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China Scion's Fight With Half-Siblings Sends Succession Warning

China Scion's Fight With Half-Siblings Sends Succession Warning

Bloomberg4 days ago
For decades, Kelly Zong had been known as the only child to her late billionaire father, the founder of beverage empire Hangzhou Wahaha Group Co. His effort to groom her as a successor was hailed as a model for Chinese entrepreneurs during the one-child policy era.
But Kelly is now grappling with two overlapping legal challenges stemming from unresolved matters left behind by her father — cases that could set a legal precedent for wealth succession in China and cast a shadow over the reputation of one of the country's most iconic beverage empires.
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Sensient Technologies Corporation Reports Results for the Quarter Ended June 30, 2025
Sensient Technologies Corporation Reports Results for the Quarter Ended June 30, 2025

Business Wire

time19 minutes ago

  • Business Wire

Sensient Technologies Corporation Reports Results for the Quarter Ended June 30, 2025

MILWAUKEE--(BUSINESS WIRE)--Sensient Technologies Corporation (NYSE: SXT), a leading provider of flavors and colors for the food, pharmaceutical, and personal care markets, today reported financial results for the second quarter ended June 30, 2025. Second Quarter Consolidated Results Reported revenue increased 2.7% to $414.2 million in the second quarter of 2025 versus last year's second quarter results of $403.5 million. On a local currency basis (1), revenue increased 2.1%. Reported operating income increased 16.2% to $57.7 million compared to $49.7 million recorded in the second quarter of 2024. In the second quarter of 2025, the Company recorded $3.3 million of costs related to its Portfolio Optimization Plan versus last year's $1.8 million in the second quarter. Local currency adjusted operating income (1) and local currency adjusted EBITDA (1) increased 16.9% and 14.1%, respectively, in the second quarter. Reported earnings per share increased 20.5% to 88 cents in the second quarter of 2025 compared to 73 cents in the second quarter of 2024. Local currency adjusted diluted EPS (1) increased 20.8% in the second quarter. 'Sensient continued to build on a strong first quarter. Our results are a testament to our relentless focus on customer service and innovation. I remain very confident about our performance in 2025 and beyond,' said Paul Manning, Sensient's Chairman, President, and Chief Executive Officer. The Flavors & Extracts Group reported second quarter 2025 revenue of $203.3 million, a decrease of $6.0 million versus the prior year's second quarter. The Group's revenue was unfavorably impacted by lower volumes in natural ingredients, partially offset by higher volumes in our flavors, extracts, and flavor ingredients product lines. Segment operating income was $28.5 million in the second quarter of 2025, an increase of $2.3 million compared to the prior year's second quarter. The segment operating income increased despite the decline in segment revenues due to strong profitability of the flavors, extracts, and flavor ingredients product lines. The Color Group reported revenue of $179.3 million in the second quarter of 2025, an increase of $11.6 million compared to the prior year's second quarter. The Group's revenue increase was driven by strong growth in the food and pharmaceutical product lines. Segment operating income was $38.9 million in the second quarter of 2025, an increase of $7.4 million compared to the prior year's second quarter results. The Asia Pacific Group reported revenue of $42.7 million in the second quarter of 2025, an increase of $4.2 million compared to the prior year's second quarter. The Group's revenue increased across nearly all geographies. Segment operating income was $8.9 million in the quarter, an increase of $1.1 million compared to the prior year's second quarter. Corporate & Other reported operating expenses of $18.7 million in the second quarter of 2025, compared to $15.9 million of operating expenses reported in the prior year's second quarter. The higher operating expenses were primarily due to higher Portfolio Optimization Plan costs in the quarter. Local currency adjusted operating expenses (1) for Corporate & Other increased $1.1 million compared to the prior year's second quarter, primarily due to higher performance-based compensation costs recorded in 2025. 