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Balchem Corporation Reports Second Quarter 2024 Financial Results - Balchem
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Balchem Corporation Reports Second Quarter 2024 Financial Results

Posted: July 26, 2024
Investor Relations | Press Releases | Uncategorized

Montvale, NJ, July 26, 2024 – Balchem Corporation (NASDAQ: BCPC) reported today financial results for its 2024 fiscal second quarter ended June 30, 2024. The Company reported quarterly net sales of $234.1 million, quarterly net earnings of $32.1 million, adjusted EBITDA(a) of $62.3 million, and free cash flow(a) of $38.4 million.

Ted Harris, Chairman, President and CEO of Balchem 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.”

Second Quarter 2024 Financial Highlights:

  • Net sales were $234.1 million, an increase of 1.2% compared to the prior year quarter.
  • Adjusted EBITDA was a record $62.3 million, an increase of 5.0% from the prior year quarter.
  • GAAP net earnings were $32.1 million, an increase of 6.5% from the prior year quarter.
  • GAAP earnings per share of $0.98 compared to $0.93 in the prior year quarter and record adjusted earnings per share(a) of $1.09 compared to $1.06 in the prior year quarter.
  • Cash flows from operations were $45.0 million for the second quarter of 2024, with quarterly free cash flow(a) of $38.4 million.
  • Strong sales growth and record earnings from operations in both our Human Nutrition and Health and Specialty Product segments.
  • (a) See “Non-GAAP Financial Information” for a reconciliations of GAAP and non-GAAP financial measures.

Recent Highlights:

  • On May 20th, Balchem launched a new product, Optifolin+®, which is a patented, choline-enriched, bioactive, reduced folate ingredient that supports cellular health at all stages of life. Optifolin+® is biologically active, which means that it is readily available for transport and use in the human body and tissues, making Optifolin+® an excellent choice to meet Vitamin B9 recommended requirements.
  • Strong cash flows in the second quarter enabled us to make repayments on our revolving debt of $35.0 million, bringing our net debt to $202.8 million, with an overall leverage ratio on a net debt basis of 0.9 times.

Quarterly Conference Call

A quarterly conference call will be held on Friday, July 26, 2024, at 11:00 AM Eastern Time (ET) to review second 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, August 9, 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 #13747779.

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