Business
Balchem Corporation Reports Third Quarter Sales of $244.3 Million, Net Earnings of $25.2 Million, GAAP EPS of $0.78, and Adjusted EPS of $1.00
MONTVALE, N.J., Nov. 04, 2022 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today third quarter net earnings of $25.2 million for 2022,
About this update from Balchem Corporation
[{"type":"text","content":"MONTVALE, N.J., Nov. 04, 2022 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ: BCPC) reported today third quarter net earnings of $25.2 million for 2022, compared to net earnings of $25.0 million for the third quarter 2021, adjusted net earnings(a) of $32.4 million, compared to $30.0 million in the prior year quarter, and adjusted EBITDA(a) of $53.8 million, compared to $48.3 million in the prior year quarter. Third Quarter 2022 Financial Highlights: Net sales were $244.3 million, an increase of $46.4 million, or 23.4%, compared to the prior year quarter, with sales growth in all three segments: Human Nutrition & Health, Animal Nutrition & Health, and Specialty Products. Adjusted EBITDA was $53.8 million, an increase of $5.4 million, or 11.2%, from the prior year. GAAP net earnings were $25.2 million, an increase of $0.2 million, or 0.9% from the prior year. These net earnings resulted in GAAP earnings per share of $0.78. Adjusted net earnings were $32.4 million, an increase of $2.4 million or 8.0% from the prior year. These adjusted net earnings resulted in adjusted earnings per share(a) of $1.00. The effective tax rate of 18.8% was 327 basis points lower than the prior year tax rate of 22.0%. Cash flows from operations were $41.6 million for the third quarter 2022, with quarterly free cash flow(a) of $26.8 million. Recent Highlights: On August 30, 2022, we completed the acquisition of Cardinal Associates Inc. and its Bergstrom Nutrition business (collectively, \"Bergstrom\"), a leading science-based manufacturer of methylsulfonylmethane (MSM), based in Vancouver, Washington. MSM is a widely used ingredient with strong scientific evidence supporting its benefits for joint health, sports nutrition, skin and beauty, healthy aging, and pet health. Bergstrom's MSM brand \"OptiMSM®\" delivers the highest quality and purity MSM on the market and is the only brand of MSM with a U.S. GRAS \"generally regarded as safe\" designation. Balchem's VitaCholine® brand recently won NutraIngredients USA's prestigious Nutra Award for Ingredient of the Year - Cognitive Function. VitaCholine® is the premier source of choline, an essential nutrient that supports cognition and brain development in children. A clinical study recently published by Cornell University researchers showed significant brain benefits for babies born to mothers who received h...