2025 OUTLOOK The Company's guidance is based on current conditions and economic and market trends in the markets in which the Company operates and is subject to various risks and uncertainties as described below. USE OF NON-GAAP FINANCIAL MEASURES The Company's non-GAAP financial measures eliminate the impact of certain items, which, depending on the measure, include: currency movements, depreciation and amortization, Portfolio Optimization Plan costs, and non-cash share-based compensation. These measures are provided 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. CONFERENCE CALL The Company will host a conference call to discuss its 2025 second quarter financial results at 8:30 a.m. CDT on Friday, July 25, 2025. 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 A replay of the call will be available one hour after the end of the conference call through August 1, 2025, by calling (877) 344-7529 and using access code 2167989. 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 on or after July 29, 2025. This release contains statements that may constitute 'forward-looking statements' within the meaning of Federal securities laws including in the quote from our Chairman, President, and Chief Executive Office and under '2025 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 Company's ability to manage general business, economic, and capital market conditions, including actions taken by customers in response to such market conditions, and the impact of recessions and economic downturns; the impact of macroeconomic and geopolitical volatility, including inflation and shortages impacting the availability and cost of raw materials, energy, and other supplies, disruptions and delays in the Company's supply chain, and the conflicts between Russia and Ukraine and in the Middle East; industry, regulatory, legal, and economic factors related to the Company's domestic and international business; the effects of tariffs, trade barriers, and disputes; the availability and cost of labor, logistics, and transportation; 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, changing technologies, and changing regulations; the Company's ability to successfully implement its growth strategies; the outcome of the Company's various productivity-improvement and cost-reduction efforts, acquisition and divestiture activities, and Portfolio Optimization Plan; growth in markets for products in which the Company competes; industry and customer acceptance of price increases; actions by competitors; the Company's ability to enhance its innovation efforts and drive cost efficiencies; 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, 2024, 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, 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. Sensient Technologies Corporation (In thousands) (Unaudited) Consolidated Condensed Balance Sheets June 30, December 31, 2025 2024 Cash and cash equivalents $ 56,686 $ 26,626 Trade accounts receivable 333,951 290,087 Inventories 619,595 600,302 Prepaid expenses and other current assets 54,221 44,871 Fixed assets held for sale 1,629 - Total Current Assets 1,066,082 961,886 Goodwill & intangible assets (net) 451,942 423,658 Property, plant, and equipment (net) 515,469 491,587 Other assets 171,068 146,663 Total Assets $ 2,204,561 $ 2,023,794 