Business
Balchem Corporation Reports First Quarter Sales of $174.4 Million, GAAP EPS of $0.61 and Adjusted EPS of $0.81
NEW HAMPTON, N.Y., May 01, 2020 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today for the first quarter 2020 net earnings of $19.8
About this update from Balchem Corporation
[{"type":"text","content":"NEW HAMPTON, N.Y., May 01, 2020 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today for the first quarter 2020 net earnings of $19.8 million, compared to net earnings of $18.8 million for the first quarter 2019. First quarter adjusted net earnings(a) were $26.4 million, compared to $23.7 million in the prior year quarter and adjusted EBITDA(a) was $42.4 million compared to $39.7 million in the prior year quarter.\n First Quarter 2020 Financial Highlights: Net sales of $174.4 million, an increase of $17.4 million, or 11.1%, compared to the prior year quarter.Year over year sales growth in Human Nutrition and Heath, Animal Nutrition and Health, and Specialty Products.First quarter GAAP net earnings were $19.8 million, an increase of $1.0 million, or 5.2% from the prior year. These net earnings resulted in GAAP earnings per share of $0.61.First quarter adjusted net earnings of $26.4 million increased $2.7 million or 11.4% from the prior year, resulting in adjusted earnings per share(a) of $0.81.Quarterly adjusted EBITDA was $42.4 million, an increase of $2.7 million, or 6.8%, from the prior year.Quarterly cash flows from operations were $22.6 million for the first quarter 2020, an increase of 0.4% from the prior year, with quarterly free cash flow(a) of $17.4 million, an increase of 24% from the prior year. Recent Highlights: In order to align with our strategic focus on health and nutrition, effective in Q1 2020, we have revised our presentation to three reportable segments: Human Nutrition and Health, Animal Nutrition and Health, and Specialty Products. We will continue to serve the Industrial Products business as before, but it will no longer be an individual reportable segment, and instead reported under \"Other and Unallocated.\" This change has no impact to our consolidated financial statements. Ted Harris, Chairman, CEO, and President of Balchem said, “The Balchem team has responded extraordinarily well to the COVID-19 pandemic, with a special caring for one another and a strong sense of purpose. With the safety of our employees as our top priority, we have continued to provide sterilants to the medical device industry, choline to the infant formula manufacturers, minerals and nutrients to the prenatal vitamin makers, mineral micro-nutrients to the agriculture industry, vital nutrients and minerals to the a...