Balchem Corporation Reports Fourth Quarter and Full Year 2023 Financial Results

Montvale, NJ, February 16, 2024 – Balchem Corporation (NASDAQ: BCPC) reported today financial results for its 2023 fiscal fourth quarter ended December 31, 2023. The Company reported quarterly net sales of $228.7 million, quarterly net earnings of $26.6 million, adjusted EBITDA^(a) of $55.4 million, and free cash flow^(a) of $56.0 million.

Fourth Quarter 2023 Financial Highlights:

GAAP net earnings were $26.6 million, an increase of 24.5% from the prior year.
Adjusted EBITDA was $55.4 million, an increase of 5.4% from the prior year quarter.
GAAP earnings per share of $0.82 compared to $0.66 in the prior year quarter and adjusted earnings per share^(a) of $0.95 compared to $0.94 in the prior year quarter.
Cash flows from operations were $67.4 million for the fourth quarter 2023, with record quarterly free cash flow^(a)of $56.0 million, up 103.4% from the prior year quarter.
Record Human Nutrition & Health segment sales of $138.0 million, an increase of 5.8% compared to the prior year quarter with record earnings from operations of $25.2 million, up 43.8%.

Ted Harris, Chairman, CEO, and President of Balchem said, “The fourth quarter capped off another solid year for Balchem. We delivered record fourth quarter adjusted EBITDA and very strong free cash flow, despite the continued challenging demand environment in parts of our portfolio. I am particularly pleased with our Human Nutrition and Health segment posting record fourth quarter sales and earnings.”

Full Year 2023 Financial Highlights:

GAAP net earnings were $108.5 million, an increase of 3.0% from the prior year. These net earnings resulted in GAAP earnings per share of $3.35 compared to $3.25 in the prior year.
Adjusted EBITDA was $230.9 million, an increase of 7.1%, from the prior year.
Cash flows from operations were $183.8 million for 2023, with record full year free cash flowof $151.1 million.
Record Human Nutrition & Health segment sales of $550.8 million, an increase of 4.5% compared to the prior year.
Record earnings from operations in both the Human Nutrition & Health and Specialty Products segments, increasing 24.7% and 5.5%, respectively.

Mr. Harris added, “Our full year 2023 results highlight the resilience of our business model in a challenging and volatile market environment. While full year 2023 net sales were down modestly, we delivered record adjusted EBITDA and generated record free cash flow, allowing us to further strengthen our balance sheet, while returning $25.4 million to our shareholders in a double digit increase to our dividend, all while continuing to advance our strategic growth initiatives.”

Quarterly Conference Call

A quarterly conference call will be held on Friday, February 16, 2024, at 11:00 AM Eastern Time (ET) to review fourth 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 three hours after the conclusion of the call through end of day Friday, March 1, 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 #13744174.

View Report

View Presentation

Balchem Corporation Reports Fourth Quarter and Full Year 2023 Financial Results

Related Posts