Trade accounts payable $ 121,442 $ 139,052 Short-term borrowings 26,280 19,848 Other current liabilities 103,402 111,739 Total Current Liabilities 251,124 270,639 Long-term debt 710,119 613,523 Accrued employee and retiree benefits 26,865 24,499 Other liabilities 59,332 54,147 Shareholders' Equity 1,157,121 1,060,986 Total Liabilities and Shareholders' Equity $ 2,204,561 $ 2,023,794 Expand Sensient Technologies Corporation (In thousands, except per share amounts) (Unaudited) Consolidated Statements of Cash Flows Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net earnings $ 72,049 $ 61,872 Adjustments to arrive at net cash provided by operating activities: Depreciation and amortization 30,334 29,725 Share-based compensation expense 6,639 4,911 Net loss (gain) on assets 76 (195 ) Portfolio Optimization Plan costs 1,274 1,495 Deferred income taxes 2,711 529 Changes in operating assets and liabilities: Trade accounts receivable (30,293 ) (49,449 ) Inventories (548 ) 36,730 Prepaid expenses and other assets (11,028 ) (6,612 ) Trade accounts payable and other accrued expenses (17,578 ) (22,722 ) Accrued salaries, wages, and withholdings (15,129 ) 7,824 Income taxes (937 ) (6,591 ) Other liabilities 1,734 1,429 Net cash provided by operating activities 39,304 58,946 Cash flows from investing activities: Acquisition of property, plant, and equipment (38,035 ) (22,850 ) Proceeds from sale of assets 56 296 Acquisition of new business (4,867 ) - Other investing activities 1,354 (336 ) Net cash used in investing activities (41,492 ) (22,890 ) Cash flows from financing activities: Proceeds from additional borrowings 106,484 132,189 Debt payments (43,148 ) (120,571 ) Dividends paid (34,700 ) (34,685 ) Other financing activities (2,648 ) (3,016 ) Net cash provided by (used in) financing activities 25,988 (26,083 ) Effect of exchange rate changes on cash and cash equivalents 6,260 (8,568 ) Net increase in cash and cash equivalents 30,060 1,405 Cash and cash equivalents at beginning of period 26,626 28,934 Cash and cash equivalents at end of period $ 56,686 $ 30,339 Supplemental Information Six Months Ended June 30, 2025 2024 Dividends paid per share $ 0.82 $ 0.82 Expand Sensient Technologies Corporation (In thousands, except percentages and per share amounts) (Unaudited) Reconciliation of Non-GAAP Amounts The Company's results for the three and six months ended June 30, 2025 and 2024 include adjusted operating income, adjusted net earnings, and adjusted diluted earnings per share, which, in each case, exclude Portfolio Optimization Plan costs. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 % Change 2025 2024 % Change Operating income (GAAP) $ 57,706 $ 49,657 16.2 % $ 111,236 $ 99,063 12.3 % Portfolio Optimization Plan costs – Cost of products sold 1,789 207 3,603 314 Portfolio Optimization Plan costs – Selling and administrative expenses 1,550 1,545 2,600 4,250 Adjusted operating income $ 61,045 $ 51,409 18.7 % $ 117,439 $ 103,627 13.3 % Net earnings (GAAP) $ 37,587 $ 30,932 21.5 % $ 72,049 $ 61,872 16.4 % Portfolio Optimization Plan costs, before tax 3,339 1,752 6,203 4,564 Tax impact of Portfolio Optimization Plan costs (1) (815 ) (214 ) (1,517 ) (569 ) Adjusted net earnings $ 40,111 $ 32,470 23.5 % $ 76,735 $ 65,867 16.5 % Diluted earnings per share (GAAP) $ 0.88 $ 0.73 20.5 % $ 1.69 $ 1.46 15.8 % Portfolio Optimization Plan costs, net of tax 0.06 0.04 0.11 0.09 Adjusted diluted earnings per share $ 0.94 $ 0.77 22.1 % $ 1.80 $ 1.56 15.4 % Note: Earnings per share calculations may not foot due to rounding differences. (1) Tax impact adjustments were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates. Results by Segment Three Months Ended June 30, Adjusted Adjusted Operating Income 2025 Adjustments (2) 2025 2024 Adjustments (2) 2024 Flavors & Extracts $ 28,506 $ - $ 28,506 $ 26,209 $ - $ 26,209 Color 38,922 - 38,922 31,502 - 31,502 