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Third Quarter 2023 Results
Balchem reported third quarter net sales of $229.9 million for 2023, compared to net sales of $244.3 million in the prior year quarter. Third quarter net earnings were $29.1 million for 2023, compared to net earnings of $25.2 million for the third quarter 2022. Adjusted net earnings(a) were $33.8 million for the third quarter of 2023, compared to $32.4 million for the third quarter of 2022. Quarterly adjusted EBITDA(a) was $59.9 million, compared to $53.8 million in the prior year quarter.
(a) See “Non-GAAP Financial Information” for a reconciliation of GAAP and non-GAAP financial measures.
Ted Harris, Chairman, President, and CEO of Balchem said, “I am very pleased with our third quarter performance. We delivered record Adjusted EBITDA as a result of improved mix, manufacturing efficiencies, and easing inflationary pressures.”