Balchem Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 04, 2022 at 04:30 pm IST
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Balchem Corporation reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported sales was USD 244.27 million compared to USD 197.87 million a year ago. Net income was USD 25.25 million compared to USD 25.01 million a year ago. Diluted earnings per share from continuing operations was USD 0.78 compared to USD 0.77 a year ago.
For the nine months, sales was USD 709.83 million compared to USD 585.89 million a year ago. Net income was USD 83.96 million compared to USD 71.16 million a year ago. Diluted earnings per share from continuing operations was USD 2.59 compared to USD 2.18 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.