Phibro Animal Health Corporation Reports Fourth Quarter and Fiscal Year Results, Provides Financial Guidance
Highlights for the three months ended
-
Net sales of
$273.2 million , an increase of$18.1 million , or 7% -
Net income of
$0.8 million , a decrease of$10.7 million -
Diluted earnings per share of
$0.02 , a decrease of$0.26 -
Adjusted EBITDA of
$33.4 million , an increase of$1.1 million , or 3% -
Adjusted net income of
$16.7 million , an increase of$1.5 million , or 10% -
Adjusted diluted EPS of
$0.41 , an increase of$0.03 , or 10%
Highlights for the year ended
-
Net sales of
$1,017.7 million , an increase of$39.8 million , or 4% -
Net income of
$2.4 million , a decrease of$30.2 million -
Diluted earnings per share of
$0.06 , a decrease of$0.75 -
Adjusted EBITDA of
$111.2 million , a decrease of$1.5 million , or 1% -
Adjusted net income of
$48.4 million , a decrease of$0.6 million , or 1% -
Adjusted diluted EPS of
$1.19 , a decrease of$0.02 , or 1%
We are providing full fiscal year 2025 guidance, which includes:
-
Net sales of
$1.040 billion to$1.090 billion -
Adjusted EBITDA of
$118 million to$126 million
Our guidance is on a standalone basis without giving effect to the proposed acquisition of Zoetis’s Medicated Feed Additive portfolio.
COMMENTARY
“We showed a lot of strength in our 4th quarter performance, with each of our segments growing at a faster year-over-year rate as compared to their first nine months of the year. This was led by our core
Jack continued, “We ended the year on an upswing that we anticipate building upon as we enter our 2025 fiscal year. Our guidance reflects our strong momentum as well as the early fruits of Phibro Forward – a company-wide initiative we have undertaken focused on unlocking additional areas of revenue growth and cost savings. We expect meaningful additional impact from Phibro Forward in the years to come, and, together with the anticipated closing of the Zoetis MFA acquisition in the coming months, believe we are extremely well positioned to grow income faster than our historical levels.”
QUARTERLY RESULTS
Net sales
Net sales of
Net sales of
Mineral Nutrition
Net sales of
Performance Products
Net sales of
Gross profit
Gross profit of
Selling, general and administrative expenses
Selling, general and administrative expenses (“SG&A”) of
Animal Health SG&A increased
Interest expense, net
Interest expense, net of
Foreign currency losses (gains), net
Foreign currency losses, net for the three months ended
Provision for income taxes
The provision for income taxes was
Net income
Net income of
Adjusted EBITDA
Adjusted EBITDA of
Adjusted provision for income taxes
The adjusted provision for income taxes was
Adjusted net income
Adjusted net income of
Adjusted diluted earnings per share
Adjusted diluted earnings per share was
FULL YEAR RESULTS
Net sales
Net sales of
Net sales of
Mineral Nutrition
Net sales of
Performance Products
Net sales of
Gross profit
Gross profit of
Selling, general and administrative expenses
SG&A expenses of
Animal Health SG&A increased
Interest expense, net
Interest expense, net of
Foreign currency (gains) losses, net
Foreign currency losses, net for the year ended
Provision for income taxes
The provision for income taxes was
We record the GILTI-related aspects of comprehensive
Net income
Net income of
Adjusted EBITDA
Adjusted EBITDA of
Adjusted provision for income taxes
The adjusted provision for income taxes was
Adjusted net income
Adjusted net income of
Adjusted diluted earnings per share
Adjusted diluted earnings per share was
BALANCE SHEET AND CASH FLOWS
-
Free cash flow was
$46.4 million for the twelve months endedJune 30, 2024 (Free cash flow equals cash flow from operating activities less capital expenditures.) -
4.4x gross leverage ratio as of
June 30, 2024 $489.1 million total debt$111.2 million Adjusted EBITDA for the twelve months endedJune 30, 2024
-
Cash and short-term investments of
$114.6 million as ofJune 30, 2024
FISCAL YEAR 2025 FINANCIAL GUIDANCE
The Company’s financial guidance for the year ending
-
Net sales of
$1.040 billion to$1.090 billion , 5% growth -
Net income of
$32 million to$38 million -
Diluted EPS of
$0.79 to$0.93 -
Adjusted EBITDA of
$118 million to$126 million , 10% growth -
Adjusted net income of
$50 million to$56 million , 9% growth -
Adjusted diluted EPS of
$1.22 to$1.37 , 9% growth - Adjusted effective income tax rate of 25% to 27%
Growth is driven by continued growth in our
Guidance for GAAP measures assumes no foreign exchange (gains) losses for the year ending
Our guidance is on a standalone basis without giving effect to the proposed acquisition of Zoetis’s Medicated Feed Additive portfolio.
