Business
Balchem Corporation Reports Fourth Quarter and Full Year 2023 Financial Results
MONTVALE, N.J., Feb. 16, 2024 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today financial results for its 2023 fiscal fourth quarter ended
About this update from Balchem Corporation
[{"type":"text","content":"MONTVALE, N.J., Feb. 16, 2024 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today financial results for its 2023 fiscal fourth quarter ended December 31, 2023. The Company reported quarterly net sales of $228.7 million, quarterly net earnings of $26.6 million, adjusted EBITDA(a) of $55.4 million, and free cash flow(a) of $56.0 million. Ted Harris, Chairman, CEO, and President of Balchem said, “The fourth quarter capped off another solid year for Balchem. We delivered record fourth quarter adjusted EBITDA and very strong free cash flow, despite the continued challenging demand environment in parts of our portfolio. I am particularly pleased with our Human Nutrition and Health segment posting record fourth quarter sales and earnings.” Fourth Quarter 2023 Financial Highlights: GAAP net earnings were $26.6 million, an increase of 24.5% from the prior year.Adjusted EBITDA was $55.4 million, an increase of 5.4% from the prior year quarter.GAAP earnings per share of $0.82 compared to $0.66 in the prior year quarter and adjusted earnings per share(a) of $0.95 compared to $0.94 in the prior year quarter.Cash flows from operations were $67.4 million for the fourth quarter 2023, with record quarterly free cash flow(a) of $56.0 million, up 103.4% from the prior year quarter.Record Human Nutrition & Health segment sales of $138.0 million, an increase of 5.8% compared to the prior year quarter with record earnings from operations of $25.2 million, up 43.8%. Mr. Harris added, “Our full year 2023 results highlight the resilience of our business model in a challenging and volatile market environment. While full year 2023 net sales were down modestly, we delivered record adjusted EBITDA and generated record free cash flow, allowing us to further strengthen our balance sheet, while returning $25.4 million to our shareholders in a double digit increase to our dividend, all while continuing to advance our strategic growth initiatives.” Full Year 2023 Financial Highlights: GAAP net earnings were $108.5 million, an increase of 3.0% from the prior year. These net earnings resulted in GAAP earnings per share of $3.35 compared to $3.25 in the prior year.Adjusted EBITDA was $230.9 million, an increase of 7.1%, from the prior year.Cash flows from operations were $183.8 million for 2023, with record full year free cash flow of $151.1 milli...