Balchem Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 27, 2023 at 12:00 pm
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Balchem Corporation reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 229.95 million compared to USD 244.27 million a year ago. Net income was USD 29.08 million compared to USD 25.25 million a year ago. Diluted earnings per share from continuing operations was USD 0.9 compared to USD 0.78 a year ago.
For the nine months, sales was USD 693.74 million compared to USD 709.83 million a year ago. Net income was USD 81.9 million compared to USD 83.96 million a year ago. Diluted earnings per share from continuing operations was USD 2.52 compared to USD 2.59 a year ago.
Balchem Corporation develops, manufactures, distributes and markets specialty performance ingredients and products for the nutritional, food, pharmaceutical, animal health, medical device sterilization, plant nutrition and industrial markets. The Company's segments include Human Nutrition and Health (HNH), Animal Nutrition and Health (ANH), and Specialty Products. The HNH segment provides human grade choline nutrients and mineral amino acid chelated products for nutrition and health applications. This segment also manufactures specialty vitamin K2, which plays a role in the human body for bone health, heart health and immunity, and methylsulfonylmethane (MSM). ANH segment provides nutritional products derived from its microencapsulation and chelation technologies in addition to the nutrient choline chloride. Through Specialty Products, it re-packages and distributes a number of gases and chemicals for various uses by its customers, notably ethylene oxide, propylene oxide, and ammonia.