New Hampton, NY, October 29, 2021 – Balchem Corporation (NASDAQ: BCPC) reported today record third quarter net earnings of $25.0 million for 2021, compared to net earnings of $21.6 million for the third quarter 2020, record third quarter adjusted net earnings(a) of $30.0 million, compared to $26.9 million in the prior year quarter, and record third quarter adjusted EBITDA(a) of $48.3 million, compared to $44.4 million in the prior year quarter.
Third Quarter 2021 Financial Highlights:
• Net sales were $197.9 million, an increase of $22.7 million, or 13.0%, compared to the prior year quarter, with record third quarter sales in all three segments: Human Nutrition and Health, Animal Nutrition and Health, and Specialty Products.
• Adjusted EBITDA was $48.3 million, an increase of $3.9 million, or 8.8%, from the prior year.
• GAAP net earnings were $25.0 million, an increase of $3.4 million, or 16.0% from the prior year. These net earnings resulted in GAAP earnings per share of $0.77.
• Adjusted net earnings were $30.0 million, an increase of $3.1 million or 11.3% from the prior year. These adjusted net earnings resulted in adjusted earnings per share(a) of $0.92.
• The effective tax rate of 22.0% was 67 basis points lower than the prior year tax rate of 22.7%.
• Quarterly cash flows from operations were $39.6 million, an increase of $4.3 million from the prior year, with quarterly free cash flow(a) of $31.1 million compared to $28.3 million for the prior year quarter.
Quarterly Conference Call
A quarterly conference call will be held on Friday, October 29, 2021, at 11:00 AM Eastern Time (ET) to review third quarter 2021 results. Ted Harris, Chairman of the Board, CEO and President 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, November 12, 2021. To access the replay of the conference call, dial 1-877-660-6853 (local dial-in 1-201-612-7415), and use conference ID #13724276.