Business
Balchem Corporation Reports Record Fourth Quarter Sales of $213.1 Million and Net Earnings of $24.9 Million, GAAP EPS of $0.76 and Adjusted EPS of $0.85
NEW HAMPTON, N.Y., Feb. 18, 2022 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today fourth quarter net earnings of $24.9 million for 2021,
About this update from Balchem Corporation
[{"type":"text","content":"NEW HAMPTON, N.Y., Feb. 18, 2022 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today fourth quarter net earnings of $24.9 million for 2021, compared to net earnings of $22.2 million for the fourth quarter 2020. Fourth quarter adjusted net earnings(a) were $27.8 million, compared to $26.9 million in the prior year quarter. Record fourth quarter adjusted EBITDA(a) was $45.6 million, compared to $43.6 million in the prior year quarter. Balchem Corporation also reported for the full year 2021 net earnings of $96.1 million, compared to net earnings of $84.6 million for 2020. Full year adjusted net earnings were $116.6 million, compared to $107.8 million in the prior year, and full year adjusted EBITDA was $189.8 million, compared to $174.2 million in the prior year. Fourth Quarter 2021 Financial Highlights: Record net sales of $213.1 million, increased $32.4 million, or 17.9%, compared to the prior year quarter with quarterly sales growth in all three segments; Human Nutrition and Health, Animal Nutrition and Health, and Specialty Products. Record fourth quarter adjusted EBITDA was $45.6 million, an increase of $2.1 million, or 4.7%, from the prior year. GAAP net earnings were $24.9 million, an increase of $2.8 million, or 12.6% from the prior year. These net earnings resulted in GAAP earnings per share of $0.76. Adjusted net earnings of $27.8 million increased $1.0 million or 3.5% from the prior year, resulting in adjusted earnings per share(a) of $0.85. The effective tax rate of 24.7% was 375 basis points higher than the prior year tax rate of 21.0%. Cash flows from operations were $44.5 million for the fourth quarter 2021, with quarterly free cash flow(a) of $30.5 million. Full Year 2021 Financial Highlights: Record full year net sales of $799.0 million, increased $95.4 million, or 13.6%, compared to the prior year's full year net sales with record sales achieved in all three segments; Human Nutrition and Health, Animal Nutrition and Health, and Specialty Products. Record adjusted EBITDA was $189.8 million, an increase of $15.6 million, or 8.9%, from the prior year. Record GAAP net earnings were $96.1 million, an increase of $11.5 million, or 13.6% from the prior year. These net earnings resulted in record GAAP earnings per share of $2.94. Record adjusted net earnings of $116.6 million increased $8.8 million or 8...