Business
Balchem Corporation Reports Record Third Quarter Sales of $175.1 Million, Net Earnings of $21.6 Million, GAAP EPS of $0.66, and Adjusted EPS of $0.83
NEW HAMPTON, N.Y., Oct. 28, 2020 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today record third quarter net earnings of $21.6 million for
About this update from Balchem Corporation
[{"type":"text","content":"NEW HAMPTON, N.Y., Oct. 28, 2020 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today record third quarter net earnings of $21.6 million for 2020, compared to net earnings of $20.7 million for the third quarter 2019. Record third quarter adjusted net earnings(a) were $26.9 million, compared to $26.3 million in the prior year quarter, and all time record adjusted EBITDA(a) was $44.4 million, compared to $40.4 million in the prior year quarter.\n Third Quarter 2020 Financial Highlights: Net sales of $175.1 million, an increase of $16.5 million, or 10.4%, compared to the prior year quarter, with year over year sales growth in Human Nutrition & Health and Animal Nutrition & Health.GAAP net earnings were $21.6 million, an increase of $0.9 million, or 4.3% from the prior year. These net earnings resulted in GAAP earnings per share of $0.66.Adjusted net earnings of $26.9 million increased $0.6 million or 2.3% from the prior year, resulting in adjusted earnings per share(a) of $0.83.Adjusted EBITDA was $44.4 million, an increase of $4.1 million, or 10.1%, from the prior year.Quarterly cash flows from operations were $35.4 million for the third quarter 2020, with quarterly free cash flow(a) of $28.3 million. Recent Highlights: Strong cash flows in the third quarter enabled the company to make $25.0 million of repayments of its revolving debt, lowering net debt to $114.6 million, with an overall leverage ratio on a net debt basis of 0.7.After a short pause in implementation of our new ERP system across the company due to the pandemic, we successfully resumed our implementation efforts this quarter, adding three additional sites onto the new system. We now have approximately 75% of our revenue on the new system and expect full conversion by the middle of next year.In our continuing effort to advance our Environmental, Social, and Governance efforts, in the third quarter Balchem proudly joined the United Nations Global Compact. This commitment to the Global Compact’s principles is another step in our continuous improvement journey relative to our corporate social responsibilities and in our higher purpose of making the world a healthier place.The COVID-19 response effort has been an ongoing area of focus for the company. We have continued to operate effectively through the pandemic with our focus on employee safety first, k...