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Phibro Animal Health Corporation Reports First Quarter Results, Revised Guidance
TEANECK, N.J.--(BUSINESS WIRE)-- Phibro Animal Health Corporation (Nasdaq: PAHC) (“Phibro” or the “Company”) today announced financial results for its first
About this update from Phibro Animal Health Corporation
[{"type":"text","content":" TEANECK, N.J.--(BUSINESS WIRE)--\nPhibro Animal Health Corporation (Nasdaq: PAHC) (“Phibro” or the “Company”) today announced financial results for its first quarter ended September 30, 2022, and reiterated its financial guidance for Net sales and Adjusted EBITDA and revised its guidance for Net income, Diluted EPS, Adjusted net income, Adjusted diluted EPS and Adjusted effective tax rate for the year ending June 30, 2023.\n\nHighlights for the three months ended September 30, 2022 (compared to the three months ended September 30, 2021)\n\n\nNet sales of $232.5 million, an increase of $17.9 million, or 8%\n\n\nNet income of $3.9 million, a decrease of $2.7 million, or 41%\n\n\nDiluted EPS of $0.10, a decrease of $0.07, or 41%\n\n\nAdjusted EBITDA of $22.1 million, a decrease of $0.3 million, or 1%\n\n\nAdjusted net income of $8.3 million, a decrease of $1.9 million, or 18%\n\n\nAdjusted diluted EPS of $0.21, a decrease of $0.05, or 18%\n\n\nCOMMENTARY\n\n“We continue to be encouraged by the Company’s sales performance as it reflects continued growth in the demand for our products, particularly in our largest regions, the United States and Latin America & Canada. Overall, our financial performance reflects typical seasonality trends and was in line with our internal expectations,” said Jack Bendheim, Phibro’s Chairman, President, and Chief Executive Officer.\n\nJack continued, “We were successful in resolving labor and logistic challenges with one of our critical suppliers, although it did have an unfavorable impact on the adjusted EBITDA contributed by our Animal Health segment this quarter. I am glad this is behind us, and we are looking forward to seeing further benefits this fiscal year from strategic investments we’ve made in our vaccine and nutritional specialty businesses as well as seeing our companion animal development pipeline continue to progress. We reiterate our full-year net sales guidance of $960 million to $1 billion, and $113 million to $118 million of adjusted EBITDA, but due to rising interest rates and changes in tax legislation, have revised our guidance for other key financial metrics.”\n\nQUARTERLY RESULTS\n\nNet sales\n\nNet sales of $232.5 million for the three months ended September 30, 2022, increased $17.9 million, or 8%, as compared to the three months ended September 30, 2021. Animal Health and Min...