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New Hampton, NY, July 30, 2021 – Balchem Corporation (NASDAQ: BCPC) reported today record second quarter net earnings of $22.7 million for 2021, compared to net earnings of $21.1 million for the second quarter 2020, adjusted net earnings(a) of $30.4 million, compared to $27.6 million in the prior year quarter, and adjusted EBITDA(a) of $50.1 million, compared to $43.9 million in the prior year quarter.
Second Quarter 2021 Financial Highlights:
• Net sales were $202.4 million, an increase of $29.0 million, or 16.7%, compared to the prior year quarter, with record sales in all three segments: Human Nutrition and Health, Animal Nutrition and Health, and Specialty Products.
• Adjusted EBITDA was $50.1 million, an increase of $6.3 million, or 14.3%, from the prior year.
• GAAP net earnings were $22.7 million, an increase of $1.6 million, or 7.6% from the prior year. These net earnings resulted in GAAP earnings per share of $0.70.
• Adjusted net earnings were $30.4 million, an increase of $2.8 million or 10.3% from the prior year. These adjusted net earnings resulted in adjusted earnings per share(a) of $0.93.
• The effective tax rate of 24.3% was 561 basis point higher than the prior year tax rate of 18.7%.
• Quarterly cash flows from operations were $35.8 million for the second quarter 2021, with quarterly free cash flow(a) of $28.4 million.
Earnings Conference Call
Join Ted Harris, Chairman of the Board, CEO and President and Martin Bengtsson, CFO on Friday, July 30th at 11:00 AM Eastern Time (ET) to review 2nd Quarter 2021 results.
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 13, 2021. To access the replay of the conference call, dial 1-877-660-6853 (local dial-in 1-201-612-7415), and use conference ID #13721555.