Concurrently, we are proactively reducing costs through a Portfolio Optimization Plan that we expect to provide significant cost savings. Overall, I am optimistic about 2024," said Paul Manning, Sensient's Chairman, President, and Chief Executive Officer. The Flavors & Extracts Group reported fourth quarter 2023 revenue of $182.9 million, an increase of $4.0 million versus the prior year's fourth quarter. The Group's revenue benefited from favorable pricing and exchange rates, partially offset by lower volumes, primarily due to customer destocking and market declines in certain product lines. Segment operating income was $18.1 million in the fourth quarter of 2023, a decrease of $3.4 million compared to the prior year's fourth quarter. The lower operating income was primarily due to the lower volumes and higher input costs, partially offset by favorable pricing.