CORRECTED-UPDATE 1-Sensient Technologies ups 2011 earnings outlook

Mon Apr 18, 2011 1:03pm EDT

(Corrects to say company is based in Wisconsin, not Illinois)

* Q1 EPS $0.53, in line with estimates

* Rev $349.7 million vs est. $341.9 mln

* Sees FY 2011 EPS $2.28-$2.34 vs est. $2.33 (Follows alerts)

April 18 (Reuters) - Sensient Technologies Corp raised its 2011 earnings forecast and the specialty chemicals company posted a first-quarter profit in line with analysts' estimates on strong demand for natural colours.

The company now expects 2011 earnings of $2.28-$2.34 per share, up from its previous forecast of $2.26-$2.32 per share.

For the first quarter, the company earned 28.4 million, or 53 cents a share, in line with what analysts, according to Thomson Reuters I/B/E/S, had estimated.

Revenue was up 11 percent to $349.7 million, while analysts were expecting revenue of $341.9 million.

Revenue in its Color Group was up 16.4 percent at an all-time high of $125.7 million on strong demand for food and beverage colours.

Shares of the Milwaukee, Wisconsin-based company closed at $36.82 on Friday on the New York Stock Exchange. (Reporting by Mayuresh Tungare in Bangalore;Editing by Vyas Mohan)