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Phibro Animal Health Corporation Reports Fourth Quarter and Fiscal Year Results, Provides Guidance for Its Fiscal First Quarter
TEANECK, N.J.--(BUSINESS WIRE)-- Phibro Animal Health Corporation (NASDAQ:PAHC) today announced its financial results for its fourth quarter and fiscal year
About this update from Phibro Animal Health Corporation
[{"type":"text","content":" TEANECK, N.J.--(BUSINESS WIRE)--\nPhibro Animal Health Corporation (NASDAQ:PAHC) today announced its financial results for its fourth quarter and fiscal year ended June 30, 2020.\n\n\nHighlights for the June 2020 quarter (compared to the June 2019 quarter)\n\n\n\nNet sales of $186 million, a decrease of $18 million, or 9%\n\n\nNet income of $6 million, a decrease of $3 million, or 36%\n\n\nDiluted EPS of $0.14, a decrease of $0.08, or 36%\n\n\nAdjusted EBITDA of $24 million, a decrease of $3 million, or 9%\n\n\nAdjusted diluted EPS of $0.17, a decrease of $0.16, or 48%\n\n\n\nHighlights for the June 2020 year (compared to the June 2019 year)\n\n\n\nNet sales of $800 million, a decrease of $28 million, or 3%\n\n\nNet income of $34 million, a decrease of $21 million, or 39%\n\n\nDiluted EPS of $0.83, a decrease of $0.52, or 39%\n\n\nAdjusted EBITDA of $102 million, a decrease of $16 million, or 13%\n\n\nAdjusted diluted EPS of $1.08, a decrease of $0.45, or 29%\n\n\n\nGuidance for the first quarter ending September 2020 (compared to the September 2019 quarter)\n\n\n\nNet sales of approximately $190 million, approximately equal to the prior period\n\n\nNet income of $5 - $6 million, an increase of $2.5 - $3.5 million\n\n\nDiluted EPS of $0.13 - $0.15, an increase of $0.07 - $0.09\n\n\nAdjusted EBITDA of approximately $20 million, approximately equal to the prior period\n\n\nAdjusted diluted EPS of $0.18 - $0.20, a change of $(0.01) - $0.01\n\n\n\nCOMMENTARY\n\n\n“As expected, our fourth quarter was a challenging one due to Covid-19,” said Jack Bendheim, Phibro’s Chairman, President and Chief Executive Officer. “The industries we serve - especially our swine and cattle customers - faced a host of unprecedented issues, ranging from lack of processing availability, to wild commodity price swings to sudden drops in demand. Despite these extraordinary times, our strategy of enhancing our Nutritional Specialties and Vaccines offerings continues to bear fruit, as we were able to grow those segments even in the face of the pandemic. We believe the worst is over, and as we move into our new financial year, we expect our markets to progressively improve over the course of the year.”\n\n\nQUARTERLY RESULTS\n\n\nNet sales\n\n\nNet sales of $185.9 million for the three months ended June 30, 2020, decreased $18.0 million, or 9%, as compared to ...