Exhibit 99.1

Contact:
Amy Agallar
(414) 347-3706

Sensient Technologies Corporation
Reports Results for the Quarter Ended September 30, 2020

Flavors & Extracts Group reports Strong Revenue and Profit Growth

Growth in Food and Pharmaceutical Color Sales was offset by Lower Personal Care Revenue

MILWAUKEE— October 16, 2020 — Sensient Technologies Corporation (NYSE: SXT) reported consolidated revenue of $323.6 million in this year’s third quarter compared to $317.7 million in last year’s third quarter. Reported operating income in the third quarter was $41.2 million compared to $38.8 million in the third quarter of 2019. Reported diluted earnings per share was 78 cents in the third quarter of 2020 compared to diluted earnings per share of 75 cents in the third quarter of 2019. Foreign currency translation had an immaterial impact on revenue, operating income, and earnings per share in the quarter.

The 2020 third quarter reported results include divestiture & other related costs as well as operational improvement plan costs, which decreased third quarter net earnings by $1.4 million ($0.03 per diluted share). The 2020 and 2019 third quarter results also include the operations of the product lines divested and to be divested, which increased diluted earnings per share by $0.04 in the third quarter of 2020 and $0.02 in the third quarter of 2019. These adjustments are described in more detail under “Reconciliation of Non-GAAP Amounts” at the end of this release.

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Sensient Technologies Corporation
Earnings Release – Quarter Ended September 30, 2020
October 16, 2020
Page 2
BUSINESS REVIEW
   
   
Reported
  
Revenue
  
Quarter
    
Year-to-date
  
Flavors & Extracts
    
9.1
%
    
4.1
%
Color
    
-8.3
%
    
-7.0
%
Asia Pacific
    
2.0
%
    
1.6
%
Total Revenue
    
1.9
%
    
-0.7
%

   
Adjusted
Local Currency (1)
  
Revenue
  
Quarter
    
Year-to-date
  
Flavors & Extracts
    
12.9
%
    
7.2
%
Color
    
-1.5
%
    
-1.2
%
Asia Pacific
    
2.1
%
    
3.0
%
Total Revenue
    
6.1
%
    
3.0
%
                 
(1) Adjusted local currency percentage changes are described in more detail
in the "Reconciliation of Non-GAAP Amounts" at the end of this release.
  

As a result of the portfolio changes made this year, Sensient has changed the name of its Flavors & Fragrances Group, to the Flavors & Extracts Group in order to more accurately reflect the Group’s product portfolio.

The Flavors & Extracts Group reported third quarter revenue of $182.9 million compared to $167.6 million reported in the comparable period last year, an increase of 9.1%. Adjusted local currency revenue increased 12.9% in the quarter. The higher revenue was primarily the result of continued growth in natural ingredients and flavors, extracts, and flavor ingredients.  Segment operating income was $23.8 million in the current quarter compared to $17.6 million reported in the comparable period last year, an increase of 35.5%. Adjusted local currency operating profit increased 24.1%.  The Group’s higher profit was primarily a result of the higher volumes and the favorable impact of the Group’s cost reduction initiatives, offset by higher raw material costs in natural ingredients. Foreign currency translation increased segment revenue by approximately 1% and had an immaterial impact on operating income in the quarter.

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Sensient Technologies Corporation
Earnings Release – Quarter Ended September 30, 2020
October 16, 2020
Page 3
The Color Group reported revenue of $116.4 million in the quarter compared to $127.0 million in last year’s comparable period, a decrease of 8.3%. Adjusted local currency revenue decreased 1.5% in the quarter. The Group continued to have good growth in food and pharmaceutical colors; however, this growth was offset by lower volumes in the personal care business, primarily as a result of the lower demand for makeup during COVID-19. Segment operating income was $23.6 million in the quarter compared to $23.4 million in last year’s comparable period. Adjusted local currency operating income increased approximately 3.0%. Despite double digit growth rates in food and pharmaceutical colors, the lower volumes in personal care continued to negatively impact the Color Group’s operating income in the quarter. Foreign currency translation decreased segment revenue by approximately 1% and had an immaterial impact on operating income in the quarter.

