic
    
42,284
      
42,239
          
Diluted
    
42,307
      
42,275
          

Results by Segment
  
Three Months Ended March 31,
  
                   
Revenue
  
2020
    
2019
    
% Change
  
Flavors & Fragrances
  
$
186,498
    
$
183,553
      
1.6
%
Color
    
143,495
      
143,879
      
(0.3
%)
Asia Pacific
    
30,449
      
28,519
      
6.8
%
Intersegment elimination
    
(9,765
)
    
(8,438
)
        
                         
Consolidated
  
$
350,677
    
$
347,513
      
0.9
%
                         
Operating Income
                        
Flavors & Fragrances
  
$
20,871
    
$
23,125
      
(9.7
%)
Color
    
29,664
      
30,199
      
(1.8
%)
Asia Pacific
    
5,059
      
4,218
      
19.9
%
Corporate & Other
    
(21,033
)
    
(8,122
)
    
159.0
%
                         
Consolidated
  
$
34,561
    
$
49,420
      
(30.1
%)

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Sensient Technologies Corporation
 Page 8
(In thousands)
 
(Unaudited)
 

Consolidated Condensed Balance Sheets
  
March 31,
2020
    
December 31,
2019
  
             
Cash and cash equivalents
  
$
23,085
    
$
21,153
  
Trade accounts receivable (net)
    
240,123
      
213,201
  
Inventories
    
384,157
      
422,517
  
Other current assets
    
38,768
      
40,049
  
Assets held for sale
    
78,612
      
91,293
  
Total Current Assets
    
764,745
      
788,213
  
                 
Goodwill & intangible assets (net)
    
411,978
      
418,844
  
Property, plant, and equipment (net)
    
422,995
      
437,179
  
Other assets
    
93,108
      
95,915
  
                 
Total Assets
  
$
1,692,826
    
$
1,740,151
  
                 
Trade accounts payable
  
$
91,437
    
$
94,653
  
Short-term debt
    
20,105
      
20,612
  
Other current liabilities
    
69,274
      
66,925
  
Liabilities held for sale
    
19,821
      
19,185
  
Total Current Liabilities
    
200,637
      
201,375
  
                 
Long-term debt
    
589,339
      
598,499
  
Accrued employee and retiree benefits
    
25,457
      
25,822
  
Other liabilities
    
34,735
      
32,866
  
Shareholders’ Equity
    
842,658
      
881,589
  
                 
Total Liabilities and Shareholders’ Equity
  
$
1,692,826
    
$
1,740,151
  

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Sensient Technologies Corporation
 Page 9
(In thousands, except per share amounts)
 
(Unaudited)
 

Consolidated Statements of Cash Flows
Three Months Ended March 31,

   
2020
    
2019
  
Cash flows from operating activities:
            
Net earnings
  
$
20,773
    
$
32,807
  
Adjustments to arrive at net cash provided by operating activities:
                
Depreciation and amortization
    
12,404
      
13,672
  
Share-based compensation expense
    
1,177
      
687
  
Net loss (gain) on assets
    
14
      
(41
)
Loss on divestitures
    
10,558
      
-
  
Deferred income taxes
    
4,077
      
2,674
  
Changes in operating assets and liabilities:
                
Trade accounts receivable
    
(41,684
)
    
(19,230
)
Inventories
    
29,058
      
22,112
  
Prepaid expenses and other assets
    
(6,048
)
    
(7,573
)
Accounts payable and other accrued expenses
    
2,773
      
(21,857
)
Accrued salaries, wages and withholdings from employees
    
1,611
      
(3,022
)
Income taxes
    
1,662
      
2,213
  
Other liabilities
    
553
      
982
  
                 
Net cash provided by operating activities
    
36,928
      
23,424
  
                 
Cash flows from investing activities:
                
Acquisition of property, plant and equipment
    
(9,411
)
    
(8,300
)
Proceeds from sale of assets
    
6
      
45
  
Other investing activity
    
4,505
      
(301
)
                 
