Montvale, NJ, May 3, 2024 – Balchem Corporation (NASDAQ: BCPC) reported today financial results for its 2024 fiscal first quarter ended March 31, 2024. The Company reported quarterly net sales of $239.7 million, quarterly net earnings of $29.0 million, adjusted EBITDA(a) of $60.9 million, and free cash flow(a) of $26.8 million.
Ted Harris, Chairman, President and CEO of Balchem said, “The first quarter was a very good start to the year for Balchem. We delivered record net sales, adjusted EBITDA, and net earnings, as well as solid first quarter cash flows, despite the continued challenging environment in parts of our portfolio.”
First Quarter 2024 Financial Highlights:
Net sales were a record $239.7 million, an increase of 3.1% compared to the prior year quarter.
Adjusted EBITDA was a record $60.9 million, an increase of 8.0% from the prior year quarter.
GAAP net earnings were $29.0 million, an increase of 27.6% from the prior year quarter.
GAAP earnings per share of $0.89 compared to $0.70 in the prior year quarter and adjusted earnings per share(a) of $1.03 compared to $0.94 in the prior year quarter.
Cash flows from operations were $33.4 million for the first quarter of 2024, with quarterly free cash flow(a) of $26.8 million.
Record Human Nutrition & Health segment sales of $152.7 million, an increase of 15.1% compared to the prior year quarter with record earnings from operations of $33.3 million, up 80.4%.
Recent Highlights:
On April 22, we released our 2023 Sustainability Report, highlighting the Company’s Corporate Social Responsibility initiatives and accomplishments. Guided by our core values and our vision of making the world a healthier place, our Sustainability Report demonstrates both the Company’s commitment to our corporate social responsibilities and our continued promise to provide our employees, customers, shareholders and the communities within which we operate with important information on our various initiatives.
VitaCholine®, Balchem’s market leading brand of the essential nutrient choline, has become a Proud Partner of the New York Jets, a major professional NFL sports team. This is the first sponsorship for VitaCholine® and the first sponsorship in the Nutritional Ingredient category for the Jets. The partnership will help VitaCholine® reach a large and health-conscious audience and promote its message of improving well-being of body and mind. VitaCholine® is a nutrient that supports both mental and physical performance by enhancing memory, accuracy and muscle control.
(a) See “Non-GAAP Financial Information” for a reconciliations of GAAP and non-GAAP financial measures.
Quarterly Conference Call
A quarterly conference call will be held on Friday, May 3, 2024, at 11:00 AM Eastern Time (ET) to review first quarter 2024 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 three hours after the conclusion of the call through end of day Friday, May 17, 2024. To access the replay of the conference call, dial 1-877-660-6853 (local dial-in 1-201-612-7415), and use conference ID #13745950.
Join Ted Harris, Chairman of the Board, President, and CEO and Martin Bengtsson, CFO on Friday, July 26, 2024, at 11:00 AM Eastern Time (ET) to review 2nd Quarter 2024 financial results.
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."
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