Nutrition ingredients maker Balchem's Q3 sales edge past estimates
BCPC•BCPC•BCPC•BCPC•Balchem's fiscal third-quarter sales rose 8.6% to $290.7 million, slightly above the $289.25 million estimate. Adjusted earnings per share were $1.57, compared with a $1.54 estimate, and the company repurchased $28 million of common stock.
Balchem reported fiscal third-quarter sales of $290.7 million, up 8.6% and slightly above analyst expectations of $289.25 million. Adjusted earnings per share were $1.57, versus an estimate of $1.54; net income was $46.7 million and EPS was $1.46.
Higher sales and favorable mix across all segments drove growth. Human Nutrition and Health recorded higher revenue and operating earnings, while Animal Nutrition and Health sales increased on higher demand in monogastric and ruminant markets. Specialty Products grew on higher performance gases sales.
Balchem repurchased $28 million of common stock during the quarter. The company did not provide specific financial guidance for the current quarter or full year.
