Business
Balchem Corporation Reports Record Third Quarter Sales of $197.9 Million, Net Earnings of $25.0 Million, GAAP EPS of $0.77, and Adjusted EPS of $0.92
NEW HAMPTON, N.Y., Oct. 29, 2021 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today record third quarter net earnings of $25.0 million for
About this update from Balchem Corporation
[{"type":"text","content":"NEW HAMPTON, N.Y., Oct. 29, 2021 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today record third quarter net earnings of $25.0 million for 2021, compared to net earnings of $21.6 million for the third quarter 2020, record third quarter adjusted net earnings(a) of $30.0 million, compared to $26.9 million in the prior year quarter, and record third quarter adjusted EBITDA(a) of $48.3 million, compared to $44.4 million in the prior year quarter. Third Quarter 2021 Financial Highlights: Net sales were $197.9 million, an increase of $22.7 million, or 13.0%, compared to the prior year quarter, with record third quarter sales in all three segments: Human Nutrition and Health, Animal Nutrition and Health, and Specialty Products.Adjusted EBITDA was $48.3 million, an increase of $3.9 million, or 8.8%, from the prior year.GAAP net earnings were $25.0 million, an increase of $3.4 million, or 16.0% from the prior year. These net earnings resulted in GAAP earnings per share of $0.77.Adjusted net earnings were $30.0 million, an increase of $3.1 million or 11.3% from the prior year. These adjusted net earnings resulted in adjusted earnings per share(a) of $0.92.The effective tax rate of 22.0% was 67 basis points lower than the prior year tax rate of 22.7%.Quarterly cash flows from operations were $39.6 million, an increase of $4.3 million from the prior year, with quarterly free cash flow(a) of $31.1 million compared to $28.3 million for the prior year quarter. Recent Highlights: In the third quarter, the updated NRC publication Nutrient Requirements of Dairy Cattle was previewed and is expected to be officially published in December. The NRC committee of the Academy of Sciences reviewed all of the available research over the past 20 years and validated the beliefs that an effective source of rumen-protected Choline fed to dairy cows, before and after calving, will increase milk production and efficiency in the subsequent lactation cycle, while also reducing the incidence of several metabolic health disorders. This new NRC release clearly validates the importance of an efficacious encapsulated product such as Balchem’s ReaShure®.Within the Specialty Products segment, we started-up a new manufacturing line for our Metalosate® foliar applied plant nutrition products at Balchem’s existing complex in Marano, Italy. This new produ...