From GlobeNewswire:

Balchem Corporation reported strong financial results for the 2023 fiscal fourth quarter, with net sales of $228.7 million and net earnings of $26.6 million. The Human Nutrition & Health segment showed record sales and earnings. Full-year results also reflect growth, with net sales down modestly but still delivering record adjusted EBITDA and free cash flow. Quarterly and yearly financial figures, segment sales and earnings in detail are as follows: Net sales for the fourth quarter of 2023 totaled $228,699, a decrease of $3,832 or 1.7% from the prior year. Gross margin increased to $74,993 from $68,639 for the prior year comparative period. Balchem Corporation’s quarterly net earnings were $26,648, an increase of 24.5% from the previous year. Adjusted EBITDA for Q4 2023 saw an increase of 5.4% from the prior year quarter, reaching $55.4 million. Full-year financial highlights include record net earnings of $108.5 million, up 3.0% from the prior year, and adjusted EBITDA of $230.9 million, an increase of 7.1%. Cash flows from operations reached $183.8 million, with record full-year free cash flow of $151.1 million. Human Nutrition & Health segment recorded sales of $550.8 million for the full year, an increase of 4.5% compared to the prior year, while the Animal Nutrition & Health and Specialty Products segments showed decreases in sales. The company is optimistic about 2024, emphasizing strategic growth initiatives. The company is set to deliver both top and bottom-line growth in 2024, advancing long-term strategic growth initiatives. Balchem Corporation’s full-year and quarterly financial results highlight resilience in a challenging market environment, with potential for growth in the coming year. The HNH segment recorded a 5.8% increase in sales for the fourth quarter of 2023, with increases in the minerals and nutrients and food and beverage markets. The ANH segment, however, saw a decrease of 10.2% in sales for the same period. Despite the varied performance of different segments, the overall gross margin increased over the prior year’s period by 9.3%. The company reports that the past year has been a solid and resilient one, with continued growth despite a challenging market environment. Balchem Corporation’s strong performance in the past year predicts a positive outlook for future fiscal periods. The fourth quarter conference call is scheduled for February 16, 2024, in which a review of the 2023 financial results will be provided. The call will be available for replay three hours after the conclusion of the call through the end of day Friday, March 1, 2024.



Read more: Balchem Corporation Reports Fourth Quarter and Full Year