New Hampton, NY, February 19, 2021 – Balchem Corporation (NASDAQ: BCPC) reported today fourth quarter net earnings of $22.2 million for 2020, compared to net earnings of $20.4 million for the fourth quarter 2019. Fourth quarter adjusted net earnings(a) were $26.9 million, compared to $28.4 million in the prior year quarter. Fourth quarter adjusted EBITDA(a) was $43.6 million, compared to $40.0 million in the prior year quarter. Balchem Corporation also reported for the full year 2020 net earnings of $84.6 million, compared to net earnings of $79.7 million for 2019. Full year adjusted net earnings(a) were $107.8 million, compared to $103.7 million in the prior year, and full year adjusted EBITDA(a) was $174.2 million, compared to $160.0 million in the prior year.
Fourth Quarter 2020 Financial Highlights: • Record net sales of $180.7 million, an increase of $14.2 million, or 8.5%, compared to the prior year quarter. Year over year quarterly sales growth in all three segments, with record sales in Human Nutrition and Health and Animal Nutrition and Health. • Record adjusted EBITDA was $43.6 million, an increase of $3.6 million, or 8.9%, from the prior year. • GAAP net earnings were $22.2 million, an increase of $1.8 million, or 8.7% from the prior year. These net earnings resulted in GAAP earnings per share of $0.68. • Adjusted net earnings of $26.9 million decreased $1.5 million or 5.4% from the prior year, resulting in adjusted earnings per share(a) of $0.83. • The effective tax rate of 21.0% was 1,211 basis points higher than the prior year tax rate of 8.9%. • Cash flows from operations were $48.0 million for the fourth quarter 2020, an increase of $15.0 million from the prior year, with quarterly free cash flow(a) of $35.0 million compared to $26.3 million for the prior year quarter.
Full Year 2020 Financial Highlights: • Record full year net sales of $703.6 million, an increase of $59.9 million, or 9.3%, compared to the prior year’s full year net sales. Year over year sales growth and record sales achieved in all three segments: Human Nutrition and Health, Animal Nutrition and Health, and Specialty Products. • Record adjusted EBITDA was $174.2 million, an increase of $14.2 million, or 8.9%, from the prior year. • GAAP net earnings were $84.6 million, an increase of $5.0 million, or 6.2% from the prior year. These net earnings resulted in GAAP earnings per share of $2.60. • Record adjusted net earnings of $107.8 million increased $4.1 million or 4.0% from the prior year, resulting in adjusted earnings per share(a) of $3.32. • Full year cash flows from operations were $150.5 million for 2020, an increase of $26.0 million from prior year, with full year free cash flow(a) of $117.7 million for 2020 compared to $96.1 million in 2019.
Ted Harris, Chairman, President and CEO said, "We delivered solid second quarter financials with record earnings from operations and adjusted EBITDA. I am particularly pleased with the excellent performance in our Human Nutrition and Health and Specialty Products segments, both delivering strong sales and earnings growth."
Join Ted Harris, Chairman of the Board, President, and CEO and Martin Bengtsson, CFO on Friday, October 25, 2024, at 11:00 AM Eastern Time (ET) to review 3rd Quarter 2024 financial results.
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