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NEW YORK, July 18 (Reuters) - Sensient Technologies Corp (SXT.N), which makes flavors, fragrances and colors, on Friday posted better-than-expected quarterly earnings, driven by sales growth in Europe and Canada as well as price increases.
The company, whose products are used in food, beverages, cosmetics and inks, said second-quarter profit rose to $25.5 million, or 53 cents a share, from $21.2 million, or 45 cents a share, a year earlier.
Analysts on average had forecast earnings of 49 cents a share, according to Reuters Estimates.
Revenue rose 9.4 percent to $332.8 million, compared with analysts’ estimates of $328.6 million.
Shares of Sensient rose 27 cents to $30.05 in early New York Stock Exchange trade.
The company also raised its full-year 2008 earnings outlook to a range of $1.80 to $1.84 a share, up from a prior outlook of $1.77 to $1.80.
Wall Street is looking for earnings of $1.81 a share for the year. (Reporting by Euan Rocha; Editing by Lisa Von Ahn)