SENSIENT TECHNOLOGIES CORP
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 5, 2025
SXT$119.19-0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-06.
0001140361-25-017482
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001140361-25-028777
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 59 previous paragraphs and 71 current paragraphs.
37 unchanged; 18 reworded; 16 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
Revenue was $414.2 million and $403.5 million for the three months ended June 30, 2025 and 2024, respectively. Revenue was $806.6 million and $788.2 million for the six months ended June 30, 2025 and 2024, respectively. The increase in revenue for the three and six months ended June 30, 2025 was primarily due to higher selling prices. For the three and six months ended June 30, 2025, the impact of foreign exchange rates increased consolidated revenue by approximately 1% and decreased revenue by approximately 1%, respectively.
Current report
Operating income was $111.2 million and $99.1 million for the six months ended June 30, 2025 and 2024, respectively. Operating margins were 13.8% and 12.6% for the six months ended June 30, 2025 and 2024, respectively. Portfolio Optimization Plan costs decreased operating margins by approximately 80 and 50 basis points for the six months ended June 30, 2025 and 2024, respectively. The increase in operating margin was primarily due to the higher selling prices, partially offset by higher raw material costs and higher performance-based executive compensation costs incurred in 2025.
Current report
Note: Refer to table above for a reconciliation of these non-GAAP measures.
Current report
Flavors & Extracts segment revenue was $203.3 million and $209.2 million for the three months ended June 30, 2025 and 2024, respectively, a decrease of approximately 3%. The decrease was a result of lower revenue in Natural Ingredients, partially offset by higher revenue in Flavors, Extracts & Flavor Ingredients. The lower revenue in Natural Ingredients was due to lower volumes, partially offset by higher selling prices. The higher revenue in Flavors, Extracts & Flavor Ingredients was primarily due to higher volumes and selling prices. Foreign exchange rates had an immaterial impact on segment revenue for the three months ended June 30, 2025.
Current report
Flavors & Extracts segment revenue was $396.9 million and $402.3 million for the six months ended June 30, 2025 and 2024, respectively, a decrease of approximately 1%. The decrease was a result of lower revenue in Natural Ingredients, partially offset by higher revenue in Flavors, Extracts & Flavor Ingredients. The lower revenue in Natural Ingredients was due to lower volumes, partially offset by higher selling prices. The higher revenue in Flavors, Extracts & Flavor Ingredients was primarily due to higher volumes and selling prices. Foreign exchange rates had an immaterial impact on segment revenue for the six months ended June 30, 2025.
Current report
Flavors & Extracts segment operating income was $53.5 million and $49.9 million for the six months ended June 30, 2025 and 2024, respectively, an increase of approximately 7%. The higher segment operating income was a result of higher operating income in Flavors, Extracts & Flavor Ingredients, partially offset by lower operating income in Natural Ingredients. The higher segment operating income in Flavors, Extracts & Flavor Ingredients was primarily due to higher selling prices, higher volumes, and lower manufacturing and other costs. The lower segment operating income in Natural Ingredients was primarily due to higher raw material costs and lower volumes, partially offset by higher selling prices. Segment operating income as a percent of revenue was 13.5% in the current six month period compared to 12.4% in the prior year’s comparable six month period. Foreign exchange rates had an immaterial impact on segment operating income for the six months ended June 30, 2025.
Current report
Segment revenue for the Color segment was $179.3 million and $167.7 million for the three months ended June 30, 2025 and 2024, respectively, an increase of approximately 7%. The increase was primarily a result of higher revenue in Food & Pharmaceutical Colors, primarily due to higher volumes and selling prices. Foreign exchange rates had an immaterial impact on segment revenue for the three months ended June 30, 2025.
Current report
Segment operating income for the Color segment was $38.9 million and $31.5 million for the three months ended June 30, 2025 and 2024, respectively, an increase of approximately 24%. The increase in segment operating income was primarily a result of higher operating income in Food & Pharmaceutical Colors, primarily due to higher selling prices and volumes, partially offset by higher raw material costs. Foreign exchange rates increased segment operating income by approximately 2%. Segment operating income as a percent of revenue was 21.7% in the current quarter and 18.8% in the prior year’s comparable quarter.