The Asia Pacific Group reported revenue of $30.7 million in the quarter compared to $30.1 million in last year’s comparable period, an increase of 2.0%. Adjusted local currency revenue increased 2.1% in the quarter. The Group had favorable growth in a number of regions, which was offset by the negative impact of COVID-19 restrictions in certain countries. Segment operating income was $6.1 million in the quarter compared to $5.4 million in last year’s comparable quarter, an increase of 13.3%. Adjusted local currency operating income increased 15.5% in the quarter. The higher profit was primarily a result of the favorable volume growth in certain regions and the favorable impact of the Group’s cost reduction initiatives. Foreign currency translation had an immaterial impact on revenue and decreased operating income by approximately 1% in the quarter.

Corporate & Other reported operating costs of $12.4 million in the current quarter compared to $7.7 million in last year’s comparable period. The higher costs are primarily due to the divestiture & other costs, operational improvement plan costs, and an increase in non-cash performance-based compensation.

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Sensient Technologies Corporation
Earnings Release – Quarter Ended September 30, 2020
October 16, 2020
Page 4
During the third quarter, the Company implemented an operational improvement plan, primarily in the personal care business to consolidate cosmetic manufacturing operations. The costs for this operational improvement plan are included in the Company’s Corporate & Other segment.

The Company’s non-GAAP amounts eliminate the impact of currency movements, depreciation and amortization, non-cash share-based compensation, divestiture & other related costs, operational improvement plan costs, and the results of the operations divested and 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.

2020 OUTLOOK

Based upon current trends, the Company reconfirms its previously issued diluted earnings per share guidance for 2020 of $2.10 to $2.35. The full year guidance now includes approximately 5 cents of foreign currency headwinds based on current exchange rates. The Company also reconfirms its previously issued 2020 adjusted diluted earnings per share(2) guidance of $2.60 to $2.80, which excludes divestiture & other related costs, operational improvement plan costs, the results of the operations divested and to be divested, and foreign currency impacts.

The Company is also confirming 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 divested and to be divested. The Company also continues to expect 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.

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Sensient Technologies Corporation
Earnings Release – Quarter Ended September 30, 2020
October 16, 2020
Page 5
The Company’s guidance is based upon current trends and the effects of COVID-19 to date. The full impacts of the ongoing COVID-19 pandemic remain uncertain and management will continue to monitor its impacts on our business.


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

CONFERENCE CALL

The Company will host a conference call to discuss its 2020 third quarter financial results at 8:30 a.m. CDT on Friday, October 16, 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 October 23, 2020, by calling (877) 344-7529 and referring to conference identification number 10147899. 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 October 20, 2020.

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Sensient Technologies Corporation
Earnings Release – Quarter Ended September 30, 2020
October 16, 2020
Page 6
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, the Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, 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.

ABOUT SENSIENT TECHNOLOGIES

Sensient Technologies Corporation is a leading global manufacturer and marketer of colors, flavors, and other specialty ingredients.  Sensient uses advanced technologies and robust global supply chain capabilities to develop specialized solutions for food and beverages, as well as products that serve the pharmaceutical, nutraceutical, cosmetic, and personal care industries. Sensient’s customers range in size from small entrepreneurial businesses to 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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Sensient Technologies Corporation
(In thousands, except percentages and per share amounts)
(Unaudited)
 Page 7
Consolidated Statements of Earnings
  
Three Months Ended September 30,
    
Nine Months Ended September 30,
  
                                     
   
2020
    
2019
    
% Change
    
2020
    
2019
    
% Change
  
                                     
Revenue
  
$
323,566
    
$
317,650
      
1.9
%
  
$
997,333
    
$
1,004,349
      
(0.7
%)
                                                 
Cost of products sold
    
217,920
      
215,250
      
1.2
%
    
677,580
      
674,956
      
0.4
%
Selling and administrative expenses
    
64,491
      
63,612
      
1.4
%
    
201,912
      
193,817
      
4.2
%
                                                 
Operating income
    
41,155
      
38,788
      
6.1
%
    
117,841
      
135,576
      
(13.1
%)
Interest expense
    
3,497
      
4,936
              
11,412
      
15,538
          
                                                 
Earnings before income taxes
    
37,658
      
33,852
              
106,429
      
120,038
          
Income taxes
    
4,748
      
1,981
              
22,126
      
21,029
          
                                                 
Net earnings
  
$
32,910
    
$
31,871
      
3.3
%
  
$
84,303
    
$
99,009
      
(14.9
%)
                                                 
