Business
Balchem Corporation Reports Second Quarter Sales of $231.3 Million, with Net Earnings of $30.1 Million, GAAP EPS of $0.93, and Adjusted EPS of $1.06
MONTVALE, N.J., July 28, 2023 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today second quarter net sales of $231.3 million for 2023,
About this update from Balchem Corporation
[{"type":"text","content":"MONTVALE, N.J., July 28, 2023 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today second quarter net sales of $231.3 million for 2023, compared to net sales of $236.7 million in the prior year quarter. Second quarter net earnings were $30.1 million for 2023, compared to net earnings of $29.8 million for the second quarter 2022. Adjusted net earnings(a) were $34.4 million for both the second quarter of 2023 and 2022. Quarterly adjusted EBITDA(a) was $59.1 million, compared to $56.5 million in the prior year quarter. Second Quarter 2023 Financial Highlights: Second quarter net sales were $231.3 million, a decrease of $5.4 million, or 2.3%, compared to the prior year.Record quarterly adjusted EBITDA was $59.1 million, an increase of $2.6 million, or 4.6%, from the prior year.GAAP net earnings were $30.1 million, an increase of $0.3 million, or 1.1% from the prior year. These net earnings resulted in GAAP earnings per share of $0.93.Adjusted net earnings were $34.4 million, flat with the prior year. These adjusted net earnings resulted in adjusted earnings per share(a) of $1.06.The effective tax rate of 21.6% was 255 basis points lower than the prior year tax rate of 24.1%.Cash flows from operations were $35.0 million for the second quarter 2023, with quarterly free cash flow(a) of $31.7 million. Recent Highlights: We mechanically completed a new manufacturing unit for Vitacholine®, Balchem’s leading brand of the essential nutrient choline for human nutrition, to support the worldwide growth in infant, toddler, and adult nutritional formulas as well as dietary supplement and food and beverage fortification applications.Cash flows in the second quarter enabled us to make repayments on our revolving debt of $26.0 million, bringing our net debt to $338.7 million, with an overall leverage ratio on a net debt basis of 1.5 times. Ted Harris, Chairman, CEO, and President of Balchem said, “We delivered solid second quarter financials, and I am particularly pleased with our strong profitability and margin performance as we move forward from the highly inflationary period we experienced over the last two years.” Mr. Harris added, “The broader economic outlook and market demand still shows a high degree of uncertainty and demand patterns have not yet fully normalized, but I believe Balchem’s strong market positions will enabl...