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New Hampton, NY, April 30, 2021 – Balchem Corporation (NASDAQ: BCPC) reported today first quarter 2021 net earnings of $23.4 million, compared to net earnings of $19.8 million for the first quarter 2020, adjusted net earnings of $28.4 million, compared to $26.4 million in the prior year quarter, and adjusted EBITDA of $45.7 million, compared to $42.4 million in the prior year quarter.
First Quarter 2021 Financial Highlights:
• Net sales were $185.7 million, an increase of $11.2 million, or 6.4%, compared to the prior year quarter, with year over year sales growth in all three segments: Human Nutrition and Health, Animal Nutrition and Health, and Specialty Products.
• Adjusted EBITDA was $45.7 million, an increase of $3.4 million, or 7.9%, from the prior year.
• GAAP net earnings were $23.4 million, an increase of $3.6 million, or 18.4%, from the prior year. These net earnings resulted in GAAP earnings per share of $0.72.
• Adjusted net earnings were $28.4 million, an increase of $2.0 million, or 7.6%, from the prior year. These adjusted net earnings resulted in adjusted earnings per share of $0.87.
• The effective tax rate of 21.9% was 264 basis points higher than the prior year tax rate of 19.3%.
• Cash flows from operations were $40.6 million, an increase of $18.0 million from the prior year, with quarterly free cash flow of $34.4 million compared to $17.4 million for the prior year quarter.
Ted Harris, Chairman, CEO, and President of Balchem said, “We have continued the strong momentum from 2020 into the first quarter of 2021, delivering all-time record quarterly sales, net earnings, earnings per share, and adjusted EBITDA.”
Mr. Harris added, “We are very pleased to deliver sales growth in all three of our business segments, not only versus the prior year’s quarter, but also sequentially versus the fourth quarter 2020, reflecting a modest but gradual re-opening of economies around the world.”