Business
Balchem Corporation Reports Second Quarter Sales of $236.7 Million, Net Earnings of $29.8 Million, GAAP EPS of $0.92, and Adjusted EPS of $1.07
NEW HAMPTON, N.Y., July 29, 2022 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today second quarter net earnings of $29.8 million for 2022,
About this update from Balchem Corporation
[{"type":"text","content":"NEW HAMPTON, N.Y., July 29, 2022 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today second quarter net earnings of $29.8 million for 2022, compared to net earnings of $22.7 million for the second quarter 2021, adjusted net earnings(a) of $34.4 million, compared to $30.4 million in the prior year quarter, and adjusted EBITDA(a) of $56.5 million, compared to $50.1 million in the prior year quarter. Second Quarter 2022 Financial Highlights: Record net sales were $236.7 million, an increase of $34.3 million, or 17.0%, compared to the prior year quarter, with sales growth in all three segments: Human Nutrition & Health, Animal Nutrition & Health, and Specialty Products.Record adjusted EBITDA was $56.5 million, an increase of $6.3 million, or 12.6%, from the prior year.GAAP net earnings were $29.8 million, an increase of $7.1 million, or 31.0% from the prior year. These net earnings resulted in GAAP earnings per share of $0.92.Record adjusted net earnings were $34.4 million, an increase of $4.1 million or 13.3% from the prior year. These adjusted net earnings resulted in record adjusted earnings per share(a) of $1.07.The effective tax rate of 24.1% was 14 basis points lower than the prior year tax rate of 24.3%.Cash flows from operations were $48.2 million for the second quarter 2022, with quarterly free cash flow(a) of $37.8 million. Recent Highlights: On June 21, 2022, we completed the acquisition of Kechu BidCo AS and its subsidiary companies, including Kappa Bioscience AS (all acquired companies being hereinafter collectively referred to as “Kappa”), a leading science-based manufacturer of specialty vitamin K2 for the human nutrition industry, headquartered in Oslo, Norway. Vitamin K2 is a fast-growing specialty vitamin that plays a crucial role in the human body for bone health, heart health, immunity, and athletic performance. Primarily, vitamin K2 supports the transport and distribution of calcium in the body. Vitamin K2 is important at all life stages, from pregnancy and early life to healthy aging. Kappa's K2VITAL® branded vitamin K2 is the leading synthetic vitamin K2 and is backed by strong intellectual property and a deep clinical research portfolio.On July 27, 2022, we entered into a new credit agreement with lenders in the form of a senior secured revolving credit facility, due July 27, 2027. The new r...