Asia Pacific 8,943 - 8,943 7,880 - 7,880 Corporate & Other (18,665 ) 3,339 (15,326 ) (15,934 ) 1,752 (14,182 ) Consolidated $ 57,706 $ 3,339 $ 61,045 $ 49,657 $ 1,752 $ 51,409 Results by Segment Six Months Ended June 30, Adjusted Adjusted Operating Income 2025 Adjustments (2) 2025 2024 Adjustments (2) 2024 Flavors & Extracts $ 53,495 $ - $ 53,495 $ 49,887 $ - $ 49,887 Color 73,774 - 73,774 63,181 - 63,181 Asia Pacific 18,385 - 18,385 16,656 - 16,656 Corporate & Other (34,418 ) 6,203 (28,215 ) (30,661 ) 4,564 (26,097 ) Consolidated $ 111,236 $ 6,203 $ 117,439 $ 99,063 $ 4,564 $ 103,627 (2) Adjustments consist of Portfolio Optimization Plan costs. Expand Sensient Technologies Corporation (Unaudited) Reconciliation of Non-GAAP Amounts - Continued The following table summarizes the percentage change in the 2025 results compared to the 2024 results for the corresponding periods. Three Months Ended June 30, 2025 Revenue Total Foreign Exchange Rates Adjustments (3) Local Currency Adjusted Flavors & Extracts (2.8 %) 0.4 % N/A (3.2 %) Color 6.9 % 0.3 % N/A 6.6 % Asia Pacific 10.8 % 3.2 % N/A 7.6 % Total Revenue 2.7 % 0.6 % N/A 2.1 % Operating Income Flavors & Extracts 8.8 % 0.2 % 0.0 % 8.6 % Color 23.6 % 1.5 % 0.0 % 22.1 % Asia Pacific 13.5 % 5.5 % 0.0 % 8.0 % Corporate & Other 17.1 % 0.0 % 9.0 % 8.1 % Total Operating Income 16.2 % 1.9 % (2.6 %) 16.9 % Diluted Earnings Per Share 20.5 % 1.3 % (1.6 %) 20.8 % Adjusted EBITDA 15.4 % 1.3 % N/A 14.1 % Six Months Ended June 30, 2025 Revenue Total Foreign Exchange Rates Adjustments (3) Local Currency Adjusted Flavors & Extracts (1.3 %) (0.4 %) N/A (0.9 %) Color 5.9 % (1.5 %) N/A 7.4 % Asia Pacific 7.3 % 1.1 % N/A 6.2 % Total Revenue 2.3 % (0.8 %) N/A 3.1 % Operating Income Flavors & Extracts 7.2 % (0.3 %) 0.0 % 7.5 % Color 16.8 % (1.0 %) 0.0 % 17.8 % Asia Pacific 10.4 % 2.9 % 0.0 % 7.5 % Corporate & Other 12.3 % 0.0 % 4.2 % 8.1 % Total Operating Income 12.3 % (0.3 %) (1.0 %) 13.6 % Diluted Earnings Per Share 15.8 % 0.0 % (0.2 %) 16.0 % Adjusted EBITDA 11.7 % (0.4 %) N/A 12.1 % (3) Adjustments consist of Portfolio Optimization Plan costs. Expand Sensient Technologies Corporation (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 and six months ended June 30, 2025 and 2024. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 % Change 2025 2024 % Change Operating income (GAAP) $ 57,706 $ 49,657 16.2 % $ 111,236 $ 99,063 12.3 % Depreciation and amortization 15,260 15,016 30,334 29,725 Share-based compensation expense 3,739 2,916 6,639 4,911 Portfolio Optimization Plan costs, before tax 3,339 1,752 6,203 4,564 Adjusted EBITDA $ 80,044 $ 69,341 15.4 % $ 154,412 $ 138,263 11.7 % The following table summarizes the reconciliation between Debt (GAAP) and Net Debt, and Operating Income (GAAP) and Credit Adjusted EBITDA for the trailing twelve months ended June 30, 2025 and 2024. June 30, Debt 2025 2024 Short-term borrowings $ 26,280 $ 26,995 Long-term debt 710,119 634,663 Credit Agreement adjustments (4) (43,393 ) (18,034 ) Net Debt $ 693,006 $ 643,624 Operating income (GAAP) $ 203,752 $ 151,657 Depreciation and amortization 60,938 58,955 Share-based compensation expense 11,812 9,078 Portfolio Optimization Plan costs, before tax 8,270 32,405 Other non-operating gains (5) (816 ) (872 ) Credit Adjusted EBITDA $ 283,956 $ 251,223 Net Debt to Credit Adjusted EBITDA 2.4x 2.6x (4) Adjustments include cash and cash equivalents, as described in the Company's Fourth Amended and Restated Credit Agreement (Credit Agreement), and certain letters of credit and hedge contracts. (5) Adjustments consist of certain financing transaction costs, certain non-financing interest items, and gains and losses related to certain non-cash, non-operating, and/or non-recurring items as described in the Credit Agreement. 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. Expand Category: Earnings Source: Sensient Technologies Corporation

