Montvale, NJ, April 28, 2023 – Balchem Corporation (NASDAQ: BCPC) reported today second quarter net sales of $231.3 million for 2023, compared to net sales of $236.7 million in the prior year quarter. Second quarter net earnings were $30.1 million for 2023, compared to net earnings of $29.8 million for the second quarter 2022. Adjusted net earnings(a) were $34.4 million for both the second quarter of 2023 and 2022. Quarterly adjusted EBITDA(a) was $59.1 million, compared to $56.5 million in the prior year quarter.
Second Quarter 2023 Financial Highlights:
- Second quarter net sales were $231.3 million, a decrease of $5.4 million, or 2.3%, compared to the prior year.
- Record quarterly adjusted EBITDA was $59.1 million, an increase of $2.6 million, or 4.6%, from the prior year.
- GAAP net earnings were $30.1 million, an increase of $0.3 million, or 1.1% from the prior year. These net earnings resulted in GAAP earnings per share of $0.93.
- Adjusted net earnings were $34.4 million, flat with the prior year. These adjusted net earnings resulted in adjusted earnings per share(a) of $1.06.
- The effective tax rate of 21.6% was 255 basis points lower than the prior year tax rate of 24.1%.
- Cash flows from operations were $35.0 million for the second quarter 2023, with quarterly free cash flow(a) of $31.7
Quarterly Conference Call
A quarterly conference call will be held on Friday, July 28, 2023, at 11:00 AM Eastern Time (ET) to review second quarter 2023 results. Ted Harris, Chairman, President and CEO and Martin Bengtsson, CFO will host the call. We invite you to listen to the conference by calling toll-free 1-877-407-8289 (local dial-in 1-201-689-8341), five minutes prior to the scheduled start time of the conference call. The conference call will be available for replay two hours after the conclusion of the call through end of day Friday, August 11, 2023. To access the replay of the conference call, dial 1-877-660-6853 (local dial-in 1-201-612-7415), and use conference ID #13740082.
(a) See “Non-GAAP Financial Information” for a reconciliation of GAAP and non-GAAP financial measures.