Net cash used in investing activities
    
(4,900
)
    
(8,556
)
                 
Cash flows from financing activities:
                
Proceeds from additional borrowings
    
9,669
      
16,689
  
Debt payments
    
(11,104
)
    
(12,577
)
Dividends paid
    
(16,500
)
    
(15,218
)
Other financing activity
    
(249
)
    
(803
)
                 
Net cash used in financing activities
    
(18,184
)
    
(11,909
)
                 
Effect of exchange rate changes on cash and cash equivalents
    
(11,912
)
    
(964
)
                 
Net increase in cash and cash equivalents
    
1,932
      
1,995
  
Cash and cash equivalents at beginning of period
    
21,153
      
31,901
  
Cash and cash equivalents at end of period
  
$
23,085
    
$
33,896
  

Supplemental Information
            
Three Months Ended March 31,
  
2020
    
2019
  
             
Dividends paid per share
  
$
0.39
    
$
0.36
  

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 Page 10
(In thousands, except percentages and per share amounts)
 
(Unaudited)
 

Reconciliation of Non-GAAP Amounts

The Company’s results for the three months ended March 31, 2020 and 2019 include adjusted revenue, adjusted operating income, adjusted net earnings, and adjusted diluted EPS, which exclude divestiture & other related costs and the results of operations to be divested.

   
Three Months Ended March 31,
  
   
2020
    
2019
    
% Change
  
Revenue (GAAP)
  
$
350,677
    
$
347,513
      
0.9
%
Revenue of the product lines to be divested
    
(36,585
)
    
(39,021
)
        
Adjusted revenue
  
$
314,092
    
$
308,492
      
1.8
%
                         
Operating income (GAAP)
  
$
34,561
    
$
49,420
      
(30.1
%)
Divestiture & other related costs – Cost of products sold
    
190
      
-
          
Divestiture & other related costs – Selling and administrative expenses
    
11,653
      
-
          
Operating income of the product lines to be divested
    
(1,385
)
    
(32
)
        
Adjusted operating income
  
$
45,019
    
$
49,388
      
(8.8
%)
                         
Net earnings (GAAP)
  
$
20,773
    
$
32,807
      
(36.7
%)
Divestiture & other related costs, before tax
    
11,843
      
-
          
Tax impact of divestiture & other related costs
    
(934
)
    
-
          
Net earnings of the product lines to be divested, before tax
    
(1,385
)
    
(32
)
        
Tax impact of the product lines to be divested
    
297
      
11
          
Adjusted net earnings
  
$
30,594
    
$
32,786
      
(6.7
%)
                         
Diluted EPS (GAAP)
  
$
0.49
    
$
0.78
      
(37.2
%)
Divestiture & other related costs, net of tax
    
0.26
      
-
          
Result of operations of the product lines to be divested, net of tax
    
(0.03
)
    
-
          
Adjusted diluted EPS
  
$
0.72
    
$
0.78
      
(7.7
%)

Note: Earnings per share calculations may not foot due to rounding differences.

Results by Segment
  
Three Months Ended March 31,
  
Revenue
  
2020
    
Product Lines
to be divested
    
Adjusted
2020
    
2019
    
Product Lines
to be divested
    
Adjusted
2019
  
                                     
Flavors & Fragrances
  
$
186,498
    
$
(27,445
)
  
$
159,053
    
$
183,553
    
$
(28,806
)
  
$
154,747
  
Color
    
143,495
      
(9,072
)
    
134,423
      
143,879
      
(10,280
)
    
133,599
  
Asia Pacific
    
30,449
      
(121
)
    
30,328
      
28,519
      
(108
)
    
28,411
  
Intersegment elimination
    
(9,765
)
    
53
      
(9,712
)
    
(8,438
)
    
173
      
(8,265
)
                                                 
Consolidated
  
$
350,677
    
$
(36,585
)
  
$
314,092
    
$
347,513
    
$
(39,021
)
  
