Business
Phibro Animal Health Corporation Reports Third Quarter Results
TEANECK, N.J.--(BUSINESS WIRE)-- Phibro Animal Health Corporation (NASDAQ:PAHC) today announced its financial results for its third quarter ended March 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 its financial results for its third quarter ended March 31, 2020.\n\n\nHighlights for the March 2020 quarter (compared to the March 2019 quarter)\n\n\n\nNet sales of $211 million, an increase of $5 million, or 2%\n\n\nNet income of $14 million, a decrease of $1 million, or 9%\n\n\nDiluted EPS of $0.33, a decrease of $0.04, or 11%\n\n\nAdjusted EBITDA of $30 million, comparable to the prior year quarter\n\n\nAdjusted diluted EPS of $0.38, a decrease of $0.01, or 3%\n\n\n\nCOMMENTARY\n\n\n\"The well-being of our employees, their families and communities, and our customers is our priority during this challenging time. We also want to recognize the dedication and sacrifices of health care professionals, first responders and many others as the world battles the COVID-19 pandemic,\" said Jack Bendheim, Phibro’s Chairman, President and Chief Executive Officer. \"I am proud of the way Phibro has responded to the many challenges posed by the pandemic. I thank our employees for their dedication and focus to ensure we continue to manufacture products and support our customers. The strong results we delivered this quarter are a direct reflection of the integral role our products play in supporting the production of healthy, affordable food.\n\n\nFor the March quarter, our Animal Health sales grew at a healthy 8% rate, reflecting accelerating growth in vaccines and nutritional specialty products, plus strong sales of MFAs and other products in many regions, almost offsetting the loss of last year’s sales in China. We believe we experienced only a modest benefit from customer stocking in the quarter. International demand for our poultry vaccines continued to increase, driven by new product introductions and increased penetration. Poultry and dairy-focused nutritional specialty products are gaining additional acceptance, as customers gain an understanding of the animal welfare, health and efficiency benefits of our suite of nutritional specialty products.\n\n\nFor the June quarter, we are seeing unprecedented demand disruption and production impacts in the global food animal industry, due to the COVID-19 pandemic. We are actively working with our customers to support their operations and remain the same trusted industry partner that we have always...