Coal Isn't Dead Yet: Global Trends Defy Climate Pledges
Coal Isn't Dead Yet: Global Trends Defy Climate Pledges

Forbes

timean hour ago

  • Forbes

Coal Isn't Dead Yet: Global Trends Defy Climate Pledges

WASHINGTON, DC - APRIL 08: U.S. President Donald Trump speaks alongside coal and energy ... More workers during an executive order signing ceremony in the East Room of the White House on April 08, 2025 in Washington, DC. The Trump administration has elected to roll back Biden-era environmental policies with the intention to help revive coal-fired power plants. (Photo by) Despite years of climate summits and net-zero targets, global coal consumption and production both hit record highs in 2024. According to the newly released 2025 Statistical Review of World Energy, global coal demand reached an all-time high of 165.1 exajoules (EJ), a powerful reminder of how deeply the world still relies on this carbon-intensive fuel. The Asia-Pacific Powerhouse At the heart of coal's resilience is Asia. China alone accounted for a staggering 56% of global coal consumption last year, burning through 92.2 EJ. That's an increase of nearly 17% since 2017, despite repeated predictions that China had already passed 'peak coal.' The reality is that coal remains the backbone of China's electricity system, industrial activity, and energy security strategy. India, too, has doubled down on coal. Consumption there climbed to 21.8 EJ, up nearly 45% from a decade earlier. A combination of rising electricity demand, a lack of natural gas infrastructure, and favorable government policies continues to drive growth. The broader Asia-Pacific region tells a similar story. Nations like Indonesia, Vietnam, and Bangladesh are rapidly expanding coal use as they build out electricity grids and industrial capacity. For these countries, coal remains cheap, reliable, and—in many cases—domestically abundant. While wealthier nations are pushing renewables, many developing economies simply can't afford the transition at the same pace. Decline Elsewhere—But Not Enough Coal use continues to fall across much of the OECD. Europe, for example, saw consumption drop to 10 EJ in 2024, continuing a steady downward trend even amid energy security concerns following Russia's invasion of Ukraine. There were some short-lived spikes in places like Germany and Poland, but the overall direction remains lower. Coal Consumption 1965-2024. In the U.S., coal use came in at 9.9 EJ—well below historical highs but showing a small post-COVID rebound. America's power sector has largely shifted to natural gas and renewables, and the long-term trajectory remains downward. Yet these declines aren't enough to offset growth in the developing world. Non-OECD countries now account for about 71% of global coal consumption, up from 63% just a decade ago. The energy divide is widening, and it has significant implications for both climate policy and resource security. Production Keeps Pace—For Now Coal production also surged in 2024, hitting a new global record of 182 EJ. China again leads the way, producing more than half the world's coal—94 EJ in total. India continued its rapid expansion, more than doubling its output since 2006. Indonesia, too, has nearly quadrupled production over that period, largely to meet export demand from Asia. In contrast, the U.S. and Russia hold massive coal reserves but have adopted more cautious production strategies. The U.S. produced 23 EJ in 2024, about 12% of the global total. Russia has plateaued around 9.2 EJ, in part due to sanctions and shifting market dynamics. Non-OECD countries now supply over 60% of global coal output, up from 45% in 2006. This underscores a broader trend: the coal economy is increasingly centered in the Global South, where energy demand is still growing rapidly and alternative infrastructure is limited. A Word on Reserves An important context is that the world still has plenty of coal. The U.S. has the largest proven reserves, with a reserves-to-production (R/P) ratio exceeding 500 years. Russia, Australia, and India also boast deep reserves, although China's are being depleted far more quickly—its R/P ratio is just 37 years. Still, not all reserves are created equally. Countries like Germany and Poland have large deposits of lignite, which is less energy-dense and more polluting than higher-grade coals. Meanwhile, nations like Indonesia and Australia hold coal that is more export-friendly, giving them an edge in global markets. The Infrastructure Trap Part of what keeps coal in play is infrastructure inertia. Across Asia, decades of investment in coal plants, rail networks, and ports have created a system that's hard to unwind. Coal provides steady baseload power in a way that intermittent renewables currently can't—especially in places where battery storage and LNG terminals are lacking. Governments are responding to surging demand with a mix of pragmatism and contradiction. China and India are investing heavily in renewables, but they're also approving new coal projects to avoid blackouts. Subsidies and favorable mining policies persist, even as leaders make high-profile climate pledges. Final Thoughts Global coal use isn't going away any time soon. To the contrary, global coal consumption still growing. The world's wealthiest nations are moving away from it, but the momentum in Asia and the Global South is more than enough to offset those declines. For better or worse, coal remains a pillar of global energy—driven by affordability, energy security, and infrastructure lock-in. The challenge for policymakers is to reconcile this reality with climate goals. Until the world finds scalable, affordable alternatives for baseload power in emerging economies, coal will continue to thrive. And that makes bridging the gap between ambition and reality more important—and more difficult—than ever.

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