Current report
Segment revenue for the Asia Pacific segment was $42.7 million and $38.6 million for the three months ended June 30, 2025 and 2024, respectively, an increase of approximately 11%. The increase was a result of higher selling prices, higher volumes, and the favorable impact of foreign exchange rates that increased segment revenue by approximately 3%.
Current report
Segment revenue for the Asia Pacific segment was $84.6 million and $78.9 million for the six months ended June 30, 2025 and 2024, respectively, an increase of approximately 7%. The increase was a result of higher volumes, higher selling prices, and the favorable impact of foreign exchange rates that increased segment revenue by approximately 1%.
Current report
Segment operating income for the Asia Pacific segment was $8.9 million and $7.9 million for the three months ended June 30, 2025 and 2024, respectively, an increase of approximately 14%. The increase was primarily a result of higher selling prices and volumes and the favorable impact of foreign exchange rates that increased segment operating income by approximately 6%, partially offset by higher manufacturing and other costs. Segment operating income as a percent of revenue was 20.9% in the current quarter and 20.4% in the prior year’s comparable quarter.
Current report
Segment operating income for the Asia Pacific segment was $18.4 million and $16.7 million for the six months ended June 30, 2025 and 2024, respectively, an increase of approximately 10%. The increase was primarily a result of higher selling prices and volumes and the favorable impact of foreign exchange rates that increased segment operating income by approximately 3%, partially offset by higher manufacturing and other costs. Segment operating income as a percent of revenue was 21.7% in the current six month period and 21.1% in the prior year’s comparable period.
Current report
Index
Current report
The Corporate & Other operating expense was $34.4 million and $30.7 million for the six months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, Corporate & Other operating expenses were increased by Portfolio Optimization Plan costs totaling $6.2 million and $4.6 million, respectively. See the Portfolio Optimization Plan section above for further information. The remaining increase in Corporate & Other operating expenses was primarily due to higher performance-based executive compensation costs incurred in 2025.
Current report
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The OBBBA includes a broad range of tax reform provisions, such as the extension of certain expiring provisions, modifications to the international tax framework, and the continuation of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing its impact on our consolidated financial statements.
Removed paragraphs (4)
Previous report
Revenue was $392.3 million and $384.7 million for the three months ended March 31, 2025 and 2024, respectively. The increase in revenue was primarily due to favorable pricing and higher volumes, partially offset by the unfavorable impact of foreign exchange rates that decreased revenue by approximately 2%.
Previous report
Flavors & Extracts segment revenue was $193.7 million and $193.1 million for the three months ended March 31, 2025 and 2024, respectively, an immaterial increase. Foreign exchange rates decreased segment revenue by approximately 1%.
Previous report
Segment revenue for the Asia Pacific segment was $41.9 million and $40.3 million for the three months ended March 31, 2025 and 2024, respectively, an increase of approximately 4%. The increase was primarily due to higher volumes, partially offset by the unfavorable impact of foreign exchange rates that decreased segment revenue by approximately 1%.
Previous report
Segment operating income for the Asia Pacific segment was $9.4 million and $8.8 million for the three months ended March 31, 2025 and 2024, respectively, an increase of approximately 8%. Foreign exchange rates increased segment operating income by approximately 1%. Segment operating income as a percent of revenue was 22.5% in the current quarter and 21.8% in the prior year’s comparable quarter.
Reworded paragraphs (18)
Previous wording
The Company’s gross margin was 33.6% and 32.9% for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, Portfolio Optimization Plan costs totaling $1.8 million decreased gross margin by 50 basis points. Portfolio Optimization Plan costs for the three months ended March 31, 2024 had an immaterial impact on gross margin. See Portfolio Optimization Plan below for further information. The Company’s gross margin was further impacted by the favorable pricing and higher volumes, partially offset by higher raw material costs.
