Phibro Animal Health Corporation Reports Third Quarter and Year-to-Date Results

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 third quarter and year-to-date ended March 31, 2023.\n\n\nHighlights for the three months ended March 31, 2023 (compared to the three months ended March 31, 2022)\n\n\n\nNet sales of $245.7 million, an increase of $6.1 million, or 3%\n\n\n\nNet income of $10.0 million, a decrease of $7.6 million, or 43%\n\n\n\nDiluted EPS of $0.25, a decrease of $0.19, or 43%\n\n\n\nAdjusted EBITDA of $27.4 million, a decrease of $0.6 million, or 2%\n\n\n\nAdjusted net income of $11.6 million, a decrease of $1.7 million, or 13%\n\n\n\nAdjusted diluted EPS of $0.29, a decrease of $0.04, or 13%\n\n\n\nHighlights for the nine months ended March 31, 2023 (compared to the nine months ended March 31, 2022)\n\n\n\nNet sales of $722.8 million, an increase of $35.8 million, or 5%\n\n\n\nNet income of $21.1 million, a decrease of $20.6 million, or 49%\n\n\n\nDiluted EPS of $0.52, a decrease of $0.51, or 49%\n\n\n\nAdjusted EBITDA of $80.4 million, an increase of $0.9 million, or 1%\n\n\n\nAdjusted net income of $33.8 million, a decrease of $4.9 million, or 13%\n\n\n\nAdjusted diluted EPS of $0.83, a decrease of $0.13, or 13%\n\n\n\nCOMMENTARY\n\n\nJack Bendheim, Phibro’s Chairman, President, and Chief Executive Officer, commented, “Despite the challenging market and economic conditions, our Animal Health segment has achieved a remarkable 10% increase in net sales compared to last year. This growth has been well balanced across our three Animal Health product categories. I am especially pleased with our vaccine growth in Latin America. We recently opened a new autogenous vaccine facility in Brazil and launched new commercial poultry vaccines in the region. I am confident that it’s still early days relative to our potential sales of vaccines in this region. We are, unfortunately, seeing some signs of recessionary pressure in our Mineral Nutrition segment, as our customers are seeking to reduce purchases and lower inventories. We will be taking steps over the next few months to make sure our inventory is better balanced to the needs of our customers.”\n\n\nQUARTERLY RESULTS\n\n\nNet sales\n\n\nNet sales of $245.7 million for the three months ended March 31, 2023, increased $6.1 million, or 3%, as compared to...

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