Earnings per share of common stock:
                                                
Basic
  
$
0.78
    
$
0.75
            
$
1.99
    
$
2.34
          
 
                                                
Diluted
  
$
0.78
    
$
0.75
            
$
1.99
    
$
2.34
          
                                                 
Average common shares outstanding:
                                                
Basic
    
42,307
      
42,272
              
42,299
      
42,261
          
 
                                                
Diluted
    
42,349
      
42,299
              
42,326
      
42,291
          

Results by Segment
  
Three Months Ended September 30,
    
Nine Months Ended September 30,
  
                                     
Revenue
  
2020
    
2019
    
% Change
    
2020
    
2019
    
% Change
  
                                     
Flavors & Extracts
  
$
182,866
    
$
167,577
      
9.1
%
  
$
552,975
    
$
531,264
      
4.1
%
Color
    
116,414
      
127,005
      
(8.3
%)
    
381,205
      
409,796
      
(7.0
%)
Asia Pacific
    
30,740
      
30,125
      
2.0
%
    
89,062
      
87,646
      
1.6
%
Intersegment elimination
    
(6,454
)
    
(7,057
)
            
(25,909
)
    
(24,357
)
        
                                                 
Consolidated
  
$
323,566
    
$
317,650
      
1.9
%
  
$
997,333
    
$
1,004,349
      
(0.7
%)
                                                 
                                                 
Operating Income
                                                
                                                 
Flavors & Extracts
  
$
23,844
    
$
17,600
      
35.5
%
  
$
67,467
    
$
60,775
      
11.0
%
Color
    
23,559
      
23,436
      
0.5
%
    
75,486
      
81,512
      
(7.4
%)
Asia Pacific
    
6,123
      
5,406
      
13.3
%
    
16,031
      
13,825
      
16.0
%
Corporate & Other
    
(12,371
)
    
(7,654
)
            
(41,143
)
    
(20,536
)
        
                                                 
Consolidated
  
$
41,155
    
$
38,788
      
6.1
%
  
$
117,841
    
$
135,576
      
(13.1
%)

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Sensient Technologies Corporation
(In thousands)
(Unaudited)
 Page 8
Consolidated Condensed Balance Sheets
  
September 30,
2020
    
December 31,
2019
  

           
Cash and cash equivalents
  
$
26,900
    
$
21,153
  
Trade accounts receivable (net)
    
222,388
      
213,201
  
Inventories
    
401,046
      
422,517
  
Prepaid expenses and other current assets
    
43,681
      
40,049
  
Assets held for sale
    
58,534
      
91,293
  
Total Current Assets
    
752,549
      
788,213
  
                 
Goodwill & intangible assets (net)
    
423,419
      
418,844
  
Property, plant, and equipment (net)
    
429,509
      
437,179
  
Other assets
    
108,469
      
95,915
  
                 
Total Assets
  
$
1,713,946
    
$
1,740,151
  
                 
Trade accounts payable
  
$
93,491
    
$
94,653
  
Short-term borrowings
    
24,460
      
20,612
  
Other current liabilities
    
76,595
      
66,925
  
Liabilities held for sale
    
17,491
      
19,185
  
Total Current Liabilities
    
212,037
      
201,375
  
                 
Long-term debt
    
537,124
      
598,499
  
Accrued employee and retiree benefits
    
26,556
      
25,822
  
Other liabilities
    
41,444
      
32,866
  
Shareholders' Equity
    
896,785
      
881,589
  
                 
Total Liabilities and Shareholders' Equity
  
$
1,713,946
    
$
1,740,151
  

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Sensient Technologies Corporation
(In thousands, except per share amounts)
(Unaudited)
 Page 9
Consolidated Statements of Cash Flows
Nine Months Ended September 30,

   
2020
    
2019
  
Cash flows from operating activities:
            
Net earnings
  
$
84,303
    
$
99,009
  
Adjustments to arrive at net cash provided by operating activities:
                
Depreciation and amortization
    
36,831
      
41,706
  
Share-based compensation expense (income)
    
4,017
      
(816
)
Net gain on assets
    
(254
)
    
(1,224
)
Net loss on divestitures and other charges
    
5,821
      
-
  
Deferred income taxes
    
(9,001
)
    
(2,303
)
Changes in operating assets and liabilities:
                
