Business
Balchem Corporation Reports First Quarter Sales of $228.9 Million, Net Earnings of $28.9 Million, GAAP EPS of $0.89, and Adjusted EPS of $1.03
NEW HAMPTON, N.Y., April 29, 2022 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today first quarter net earnings of $28.9 million for 2022,
About this update from Balchem Corporation
[{"type":"text","content":"NEW HAMPTON, N.Y., April 29, 2022 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today first quarter net earnings of $28.9 million for 2022, compared to net earnings of $23.4 million for the first quarter 2021. Quarterly adjusted net earnings(a) were $33.4 million, compared to $28.4 million in the prior year quarter. Quarterly adjusted EBITDA(a) was $53.6 million, compared to $45.7 million in the prior year quarter. First Quarter 2022 Financial Highlights: Record net sales of $228.9 million, an increase of 23.3% compared to the prior year quarter with quarterly double-digit sales growth in all three segments: Human Nutrition and Health, Animal Nutrition and Health, and Specialty Products.Record adjusted EBITDA was $53.6 million, an increase of 17.2% from the prior year.GAAP net earnings were $28.9 million, an increase of 23.6% from the prior year. These net earnings resulted in GAAP earnings per share of $0.89.Record adjusted net earnings of $33.4 million, an increase of 17.3% from the prior year, resulting in record adjusted earnings per share(a) of $1.03.The effective tax rate of 23.1% was 120 basis points higher than the prior year tax rate of 21.9%.Cash flows from operations were $7.0 million for the first quarter of 2022, with quarterly free cash flow(a) of $(2.8) million. Recent Highlights: On April 22, we released our 2021 Sustainability Report, which captures the Company's commitment to managing our Environmental, Social and Governance (ESG) performance. Balchem’s sustainability initiatives are fully integrated into our business strategy and are critical to our vision of making the world a healthier place. We took meaningful steps toward advancing diversity, inclusion, and belonging at Balchem, and remain committed to fostering a diverse and inclusive culture in which everyone feels welcomed, valued, and appreciated, while inspiring our external stakeholders to share our vision. Our Sustainability Report demonstrates the Company's continuing promise to provide our employees, customers, shareholders and the communities within which we operate with information on Balchem’s sustainability initiatives and includes our progress on our 2030 goals and strategies for both emissions and water usage reduction by 25%. Ted Harris, Chairman, CEO, and President of Balchem said, “We are very pleased to have continued t...