Current wording
The Company’s gross margin was 34.5% and 32.4% for the three months ended June 30, 2025 and 2024, respectively. The Company’s gross margin was 34.0% and 32.6% for the six months ended June 30, 2025 and 2024, respectively. For the three and six months ended June 30, 2025, Portfolio Optimization Plan costs totaling $1.8 million and $3.6 million, respectively, decreased gross margin by 40 and 50 basis points, respectively. Portfolio Optimization Plan costs for the three and six months ended June 30, 2024 had an immaterial impact on gross margin. See Portfolio Optimization Plan below for further information. The Company’s gross margins for the three and six months ended June 30, 2025 were further impacted by the favorable pricing, partially offset by higher raw material costs.
Previous wording
Selling and administrative expense as a percent of revenue was 19.9% and 20.1% for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025 and 2024, selling and administrative expenses were increased by Portfolio Optimization Plan costs totaling $1.1 million and $2.7 million, respectively, which increased selling and administrative expenses as a percent of revenue by approximately 20 and 70 basis points, respectively. See Portfolio Optimization Plan below for further information. The decrease in Portfolio Optimization Plan costs as a percent of revenue was offset by higher performance-based executive compensation costs incurred in 2025.
Current wording
Selling and administrative expense as a percent of revenue was 20.6% and 20.1% for the three months ended June 30, 2025 and 2024, respectively. Selling and administrative expense as a percent of revenue was 20.3% and 20.1% for the six months ended June 30, 2025 and 2024, respectively. For the three months ended June 30, 2025 and 2024, selling and administrative expenses were increased by Portfolio Optimization Plan costs totaling $1.6 and $1.5 million, respectively, which increased selling and administrative expenses as a percent of revenue by approximately 40 basis points for each period. For the six months ended June 30, 2025 and 2024, selling and administrative expenses were increased by Portfolio Optimization Plan costs totaling $2.6 million and $4.3 million, respectively, which increased selling and administrative expenses as a percent of revenue by approximately 40 and 60 basis points, respectively. See Portfolio Optimization Plan below for further information. The remaining increase in selling and administrative expense as a percent of revenue for the three and six months ended June 30, 2025 was primarily due to higher performance-based executive compensation costs incurred in 2025.
Previous wording
Operating income was $53.5 million and $49.4 million for the three months ended March 31, 2025 and 2024, respectively. Operating margins were 13.6% and 12.8% for the three months ended March 31, 2025 and 2024, respectively. Portfolio Optimization Plan costs decreased operating margins by approximately 80 basis points for both the three months ended March 31, 2025 and 2024. The increase in operating margin was primarily due to favorable pricing and higher volumes, partially offset by higher raw material costs and higher performance-based executive compensation costs incurred in 2025.
Current wording
Operating income was $57.7 million and $49.7 million for the three months ended June 30, 2025 and 2024, respectively. Operating margins were 13.9% and 12.3% for the three months ended June 30, 2025 and 2024, respectively. Portfolio Optimization Plan costs decreased operating margins by approximately 80 and 40 basis points for the three months ended June 30, 2025 and 2024, respectively. The increase in operating margin was primarily due to the higher selling prices, partially offset by higher raw material costs and higher performance-based executive compensation costs incurred in 2025.
Previous wording
Interest expense was $7.3 million and $7.0 million for the three months ended March 31, 2025 and 2024, respectively. The increase in expense was primarily due to an increase in the average interest rate.
Current wording
Interest expense was $7.4 million and $7.7 million for the three months ended June 30, 2025 and 2024, respectively, and $14.7 million for both the six months ended June 30, 2025 and 2024. The decrease in expense for the three months ended June 30, 2025 was primarily due to a decrease in the average interest rate.
Previous wording
The effective income tax rates for the three months ended March 31, 2025 and 2024, were 25.4% and 27.0%, respectively. The effective tax rates for the three months ended March 31, 2025 and 2024 were both impacted by changes in estimates associated with the finalization of prior year foreign tax items and the mix of foreign earnings. The effective tax rate for the three months ended March 31, 2024 was further impacted by the limited tax deductibility of costs related to the Portfolio Optimization Plan.
Current wording
The effective income tax rates for the three months ended June 30, 2025 and 2024, were 25.3% and 26.4%, respectively. For the six months ended June 30, 2025 and 2024, the effective income tax rates were 25.3% and 26.7%, respectively. The effective tax rates for the three and six months ended June 30, 2025 and 2024 were both impacted by the mix of foreign earnings and changes in estimates associated with the finalization of prior year foreign tax items. The effective tax rates for both the three and six months ended June 30, 2024 were further impacted by the limited tax deductibility of costs related to the Portfolio Optimization Plan.
