Balchem Corporation Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Tax Rate Guidance for 2016
For the nine months, the company reported net sales of $412,444,000 against $419,763,000 a year ago. Earnings from operations were $66,247,000 against $71,734,000 a year ago. Earnings before income tax expense were $60,135,000 against $66,440,000 a year ago. Net earnings were $40,048,000 against $44,063,000 a year ago. Diluted net earnings per common share were $1.26 against $1.40 a year ago. Adjusted EBITDA was $111,579,000 against $106,748,000 a year ago. Adjusted net earnings were $58,981,000 against $58,500,000 a year ago. Adjusted net earnings per common share were $1.85 against $1.85 a year ago. Net cash provided by operating activities was $79,817,000 against $78,850,000 a year ago. Capital expenditures and intangible assets acquired was $19,566,000 against $28,810,000 a year ago. Adjusted earnings from operations were $94,629,000 against $93,044,000 a year ago. Adjusted net earnings were $58,981,000 against $58,500,000 a year ago. Adjusted net earnings per diluted share were $1.85 against $1.85 a year ago. EBITDA was $100,232,000 against $101,092,000 a year ago. Free cash flow was $61,016,000 against $50,733,000 a year ago. Net debt at September 30, 2016, was $267 million.
For 2016, the company expects annualized tax rate to be approximately 32% compared to 31.4% in the prior year.