Trade accounts receivable
    
(7,962
)
    
6,355
  
Inventories
    
17,433
      
14,493
  
Prepaid expenses and other assets
    
(4,726
)
    
(5,053
)
Accounts payable and other accrued expenses
    
9,018
      
(19,565
)
Accrued salaries, wages and withholdings from employees
    
7,410
      
(1,647
)
Income taxes
    
(3,899
)
    
(5,294
)
Other liabilities
    
3,936
      
1,920
  
                 
Net cash provided by operating activities
    
142,927
      
127,581
  
                 
Cash flows from investing activities:
                
Acquisition of property, plant, and equipment
    
(34,009
)
    
(26,073
)
Proceeds from sale of assets
    
1,022
      
2,033
  
Proceeds from divesture of businesses
    
12,228
      
-
  
Other investing activity
    
4,955
      
4,280
  
                 
Net cash used in investing activities
    
(15,804
)
    
(19,760
)
                 
Cash flows from financing activities:
                
Proceeds from additional borrowings
    
33,164
      
35,126
  
Debt payments
    
(101,061
)
    
(90,966
)
Dividends paid
    
(49,537
)
    
(45,688
)
Other financing activity
    
(415
)
    
(1,027
)
                 
Net cash used in financing activities
    
(117,849
)
    
(102,555
)
                 
Effect of exchange rate changes on cash and cash equivalents
    
(3,527
)
    
(2,745
)
                 
Net increase in cash and cash equivalents
    
5,747
      
2,521
  
Cash and cash equivalents at beginning of period
    
21,153
      
31,901
  
Cash and cash equivalents at end of period
  
$
26,900
    
$
34,422
  

Supplemental Information
Nine Months Ended September 30,
  
2020
    
2019
  
             
Dividends paid per share
  
$
1.17
    
$
1.08
  

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Sensient Technologies Corporation
(In thousands, except percentages and per share amounts)
(Unaudited)
 Page 10
Reconciliation of Non-GAAP Amounts

The Company's results for the three and nine months ended September 30, 2020 and 2019 include adjusted revenue, adjusted operating income, adjusted net earnings, and adjusted diluted EPS, which exclude divestiture & other related costs, operational improvement plan costs, and the results of operations divested or to be divested.

   
Three Months Ended September 30,
    
Nine Months Ended September 30,
  
   
2020
    
2019
    
% Change
    
2020
    
2019
    
% Change
  
Revenue (GAAP)
  
$
323,566
    
$
317,650
      
1.9
%
  
$
997,333
    
$
1,004,349
      
(0.7
%)
Revenue of the product lines divested or to be divested
    
(23,588
)
    
(34,112
)
            
(88,390
)
    
(109,489
)
        
Adjusted revenue
  
$
299,978
    
$
283,538
      
5.8
%
  
$
908,943
    
$
894,860
      
1.6
%
                                                 
Operating income (GAAP)
  
$
41,155
    
$
38,788
      
6.1
%
  
$
117,841
    
$
135,576
      
(13.1
%)
Divestiture & other related costs (income)  – Cost of products sold
    
(148
)
    
-
              
1,791
      
-
          
Divestiture & other related costs – Selling and administrative expenses
    
312
      
-
              
8,689
      
-
          
Operating income of the product lines divested or to be divested
    
(2,449
)
    
(856
)
            
(4,165
)
    
(1,233
)
        
Operational improvement plan - Cost of products sold
    
35
      
-
              
35
      
-
          
Operational improvement plan - Selling and administrative expenses
    
2,606
      
-
              
2,606
      
-
          
Adjusted operating income
  
$
41,511
    
$
37,932
      
9.4
%
  
$
126,797
    
$
134,343
      
(5.6
%)
                                                 
Net earnings (GAAP)
  
$
32,910
    
$
31,871
      
3.3
%
  
$
84,303
    
$
99,009
      
(14.9
%)
Divestiture & other related costs, before tax
    
164
      
-
              
10,480
      
-
          
Tax impact of divestiture & other related costs
    
(787
)
    
-
              
(1,212
)
    
-
          
Net earnings of the product lines divested or to be divested, before tax
    
(2,449
)
    
(856
)
            
(4,165
)
    
(1,233
)
        