Previous wording
On February 14, 2025, the Company acquired Biolie SAS, a natural color extraction business located in France. The Company paid $4.8 million in cash for this acquisition, which is net of $0.2 million in debt assumed, with $0.5 million of such amount being held back by the Company for 60 days to satisfy any necessary working capital and net debt adjustments. The assets acquired and liabilities assumed were recorded at their estimated fair value as of the acquisition date. The Company acquired net assets of $0.3 million, with the remaining $4.5 million allocated to goodwill. This business is part of the Color segment.
Current wording
On February 14, 2025, the Company acquired Biolie SAS, a natural color extraction business located in France. The Company paid $4.9 million in cash for this acquisition, which is net of $0.2 million in debt assumed. The assets acquired and liabilities assumed were recorded at their estimated fair value as of the acquisition date. The Company acquired net assets of $0.3 million, with the remaining $4.6 million allocated to goodwill. This business is part of the Color segment.
Previous wording
The Company’s Felinfach site will continue to operate until all production activities have successfully transferred to other locations, and then will be closed. The Company has substantially completed all other actions contemplated under the Portfolio Optimization Plan in accordance with local laws.
Current wording
The Company’s Felinfach site was shut down in May 2025, and all production activities have been transferred to other locations. The Company began marketing the Felinfach site for sale in June 2025. The Company has substantially completed all other actions contemplated under the Portfolio Optimization Plan in accordance with local laws.
Previous wording
For the three months ended March 31, 2025, the Company incurred costs of $2.9 million related to the Portfolio Optimization Plan recorded in Corporate & Other, primarily for dual plant operating costs, non-cash inventory charges, professional services, and employee separation costs. For the three months ended March 31, 2024, the Company incurred costs of $2.8 million related to the Portfolio Optimization Plan recorded in Corporate & Other, primarily for costs associated with employee separation and impairment of fixed assets.
Current wording
For the three and six months ended June 30, 2025, the Company incurred costs of $3.3 million and $6.2 million, respectively, related to the Portfolio Optimization Plan recorded in Corporate & Other, primarily for dual plant operating costs, professional services, non-cash inventory charges, decommissioning costs, and employee separation costs. For the three and six months ended June 30, 2024, the Company incurred costs of $1.8 million and $4.6 million, respectively, related to the Portfolio Optimization Plan recorded in Corporate & Other, primarily for costs associated with decommissioning, employee separation, and impairment of fixed assets.
Previous wording
The following table summarizes the percentage change for the results of the three months ended March 31, 2025, compared to the results for the three months ended March 31, 2024, in the respective financial measures.
Current wording
The following table summarizes the percentage change for the results of the three and six months ended June 30, 2025, compared to the results for the three and six months ended June 30, 2024, in the respective financial measures.
Previous wording
Flavors & Extracts segment operating income was $25.0 million and $23.7 million for the three months ended March 31, 2025 and 2024, respectively, an increase of approximately 6%. The higher segment operating income was a result of higher operating income in Flavors, Extracts & Flavor Ingredients, partially offset by lower operating income in Natural Ingredients. The higher operating income in Flavors, Extracts & Flavor Ingredients was primarily due to higher volumes and selling prices. The lower operating income in Natural Ingredients was primarily due to higher raw material costs and lower volumes, partially offset by higher selling prices. Foreign exchange rates decreased segment operating income by approximately 1%. Segment operating income as a percent of revenue was 12.9% in the current quarter compared to 12.3% in the prior year’s comparable quarter.
Current wording
Flavors & Extracts segment operating income was $28.5 million and $26.2 million for the three months ended June 30, 2025 and 2024, respectively, an increase of approximately 9%. The higher segment operating income was a result of higher operating income in Flavors, Extracts & Flavor Ingredients, partially offset by lower operating income in Natural Ingredients. The higher segment operating income in Flavors, Extracts & Flavor Ingredients was primarily due to higher selling prices, higher volumes, and lower manufacturing and other costs. The lower segment operating income in Natural Ingredients was primarily due to higher raw material costs and lower volumes, partially offset by higher selling prices. Segment operating income as a percent of revenue was 14.0% in the current quarter compared to 12.5% in the prior year’s comparable quarter. Foreign exchange rates had an immaterial impact on segment operating income for the three months ended June 30, 2025.
