Business
Balchem Corporation Reports Record First Quarter Sales of $232.5 Million, with Net Earnings of $22.7 Million, GAAP EPS of $0.70, and Adjusted EPS of $0.94
MONTVALE, N.J., April 28, 2023 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today first quarter net sales of $232.5 million for 2023,
About this update from Balchem Corporation
[{"type":"text","content":"MONTVALE, N.J., April 28, 2023 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today first quarter net sales of $232.5 million for 2023, compared to net sales of $228.9 million in the prior year quarter. First quarter net earnings were $22.7 million for 2023, compared to net earnings of $28.9 million for the first quarter 2022, with adjusted net earnings(a) of $30.6 million, compared to $33.4 million in the prior year quarter. First quarter adjusted EBITDA(a) was $56.1 million, compared to $53.6 million in the prior year quarter. First Quarter 2023 Financial Highlights: Record first quarter net sales were $232.5 million, an increase of $3.7 million, or 1.6%, compared to the prior year.Record first quarter adjusted EBITDA was $56.1 million, an increase of $2.5 million, or 4.8%, from the prior year.GAAP net earnings were $22.7 million, a decrease of $6.2 million, or 21.5% from the prior year. These net earnings resulted in GAAP earnings per share of $0.70.Adjusted net earnings were $30.6 million, a decrease of $2.8 million or 8.3% from the prior year. These adjusted net earnings resulted in adjusted earnings per share(a) of $0.94.The effective tax rate of 22.0% was 111 basis points lower than the prior year tax rate of 23.1%.Cash flows from operations were $34.8 million for the first quarter 2023, an increase of 396.2% from the prior year, with quarterly free cash flow(a) of $25.2 million. Recent Highlights: On April 26, we released our 2022 Sustainability Report, which captures the Company’s continued commitment to managing our Environmental, Social and Governance (ESG) performance. Our sustainability initiatives are embedded in our business strategies and our Sustainability Report captures the progress made towards not only our 2030 goals around greenhouse gas emissions and water usage reduction by 25%, but also our continued commitment toward advancing diversity, inclusion, and belonging at Balchem. Ted Harris, Chairman, President, and CEO of Balchem said, “We delivered solid first quarter financial performance with sales and adjusted EBITDA growth both compared to prior year’s very strong results, and sequentially compared to the fourth quarter of 2022. The markets continue to be challenging with a high degree of uncertainty around the broader economic outlook, but Balchem’s resilience and strong market positio...