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Phibro Animal Health Corporation Reports Second 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 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, 2023 and its updated financial guidance for the year ending June 30, 2024.\n\n\nHighlights for the three months ended December 31, 2023 (compared to the three months ended December 31, 2022)\n\n\n\nNet sales of $249.9 million, an increase of $5.3 million, or 2%\n\n\n\nNet income of $1.3 million, a decrease of $5.9 million\n\n\n\nDiluted earnings per share of $0.03, a decrease of $0.15\n\n\n\nAdjusted EBITDA of $29.5 million, a decrease of $1.5 million, or 5%\n\n\n\nAdjusted net income of $13.5 million, a decrease of $0.3 million, or 2%\n\n\n\nAdjusted diluted EPS of $0.33, a decrease of $0.01, or 2%\n\n\n\nWe affirm our previously issued fiscal year 2024 guidance for the following measures:\n\n\n\nNet sales of $980 million to $1.020 billion\n\n\n\nAdjusted EBITDA of $106 million to $112 million\n\n\n\nAdjusted net income of $42 million to $47 million, and\n\n\n\nAdjusted diluted EPS of $1.04 to $1.16\n\n\n\nWe have updated our fiscal year 2024 guidance for the following measures:\n\n\n\nNet income of $12 million to $17 million\n\n\n\nDiluted EPS of $0.30 to $0.42\n\n\n\nAdjusted effective tax rate of 28% to 30%\n\n\n\nCOMMENTARY\n\n\n“I am pleased that we once again have delivered very strong top line growth in our core Animal Health segment, with 6% net sales growth as compared to the same quarter last year. Equally important, our Adjusted EBITDA growth in this segment grew at a similar pace, as we were led by the growth of high value new product introductions in our vaccine product line,” said Jack Bendheim, Phibro’s Chairman, President, and Chief Executive Officer.\n\n\nJack continued, “We expect continuing growth in our Animal Health business in the second half of the year. We also expect to see significant improvement in our Mineral Nutrition and Performance Products segments in the second half of the year, as we work through inventory imbalances and as we see a rebound in demand.”\n\n\nJack added, “I am very excited to welcome Glenn David to Phibro as Chief Financial Officer, as we recently announced. Glenn brings over 30 years of experience in commercial and financial leadership roles, including a wealth of knowledge in the animal health ...