Previous wording
Segment revenue for the Color segment was $167.8 million and $160.0 million for the three months ended March 31, 2025 and 2024, respectively, an increase of approximately 5%. The increase was primarily a result of higher revenue in Food & Pharmaceutical Colors, primarily due to higher volumes and selling prices, partially offset by the unfavorable impact of foreign exchange rates that decreased segment revenue by approximately 3%.
Current wording
Segment revenue for the Color segment was $347.0 million and $327.7 million for the six months ended June 30, 2025 and 2024, respectively, an increase of approximately 6%. The increase was primarily a result of higher revenue in Food & Pharmaceutical Colors, primarily due to higher volumes and selling prices, partially offset by the unfavorable impact of foreign exchange rates that decreased segment revenue by approximately 2%.
Previous wording
Segment operating income for the Color segment was $34.9 million and $31.7 million for the three months ended March 31, 2025 and 2024, respectively, an increase of approximately 10%. The higher segment operating income was a result of higher operating income in Food & Pharmaceutical Colors, partially offset by lower operating income in Personal Care. The higher operating income in Food & Pharmaceutical Colors was primarily due to higher selling prices and volumes, partially offset by higher raw material costs and the unfavorable impact of foreign exchange rates that decreased segment operating income by approximately 4%. The lower operating income in Personal Care was primarily due to higher manufacturing and other costs. Segment operating income as a percent of revenue was 20.8% and 19.8% for the three months ended March 31, 2025 and 2024, respectively.
Current wording
Segment operating income for the Color segment was $73.8 million and $63.2 million for the six months ended June 30, 2025 and 2024, respectively, an increase of approximately 17%. The increase in segment operating income was a result of higher operating income in Food & Pharmaceutical Colors, partially offset by lower operating income in Personal Care. The higher operating income in Food & Pharmaceutical Colors was primarily due to higher selling prices and volumes, partially offset by higher raw material and manufacturing and other costs. The lower operating income in Personal Care was primarily due to higher manufacturing and other costs, partially offset by higher selling prices. Foreign exchange rates decreased segment operating income by approximately 1%. Segment operating income as a percent of revenue was 21.3% in the current six month period and 19.3% in the prior year’s comparable period.
Previous wording
The Corporate & Other operating expense was $15.8 million and $14.7 million for the three months ended March 31, 2025 and 2024, respectively. The higher operating expense was primarily due to higher performance-based executive compensation costs in 2025. Portfolio Optimization Plan costs totaling $2.9 million and $2.8 million also negatively impacted the three months ended March 31, 2025 and 2024, respectively. See the Portfolio Optimization Plan section above for further information.
Current wording
The Corporate & Other operating expense was $18.7 million and $15.9 million for the three months ended June 30, 2025 and 2024, respectively. For the three months ended June 30, 2025 and 2024, Corporate & Other operating expenses were increased by Portfolio Optimization Plan costs totaling $3.3 million and $1.8 million, respectively. See the Portfolio Optimization Plan section above for further information. The remaining increase in Corporate & Other operating expenses was primarily due to higher performance-based executive compensation costs incurred in 2025.
Previous wording
As a result of our ability to manage the impact of inflation through pricing and other actions, the impact of inflation was not material to the Company’s financial position and its results of operations for the three months ended March 31, 2025. The Company has experienced increased costs for certain inputs, such as raw materials, shipping and logistics, and labor-related costs. We continue to expect to manage these impacts in the near term, but persistent, accelerated, or expanded inflationary conditions could exacerbate these challenges and impact our profitability.
Current wording
As a result of our ability to manage the impact of inflation through pricing and other actions, the impact of inflation was not material to the Company’s financial position and its results of operations for the three or six months ended June 30, 2025. The Company has experienced increased costs for certain inputs, such as raw materials, shipping and logistics, and labor. We continue to expect to manage these impacts in the near term, but persistent, accelerated, or expanded inflationary conditions could exacerbate these challenges and impact our profitability.