Tax impact of the product lines divested or to be divested
    
655
      
87
              
1,155
      
203
          
Operational improvement plan costs, before tax
    
2,641
      
-
              
2,641
      
-
          
Tax impact of operational improvement plan
    
(656
)
    
-
              
(656
)
    
-
          
Adjusted net earnings
  
$
32,478
    
$
31,102
      
4.4
%
  
$
92,546
    
$
97,979
      
(5.5
%)
                                                 
Diluted earnings per share (GAAP)
  
$
0.78
    
$
0.75
      
4.0
%
  
$
1.99
    
$
2.34
      
(15.0
%)
Divestiture & other related costs (income), net of tax
    
(0.01
)
    
-
              
0.22
      
-
          
Results of operations of the product lines divested or to be divested, net of tax
    
(0.04
)
    
(0.02
)
            
(0.07
)
    
(0.02
)
        
Operational improvement plan costs, net of tax
    
0.05
      
-
              
0.05
      
-
          
Adjusted diluted earnings per share
  
$
0.77
    
$
0.74
      
4.1
%
  
$
2.19
    
$
2.32
      
(5.6
%)

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

Results by Segment
  
Three Months Ended September 30,
  
Revenue
  
2020
    
Divestiture &
Operational
Improvement
Plan Impact
    
Adjusted
2020
    
2019
    
Divestiture
Impact
    
Adjusted
2019
  
                                     
Flavors & Extracts
  
$
182,866
    
$
(22,978
)
  
$
159,888
    
$
167,577
    
$
(25,954
)
  
$
141,623
  
Color
    
116,414
      
(669
)
    
115,745
      
127,005
      
(8,176
)
    
118,829
  
Asia Pacific
    
30,740
      
(68
)
    
30,672
      
30,125
      
(237
)
    
29,888
  
Intersegment elimination
    
(6,454
)
    
127
      
(6,327
)
    
(7,057
)
    
255
      
(6,802
)
                                                 
Consolidated
  
$
323,566
    
$
(23,588
)
  
$
299,978
    
$
317,650
    
$
(34,112
)
  
$
283,538
  
                                                 
                                                 
Operating Income
                                                
                                                 
Flavors & Extracts
  
$
23,844
    
$
(2,241
)
  
$
21,603
    
$
17,600
    
$
(109
)
  
$
17,491
  
Color
    
23,559
      
(185
)
    
23,374
      
23,436
      
(689
)
    
22,747
  
Asia Pacific
    
6,123
      
(23
)
    
6,100
      
5,406
      
(58
)
    
5,348
  
Corporate & Other
    
(12,371
)
    
2,805
      
(9,566
)
    
(7,654
)
    
-
      
(7,654
)
                                                 
Consolidated
  
$
41,155
    
$
356
    
$
41,511
    
$
38,788
    
$
(856
)
  
$
37,932
  

Results by Segment
  
Nine Months Ended September 30,
  
Revenue
  
2020
    
Divestiture &
Operational
Improvement
Plan Impact
    
Adjusted
2020
    
2019
    
Divestiture
Impact
    
Adjusted
2019
  
                                     
Flavors & Extracts
  
$
552,975
    
$
(75,165
)
  
$
477,810
    
$
531,264
    
$
(82,055
)
  
$
449,209
  
Color
    
381,205
      
(13,242
)
    
367,963
      
409,796
      
(27,590
)
    
382,206
  
Asia Pacific
    
89,062
      
(402
)
    
88,660
      
87,646
      
(563
)
    
87,083
  
Intersegment elimination
    
(25,909
)
    
419
      
(25,490
)
    
(24,357
)
    
719
      
(23,638
)
                                                 
Consolidated
  
$
997,333
    
$
(88,390
)
  
$
908,943
    
$
1,004,349
    
$
(109,489
)
  
$
894,860
  
                                                 
                                                 
Operating Income
                                                
                                                 
Flavors & Extracts
  
$
67,467
    
$
(5,078
)
  
$
62,389
    
$
60,775
    
$
(197
)
  
$
60,578
  
Color
    
75,486
      
1,029
      
76,515
      
81,512
      
(894
)
    
80,618
  
Asia Pacific
    
16,031
      
(116
)
    
15,915
      
13,825
      
(142
)
    
13,683
  
Corporate & Other
    
(41,143
)
    
13,121
      
(28,022
)
    
(20,536
)
    
