Balchem Corporation Reports Second Quarter 2022 Financial Results

Balchem Corporation reported today second quarter net earnings of $29.8 million for 2022, compared to net earnings of $22.7 million for the second quarter 2021, adjusted net earnings of $34.4 million, compared to $30.4 million in the prior year quarter, and adjusted EBITDA of $56.5 million, compared to $50.1 million in the prior year quarter.

Ted Harris, Chairman, CEO, and President of Balchem said, “The second quarter of 2022 was another excellent quarter for Balchem. We delivered very strong financial results with record sales and adjusted EBITDA in what remains a very difficult macro-economic and geo-political environment. Additionally, we are extremely pleased with the progress we made in the quarter on our key strategic growth initiatives highlighted with the recent acquisition of Kappa. With this acquisition, Balchem continues to expand its science based health and nutrition portfolio while providing a broader nutritional platform for our Human Nutrition and Health segment that will help our customers improve their nutritional and health solutions.”

Mr. Harris added, “I would like to take this opportunity to welcome all of the talented employees of Kappa to the Balchem team while also thanking the entire Balchem team for their contributions to the strong performance of the company.”

Second Quarter 2022 Financial Highlights:

• Record net sales were $236.7 million, an increase of $34.3 million, or 17.0%, compared to the prior year quarter, with sales growth in all three segments: Human Nutrition & Health, Animal Nutrition & Health, and Specialty Products.
• Record adjusted EBITDA was $56.5 million, an increase of $6.3 million, or 12.6%, from the prior year.
• GAAP net earnings were $29.8 million, an increase of $7.1 million, or 31.0% from the prior year. These net earnings resulted in GAAP earnings per share of $0.92.
• Record adjusted net earnings were $34.4 million, an increase of $4.1 million or 13.3% from the prior year.  These adjusted net earnings resulted in record adjusted earnings per share of $1.07.
• The effective tax rate of 24.1% was 14 basis points lower than the prior year tax rate of 24.3%.  
• Cash flows from operations were $48.2 million for the second quarter 2022, with quarterly free cash flow of $37.8 million.

Quarterly Conference Call

A quarterly conference call will be held on Friday, July 29, 2022, at 11:00 AM Eastern Time (ET) to review second 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, August 12, 2022.  To access the replay of the conference call, dial 1-877-660-6853 (local dial-in 1-201-612-7415), and use conference ID #13731403.

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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."