Phibro Animal Health Corporation Reports First Quarter Results

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[{"type":"text","content":" TEANECK, N.J.--(BUSINESS WIRE)--\nPhibro Animal Health Corporation (Nasdaq:PAHC) today announced financial results for its first quarter ended September 30, 2021.\n\n\nHighlights for the three months ended September 30, 2021 (compared to the three months ended September 30, 2020)\n\n\nNet sales of $215 million, an increase of $20 million, or 10%\n\n\nNet income of $7 million, a decrease of $6 million, or 47%\n\n\nDiluted EPS of $0.16, a decrease of $0.14, or 47%\n\n\nAdjusted EBITDA of $22 million, a decrease of $2 million, or 8%\n\n\nAdjusted net income of $10 million, a decrease of $1 million, or 6%\n\n\nAdjusted diluted EPS of $0.25, a decrease of $0.02, or 7%\n\n\n\n\nThe Company revised financial guidance for the fiscal year ending June 30, 2022, raising net sales projections by $20 million from a range of $840 - $870 million to $860 - $890 million, and maintaining adjusted EBITDA guidance of $110 - $114 million.\n\n\nCOMMENTARY\n\n“I was most encouraged by first quarter sales performance as it reflects continued growth in the demand for our products, particularly nutritional specialties and vaccines. Overall, our financial performance was in line with internal expectations,” said Jack Bendheim, Phibro’s Chairman, President and Chief Executive Officer.\n\nJack continued, “While we raised the prices of select products, the increases did not fully compensate for the higher cost of freight, labor, and the unfavorable currency movements that are putting pressure on margins. Subject to normal competitive conditions, we plan to adjust prices further and pass-through incremental freight costs in the form of a surcharge, the benefit of which should be realized in the second half of our fiscal year. Consequently, we are raising full year net sales guidance to $860 - $890 million, while maintaining our previous guidance on adjusted EBITDA.”\n\nQUARTERLY RESULTS\n\nNet sales\n\nNet sales of $214.7 million for the three months ended September 30, 2021, increased $19.5 million, or 10%, as compared to the three months ended September 30, 2020. Animal Health, Mineral Nutrition and Performance Products net sales increased $12.6 million, $3.0 million and $3.8 million, respectively.\n\nAnimal Health\n\nNet sales of $141.0 million for the three months ended September 30, 2021, increased $12.6 million, or 10%. Net sales of MFAs and other incr...

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