$
308,492
  
                                                 
Operating Income
                                                
                                                 
Flavors & Fragrances
  
$
20,871
    
$
(1,218
)
  
$
19,653
    
$
23,125
    
$
107
    
$
23,232
  
Color
    
29,664
      
(133
)
    
29,531
      
30,199
      
(110
)
    
30,089
  
Asia Pacific
    
5,059
      
(34
)
    
5,025
      
4,218
      
(29
)
    
4,189
  
Corporate & Other
    
(21,033
)
    
11,843
      
(9,190
)
    
(8,122
)
    
-
      
(8,122
)
                                                 
Consolidated
  
$
34,561
    
$
10,458
    
$
45,019
    
$
49,420
    
$
(32
)
  
$
49,388
  

The following table summarizes the percentage change in the 2020 results compared to the 2019 results for the corresponding periods.

   
Three Months Ended March 31,
  
Revenue
  
Total
  
Foreign
Exchange
Rates
  
Product
Lines to be
Divested
  
Adjusted
Local
Currency
  
Flavors & Fragrances
    
1.6
%
    
(1.1
%)
    
(0.9
%)
    
3.6
%
  
Color
    
(0.3
%)
    
(2.2
%)
    
(0.9
%)
    
2.8
%
  
Asia Pacific
    
6.8
%
    
(1.7
%)
    
0.0
%
    
8.5
%
  
Total Revenue
    
0.9
%
    
(1.6
%)
    
(0.6
%)
    
3.1
%
  
                                   
Operating Income
                                  
Flavors & Fragrances
    
(9.7
%)
    
(0.9
%)
    
5.7
%
    
(14.5
%)
  
Color
    
(1.8
%)
    
(2.3
%)
    
0.2
%
    
0.3
%
  
Asia Pacific
    
19.9
%
    
0.7
%
    
0.0
%
    
19.2
%
  
Corporate & Other
    
159.0
%
    
0.0
%
    
145.8
%
    
13.2
%
  
Total Operating Income
    
(30.1
%)
    
(1.8
%)
    
(21.1
%)
    
(7.2
%)
  
Diluted EPS
    
(37.2
%)
    
(2.6
%)
    
(29.5
%)
    
(5.1
%)
  
Adjusted EBITDA
    
(6.0
%)
    
(1.5
%)
    
N/A
      
(4.5
%)
  

- MORE -
Sensient Technologies Corporation
 Page 11
(In thousands, except percentages)
 
(Unaudited)
 

Reconciliation of Non-GAAP Amounts - Continued

The following table summarizes the reconciliation between Operating Income (GAAP) and Adjusted EBITDA for the three months ended March 31, 2020 and 2019.

   
Three Months Ended March 31,
  
                   
   
2020
    
2019
    
% Change
  
Operating income (GAAP)
  
$
34,561
    
$
49,420
      
(30.1
%)
Depreciation and amortization
    
12,404
      
13,672
          
Depreciation and amortization, product lines to be divested
    
(80
)
    
(1,496
)
        
Share-based compensation expense
    
1,177
      
687
          
Divestiture & other related costs, before tax
    
11,843
      
-
          
Results of operations of the product lines to be divested, before tax
    
(1,385
)
    
(32
)
        
Adjusted EBITDA
  
$
58,520
    
$
62,251
      
(6.0
%)

We have included each of these non-GAAP measures in order to provide additional information regarding our underlying operating results and comparable period-over-period performance. Such information is supplemental to information presented in accordance with GAAP and is not intended to represent a presentation in accordance with GAAP. These non-GAAP measures should not be considered in isolation. Rather, they should be considered together with GAAP measures and the rest of the information included in this release and our SEC filings. Management internally reviews each of these non-GAAP measures to evaluate performance on a comparative period-to-period basis and to gain additional insight into underlying operating and performance trends, and we believe the information can be beneficial to investors for the same purposes. These non-GAAP measures may not be comparable to similarly titled measures used by other companies.