Phibro Animal Health Corporation Reports Second Quarter Results, Provides Revised Financial Guidance

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, 2021.\n\n\nHighlights for the three months ended December 31, 2021 (compared to the three months ended December 31, 2020)\n\n\nNet sales of $233 million, an increase of $27 million, or 13%\n\n\nNet income of $17 million, an increase of $5 million, or 36%\n\n\nDiluted EPS of $0.43, an increase of $0.11 or 34%\n\n\nAdjusted EBITDA of $29 million, an increase of $1 million, or 2%\n\n\nAdjusted Net Income of $15 million, an increase of $1 million, or 9%\n\n\nAdjusted diluted EPS of $0.37, an increase of $0.03, or 9%\n\n\n\n\n\nOur revised projections of financial performance for the year ending June 30, 2022, are as follows:\n\n\nNet sales of approximately $890.0 – $920.0 million\n\n\nAdjusted EBITDA of approximately $110.0 – $114.0 million\n\n\nAdjusted Net Income of approximately $52.8 – $56.4 million\n\n\nAdjusted diluted EPS of approximately $1.30 - $1.39\n\n\nAdjusted effective tax rate of approximately 26% - 27%\n\n\n\n\nCOMMENTARY\n\n\"We had a strong second quarter. In fact, we posted $233 million of net sales, the highest single quarter of sales in Company history,” said Jack Bendheim, Phibro’s Chairman, President and Chief Executive Officer.\n\n“Our financial performance this quarter was driven by continued strong demand for our products globally and the recent actions we’ve taken and will continue to take to adjust prices and pass through incremental freight costs, assuming competitive conditions allow. These actions had a marginally positive impact on our bottom-line this quarter, and we anticipate a bigger benefit from them in the quarters to come.” The Company also raised projections for full-year financial performance. Jack remarked, “We are raising full year net sales guidance for a second time. We are now projecting net sales for the year of $890 - $920 million. We are maintaining our adjusted EBITDA guidance of $110 - $114 million and raising our guidance on adjusted Net Income and adjusted diluted EPS by about 5%, respectively, driven primarily by a favorable change to our adjusted effective tax rate projection.”\n\nQUARTERLY RESULTS\n\nNet sales\n\nNet sales of $232.7 million for the three months ended December 31, 2021, increased $26.6 million, or 13%, as c...

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