Previous wording
In the second quarter of 2025, the United States implemented significant new tariffs on imports from a wide range of countries. These actions, and retaliatory tariffs imposed by other countries on United States exports, have led to significant volatility and uncertainty in global markets. The Company anticipates incurring incremental tariff costs on certain raw materials to produce our products and certain finished goods shipped to customers. However, the Company expects to manage the impact of the increased tariff costs through pricing actions. To the extent the Company is unable to offset the increased tariff costs or the tariffs negatively impact demand, the Company’s revenue and profitability would be adversely impacted. If additional tariffs are adopted, the Company would incur additional tariff costs that could be material.
Current wording
The United States has recently implemented significant tariffs on imports from a wide range of countries and has announced the possibility of implementing additional, or increasing current, tariffs. These actions, and retaliatory tariffs imposed by other countries on United States exports, have led to significant volatility and uncertainty in global markets. The Company anticipates incurring incremental tariff costs on certain raw materials to produce our products and certain finished goods shipped to customers. However, the Company expects to manage the impact of the increased tariff costs through pricing actions. To the extent the Company is unable to offset the increased tariff costs, or the tariffs negatively impact demand, the Company’s revenue and profitability would be adversely impacted. If additional tariffs are adopted, the Company would incur additional tariff costs that could be material.
Previous wording
Net cash used in operating activities was $9.0 million and net cash provided by operating activities was $15.1 million for the three months ended March 31, 2025 and 2024, respectively. The decrease in net cash provided by operating activities was primarily due to an increase in the cash used for performance-based compensation payments (which are determined based on prior year performance) made during 2025 compared to 2024 and a decrease in cash provided by inventory during 2025 compared to 2024, partially offset by an increase in cash provided by accounts receivable.
Current wording
Net cash provided by operating activities was $39.3 million and $58.9 million for the six months ended June 30, 2025 and 2024, respectively. The decrease in net cash from operating activities was primarily due to an increase in cash used for performance-based compensation payments (which are determined based on prior year performance) made during 2025 compared to 2024 and a decrease in cash provided by inventory during 2025 compared to 2024, partially offset by an increase in cash provided by accounts receivable.
Previous wording
Net cash used in investing activities was $21.3 million and $10.9 million during the three months ended March 31, 2025 and 2024, respectively. Capital expenditures were $16.9 million and $11.0 million during the three months ended March 31, 2025 and 2024, respectively. In 2025, the Company paid $4.3 million for the acquisition of Biolie SAS.
Current wording
Net cash used in investing activities was $41.5 million and $22.9 million during the six months ended June 30, 2025 and 2024, respectively. Capital expenditures were $38.0 million and $22.9 million during the six months ended June 30, 2025 and 2024, respectively. In 2025, the Company paid $4.9 million for the acquisition of Biolie SAS.
Previous wording
Net cash provided by financing activities was $36.0 million and net cash used in financing activities was $9.1 million for the three months ended March 31, 2025 and 2024, respectively. Net debt increased by $55.7 million and $11.0 million for the three months ended March 31, 2025 and 2024, respectively. For purposes of the cash flow statement, net changes in debt exclude the impact of foreign exchange rates. Dividends of $17.4 million and $17.3 million were paid during the three months ended March 31, 2025 and 2024, respectively. Dividends paid per share were $0.41 for both the three months ended March 31, 2025 and 2024.
Current wording
Net cash provided by financing activities was $26.0 million and net cash used in financing activities was $26.1 million for the six months ended June 30, 2025 and 2024, respectively. Net debt increased by $63.3 million and $11.6 million for the six months ended June 30, 2025 and 2024, respectively. The cash proceeds from the increase in net debt in the current period were primarily used to support capital expenditure investments during the six months ended June 30, 2025. For purposes of the cash flow statement, net changes in debt exclude the impact of foreign exchange rates. Dividends of $34.7 million were paid during both the six months ended June 30, 2025 and 2024. Total dividends of $0.82 per share were paid for both the six months ended June 30, 2025 and 2024.