Business
Balchem Corporation Reports Third Quarter Sales of $158.6 Million, GAAP EPS of $0.64 and Adjusted EPS of $0.81
NEW HAMPTON, N.Y., Nov. 05, 2019 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) today reported for the third quarter 2019 net earnings of $20.7
About this update from Balchem Corporation
[{"type":"text","content":"NEW HAMPTON, N.Y., Nov. 05, 2019 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) today reported for the third quarter 2019 net earnings of $20.7 million, compared to net earnings of $19.2 million for the third quarter 2018. Third quarter adjusted net earnings(a) were $26.3 million, compared to $23.7 million in the prior year quarter. Third quarter adjusted EBITDA(a) was $40.4 million, compared to $38.4 million in the prior year quarter.\n Third Quarter 2019 Financial Highlights: Third quarter net sales of $158.6 million, an increase of $3.6 million, or 2.3%, compared to the prior year quarter.Year over year quarterly sales growth in three of the four segments, with record third quarter sales in Human Nutrition and Health and Specialty Products.Third quarter GAAP net earnings were $20.7 million, an increase of $1.5 million, or 7.6% from the prior year. These net earnings resulted in GAAP earnings per share of $0.64.Quarterly adjusted net earnings of $26.3 million increased $2.7 million or 11.2% from the prior year, resulting in adjusted earnings per share(a) of $0.81.Third quarter adjusted EBITDA was $40.4 million, an increase of $1.9 million, or 5.0%, from the prior year.Strong quarterly cash flows from operations were $42.7 million for the third quarter 2019, an increase of 31.4% from the prior year, with quarterly free cash flow(a) of $35.8 million, an increase of 32.7% from the prior year. Recent Highlights: In September, Balchem’s Board of Directors elected Ms. Joyce Lee to fill a vacancy on the Board. Ms. Lee currently serves as the President of North America for Bayer Animal Health. From 2013 to 2017, Ms. Lee was Executive Vice President and Area President of Canada and Latin America at Zoetis Inc., a global leader in animal health medicines, vaccines and diagnostic products. Prior to Zoetis, Ms. Lee held various senior leadership positions at Pfizer. Ms. Lee brings important Animal Health knowledge to the Balchem board, along with broad business acumen and international expertise and she will serve on the Audit Committee of the Board.On September 6, 2019, we divested our Reading, PA plant, and its associated business dealings, resulting in no gain or loss on the sale of this non-core asset. We repurchased approximately 230 thousand shares at an average cost of $88.58 as part of our existing stock repurchase program...