-
      
(20,536
)
                                                 
Consolidated
  
$
117,841
    
$
8,956
    
$
126,797
    
$
135,576
    
$
(1,233
)
  
$
134,343
  
- MORE -
Sensient Technologies Corporation
(In thousands, except percentages)
(Unaudited)
 Page 11
Reconciliation of Non-GAAP Amounts - Continued

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

   
Three Months Ended September 30,
    
Nine Months Ended September 30,
  
Revenue
  
Total
    
Foreign
Exchange
Rates
    
Divestiture
&
Operational Improvement
Plan Impact
    
Adjusted Local Currency
    
Total
    
Foreign
Exchange
Rates
    
Divestiture
&
Operational Improvement
Plan Impact
    
Adjusted
Local
Currency
  
Flavors & Extracts
    
9.1
%
    
0.5
%
    
(4.3
%)
    
12.9
%
    
4.1
%
    
(0.8
%)
    
(2.3
%)
    
7.2
%
Color
    
(8.3
%)
    
(1.2
%)
    
(5.6
%)
    
(1.5
%)
    
(7.0
%)
    
(2.6
%)
    
(3.2
%)
    
(1.2
%)
Asia Pacific
    
2.0
%
    
0.4
%
    
(0.5
%)
    
2.1
%
    
1.6
%
    
(1.2
%)
    
(0.2
%)
    
3.0
%
Total Revenue
    
1.9
%
    
(0.2
%)
    
(4.0
%)
    
6.1
%
    
(0.7
%)
    
(1.6
%)
    
(2.1
%)
    
3.0
%
                                                                 
Operating Income
                                                                
Flavors & Extracts
    
35.5
%
    
(0.3
%)
    
11.7
%
    
24.1
%
    
11.0
%
    
(0.9
%)
    
7.9
%
    
4.0
%
Color
    
0.5
%
    
(0.4
%)
    
(2.1
%)
    
3.0
%
    
(7.4
%)
    
(2.3
%)
    
(2.0
%)
    
(3.1
%)
Asia Pacific
    
13.3
%
    
(1.4
%)
    
(0.8
%)
    
15.5
%
    
16.0
%
    
(0.5
%)
    
(0.4
%)
    
16.9
%
Corporate & Other
    
61.6
%
    
0.0
%
    
36.7
%
    
24.9
%
    
100.3
%
    
0.0
%
    
63.8
%
    
36.5
%
Total Operating Income
    
6.1
%
    
(0.6
%)
    
(3.4
%)
    
10.1
%
    
(13.1
%)
    
(1.8
%)
    
(7.4
%)
    
(3.9
%)
Diluted Earnings Per Share
    
4.0
%
    
0.0
%
    
(2.8
%)
    
6.8
%
    
(15.0
%)
    
(1.8
%)
    
(9.8
%)
    
(3.4
%)
Adjusted EBITDA
    
8.6
%
    
(0.3
%)
    
N/A
      
8.9
%
    
(1.9
%)
    
(1.5
%)
    
N/A
      
(0.4
%)

The following table summarizes the reconciliation between Operating Income (GAAP) and Adjusted EBITDA for the three and nine months ended September 30, 2020 and 2019.

   
Three Months Ended September 30,
    
Nine Months Ended September 30,
  
                                     
   
2020
    
2019
    
% Change
    
2020
    
2019
    
% Change
  
Operating income (GAAP)
  
$
41,155
    
$
38,788
      
6.1
%
  
$
117,841
    
$
135,576
      
(13.1
%)
Depreciation and amortization
    
12,309
      
13,965
              
36,831
      
41,706
          
Depreciation and amortization, product lines divested or to be divested
    
(49
)
    
(1,473
)
            
(145
)
    
(4,495
)
        
Share-based compensation expense (income)
    
1,355
      
339
              
4,017
      
(816
)
        
Divestiture & other related costs, before tax
    
164
      
-
              
10,480
      
-
          
Results of operations of the product lines divested or to be divested, before tax
    
(2,449
)
    
(856
)
            
(4,165
)
    
(1,233
)
        
Operational improvement plan costs, before tax
    
2,641
      
-
              
2,641
      
-
          
Adjusted EBITDA
  
$
55,126
    
$
50,763
      
8.6
%
  
$
167,500
    
$
170,738
      
(1.9
%)

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.