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Phibro Animal Health Corporation Reports First Quarter Results, Updates Financial 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, 2023, and its updated financial guidance for the year ending June 30, 2024.\n\n\nHighlights for the three months ended September 30, 2023 (compared to the three months ended September 30, 2022)\n\n\n\nNet sales of $231.3 million, a decrease of $1.2 million, or 1%\n\n\n\nNet loss of $8.0 million, a decrease of $11.9 million\n\n\n\nDiluted loss per share of $0.20, a decrease of $0.30\n\n\n\nAdjusted EBITDA of $18.7 million, a decrease of $3.5 million, or 16%\n\n\n\nAdjusted net income of $5.5 million, a decrease of $2.8 million, or 33%\n\n\n\nAdjusted diluted EPS of $0.14, a decrease of $0.07, or 33%\n\n\n\nWe have updated our fiscal year 2024 guidance, which includes:\n\n\n\nNet sales of $980 million to $1.02 billion\n\n\n\nAdjusted EBITDA of $106 million to $112 million\n\n\n\nCOMMENTARY\n\n\n“Our core Animal Health business demonstrated continued growth, with a 4% increase in net sales and a 6% increase in adjusted EBITDA. We have seen strong customer acceptance of poultry vaccines recently launched in Latin America, resulting in double-digit sales growth of our vaccines product group. Our nutritional specialty products for poultry also saw strong growth in the quarter, but challenging dairy fundamentals reduced overall growth in the product group,” said Jack Bendheim, Phibro’s Chairman, President, and Chief Executive Officer.\n\n\nJack continued, “Our Mineral Nutrition and Performance Products businesses saw reduced sales in the quarter, in part because customers rationalized their inventory levels and in part due to timing. We expect these businesses to rebound later in the fiscal year. We continue to invest in our companion animal pipeline and see medium-term opportunities for commercial products. We are navigating the effects of the conflict in Israel and thanks to the resilience of our people, we continue to operate and supply our customers.”\n\n\nQUARTERLY RESULTS\n\n\nNet sales\n\n\nNet sales of $231.3 million for the three months ended September 30, 2023, decreased $1.2 million, or 1%, as compared to the three months ended September 30, 2022. Animal Health increased $5.7 million, while Mineral Nutrition and Performance Products decrease...