Business
Balchem Corporation Reports Fourth Quarter Net Sales Growth of 9.1% and Strong Full Year 2022 Results
MONTVALE, N.J., Feb. 24, 2023 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today fourth quarter net sales of $232.5 million for 2022,
About this update from Balchem Corporation
[{"type":"text","content":"MONTVALE, N.J., Feb. 24, 2023 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today fourth quarter net sales of $232.5 million for 2022, compared to net sales of $213.1 million for the fourth quarter 2021. Fourth quarter net earnings were $21.4 million for 2022, compared to net earnings of $24.9 million for the fourth quarter 2021, with adjusted net earnings(a) of $30.3 million, compared to $27.8 million in the prior year quarter. Fourth quarter adjusted EBITDA(a) was $52.3 million, compared to $45.6 million in the prior year quarter. Balchem Corporation also reported for the full year 2022 net sales of $942.4 million, compared to $799.0 million for 2021. Full year 2022 net earnings were $105.4 million, compared to net earnings of $96.1 million for 2021, with adjusted net earnings of $130.5 million, compared to $116.6 million in the prior year. Full year adjusted EBITDA was $216.1 million, compared to $189.8 million in the prior year. Fourth Quarter 2022 Financial Highlights: Net sales of $232.5 million, an increase of $19.4 million, or 9.1%, compared to the prior year quarter with quarterly sales growth in both the Human Nutrition & Health and Specialty Products segments.Fourth quarter adjusted EBITDA was $52.3 million, an increase of $6.6 million, or 14.6%, from the prior year.GAAP net earnings were $21.4 million, a decrease of $3.5 million, or 14.2% from the prior year. These net earnings resulted in GAAP earnings per share of $0.66.Adjusted net earnings of $30.3 million, an increase of $2.5 million or 9.1% from the prior year, resulting in adjusted earnings per share(a) of $0.94.The effective tax rate of 17.0% was 778 basis points lower than the prior year tax rate of 24.7%.Cash flows from operations were $41.7 million for the fourth quarter 2022, with quarterly free cash flow(a) of $27.5 million. Full Year 2022 Financial Highlights: Record full year net sales of $942.4 million, an increase of $143.3 million, or 17.9%, compared to the prior year's full year net sales with record sales achieved in all three segments: Human Nutrition & Health, Animal Nutrition & Health, and Specialty Products.Record adjusted EBITDA was $216.1 million, an increase of $26.2 million, or 13.8%, from the prior year.Record GAAP net earnings were $105.4 million, an increase of $9.3 million, or 9.6% from the prior year. These net earni...