New Hampton, NY, April 29, 2022 – Balchem Corporation (NASDAQ: BCPC) reported today first quarter net earnings of $28.9 million for 2022, compared to net earnings of $23.4 million for the first quarter 2021. Quarterly adjusted net earnings were $33.4 million, compared to $28.4 million in the prior year quarter. Quarterly adjusted EBITDA was $53.6 million, compared to $45.7 million in the prior year quarter.
Ted Harris, Chairman, CEO, and President of Balchem said, “We are very pleased to have continued the strong momentum from 2021 into 2022. In the first quarter of 2022 we delivered all-time record sales, adjusted net earnings, and adjusted EBITDA in a very difficult macro-economic and geo-political environment.”
Mr. Harris added, “The Balchem team once again delivered exceptional performance in a dynamic market environment. We continue to see strong demand for our products and services with double-digit sales growth in all three of our business segments versus the prior year’s quarter, as well as sequential growth in all three segments.”
First Quarter 2022 Financial Highlights
• Record net sales of $228.9 million, an increase of 23.3% compared to the prior year quarter with quarterly double-digit sales growth in all three segments: Human Nutrition and Health, Animal Nutrition and Health, and Specialty Products.
• Record adjusted EBITDA was $53.6 million, an increase of 17.2% from the prior year.
• GAAP net earnings were $28.9 million, an increase of 23.6% from the prior year. These net earnings resulted in GAAP earnings per share of $0.89.
• Record adjusted net earnings of $33.4 million, an increase of 17.3% from the prior year, resulting in record adjusted earnings per share of $1.03.
• The effective tax rate of 23.1% was 120 basis points higher than the prior year tax rate of 21.9%.
• Cash flows from operations were $7.0 million for the first quarter of 2022, with quarterly free cash flow of $(2.8) million.
Quarterly Conference Call
A quarterly conference call will be held on Friday, April 29, 2022, at 11:00 AM Eastern Time (ET) to review first quarter 2022 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, May 13, 2022. To access the replay of the conference call, dial 1-877-660-6853 (local dialin 1-201-612-7415), and use conference ID #13729002.
