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Phibro Animal Health Corporation Reports Second Quarter Results
TEANECK, N.J.--(BUSINESS WIRE)-- Phibro Animal Health Corporation (NASDAQ:PAHC) today announced financial results for its second quarter ended December 31,
About this update from Phibro Animal Health Corporation
[{"type":"text","content":" TEANECK, N.J.--(BUSINESS WIRE)--\nPhibro Animal Health Corporation (NASDAQ:PAHC) today announced financial results for its second quarter ended December 31, 2020.\n\nHighlights for the December 31, 2020 quarter (compared to the quarter ended December 31, 2019)\n\n\nNet sales of $206 million, a decrease of $8 million, or 4%\n\n\nNet income of $13 million, an increase of $1 million, or 8%\n\n\nDiluted EPS of $0.32, an increase of $0.03, or 10%.\n\n\nAdjusted EBITDA of $29 million, comparable to the prior year\n\n\nAdjusted Net Income of $14 million, comparable to the prior year\n\n\nAdjusted diluted EPS of $0.34, comparable to the prior year\n\n\nCOMMENTARY\n\n“Our financial results for the quarter ended December 31, 2020 were strong. Although sales declined, profitability improved in comparison to the same quarter last year,” said Jack Bendheim, Phibro’s Chairman, President and Chief Executive Officer. Jack continued, “We are encouraged by signs the industry is stabilizing, despite the continued pandemic, and we continue to invest in the future in both our production and pet business. We recently announced an upgrade of our Omaha mineral nutrition plant and development continues on two early-stage opportunities in our pet business. We are cautiously optimistic about the near term and, as detailed in our updated guidance, are projecting solid third quarter financial results.”\n\nQUARTERLY RESULTS\n\nNet sales\n\nNet sales of $206.1 million for the three months ended December 31, 2020, declined $7.9 million, or 4%, as compared to the three months ended December 31, 2019. Animal Health and Mineral Nutrition decreased $7.5 million and $1.5 million, respectively, while Performance Products increased $1.1 million.\n\nAnimal Health\n\nNet sales of $136.2 million for the three months ended December 31, 2020, declined $7.5 million, or 5%. Net sales of MFAs and other decreased $10.4 million, or 11%, driven by lower international demand, partially offset by favorable domestic customer order patterns. The decrease in international demand was primarily concentrated in China and Latin America. The prior period included customer orders in China ahead of regulatory changes effective January 1, 2020. Net sales of nutritional specialty products increased $3.3 million, or 10%, due to domestic and international growth in dairy products. Net sales o...