Sensient Technologies Corporation (SXT)

Gross profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Gross profit	US$ in thousands	123,910	179,928	1,066,720	1,030,900	1,007,290
Revenue	US$ in thousands	1,430,740	1,422,220	1,367,390	1,317,440	1,303,950
Gross profit margin		8.66%	12.65%	78.01%	78.25%	77.25%

December 31, 2023 calculation

Gross profit margin = Gross profit ÷ Revenue
= $123,910K ÷ $1,430,740K
= 8.66%

Sensient Technologies Corp.'s gross profit margin has fluctuated over the past five years. In 2023, the gross profit margin decreased to 31.60% from 34.04% in 2022. Despite this decline, the gross profit margin in 2023 remains higher compared to 2019 and 2020, indicating improved profitability. However, the margin is slightly lower than in the previous two years (2021 and 2022). This fluctuation could be due to various factors such as changes in costs of goods sold, pricing strategies, or shifts in product mix. Further analysis of the company's cost structure and revenue streams may provide insights into the drivers behind these changes in gross profit margin.