Business
Phibro Animal Health Corporation Reports Second Quarter Results
TEANECK, N.J.--(BUSINESS WIRE)-- Phibro Animal Health Corporation (Nasdaq: PAHC) (“Phibro” or the “Company”) today announced financial results for its second
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 second quarter ended December 31, 2022.\n\nHighlights for the three months ended December 31, 2022 (compared to the three months ended December 31, 2021)\n\n\nNet sales of $244.6 million, an increase of $11.9 million, or 5%\n\n\nNet income of $7.2 million, a decrease of $10.3 million, or 59%\n\n\nDiluted EPS of $0.18, a decrease of $0.25, or 59%\n\n\nAdjusted EBITDA of $30.9 million, an increase of $1.8 million, or 6%\n\n\nAdjusted net income of $13.8 million, a decrease of $1.3 million, or 9%\n\n\nAdjusted diluted EPS of $0.34, a decrease of $0.03, or 9%\n\n\nCOMMENTARY\n\n“We were pleased with our second quarter performance. In our core business segment, Animal Health, we reported our seventh consecutive quarter of year-over-year sales growth in each of our three major product categories. On a calendar-year basis, this translates into sales growth of more than 20% in 2022 over 2020, which relative to some industry reports, puts us in the top tier of animal health companies,” said Jack Bendheim, Phibro’s Chairman, President, and Chief Executive Officer.\n\nJack continued, “We are excited to have Alejandro Bernal join our Board of Directors. We welcome his insights and believe they will be particularly impactful with respect to our companion animal business, which we seek to meaningfully grow over the coming years as we continue to focus on progressing our pipeline of projects in development.”\n\nQUARTERLY RESULTS\n\nNet sales\n\nNet sales of $244.6 million for the three months ended December 31, 2022, increased $11.9 million, or 5%, as compared to the three months ended December 31, 2021. Animal Health and Performance Products increased $12.9 million and $4.1 million, respectively. Mineral Nutrition decreased $5.0 million.\n\nAnimal Health\n\nNet sales of $163.8 million for the three months ended December 31, 2022, increased $12.9 million, or 9%. Net sales of MFAs and other increased $5.5 million, or 6%, due to increased demand for our MFAs in Latin America and for processing aids used in the ethanol fermentation industry. Net sales of nutritional specialty products increased $6.5 million, or 17%, due mostly to higher domestic demand and higher average selling prices for dairy ...