WEBCAST & CONFERENCE CALL DETAILS
Date: |
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Time: |
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Location: |
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+1 (888) 330-2022 |
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International Toll: |
+1 (365) 977-0051 |
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Conference ID: |
3927884 |
NOTE: To join this conference call, all participants will be required to provide the Conference ID number.
A replay of the webcast will be archived and made available on Phibro’s website.
DISCLOSURE NOTICES
Forward-Looking Statements: This communication contains forward-looking statements that are subject to risks and uncertainties, including with respect to any future debt and leverage levels. All statements other than statements of historical or current fact included in this report are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “outlook,” “potential,” “project,” “projection,” “plan,” “intend,” “seek,” “may,” “could,” “would,” “will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These statements are not guarantees of future performance or actions. If one or more of these risks or uncertainties materialize, or if management’s underlying assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. Forward-looking statements speak only as of the date on which they are made. Phibro expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. A further list and description of risks, uncertainties and other matters can be found in our Quarterly Report on Form 10-Q and Annual Report on Form 10-K, including in the sections thereof captioned “Forward-Looking Statements” and “Risk Factors.” These filings and subsequent filings are available online at www.sec.gov, www.pahc.com, or on request from Phibro.
Non-GAAP Financial Information: We use non-GAAP financial measures, such as adjusted EBITDA, adjusted net income, adjusted diluted EPS and free cash flow to assess and analyze our operational results and trends and to make financial and operational decisions. Management uses adjusted EBITDA as its primary operating measure. We report adjusted net income to portray the results of our operations prior to considering certain income statement elements. We believe these non-GAAP financial measures are also useful to investors because they provide greater transparency regarding our operating performance. The non-GAAP financial measures included in this communication should not be considered alternatives to measurements required by GAAP, such as net income, operating income and earnings per share, and should not be considered measures of liquidity. These non-GAAP financial measures may not be comparable with non-GAAP information provided by other companies. Reconciliation of non-GAAP financial measures and GAAP financial measures are included in the tables accompanying this communication and/or our Quarterly Report on Form 10-Q and Annual Report on Form 10-K.
We are not providing a reconciliation of forward-looking guidance of non-GAAP financial measures to the most directly comparable GAAP financial measures because of the uncertainty regarding, and the potential variability of, certain of the items required for a reconciliation; accordingly, a reconciliation of the non-GAAP financial measure to the corresponding GAAP financial measure is not available without unreasonable effort.
Internet Posting of Information: We routinely post information that may be important to investors in the “Investors” section of our website at www.pahc.com. We encourage investors and potential investors to consult our website regularly for important information about us.
Consolidated Results of Operations |
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Three Months |
Twelve Months |
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For the Periods Ended |
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2024 |
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2023 |
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Change |
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2024 |
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2023 |
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Change |
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(in millions, except per share amounts and percentages) |
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Net sales |
|
$ |
273.2 |
|
$ |
255.0 |
|
$ |
18.1 |
|
|
7 |
% |
$ |
1,017.7 |
|
$ |
977.9 |
|
$ |
39.8 |
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|
4 |
% |
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Cost of goods sold |
|
|
186.0 |
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|
178.4 |
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|
7.6 |
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4 |
% |
|
704.6 |
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679.7 |
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24.9 |
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|
4 |
% |
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Gross profit |
|
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87.2 |
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76.7 |
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10.5 |
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14 |
% |
|
313.1 |
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298.2 |
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14.9 |
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|
5 |
% |
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Selling, general and administrative |
|
|
68.7 |
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52.9 |
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|
15.8 |
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|
30 |
% |
|
259.8 |
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|
226.4 |
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|
33.4 |
|
|
15 |
% |
||
Operating income |
|
|
18.4 |
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|
23.8 |
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(5.4 |
) |
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(23 |
)% |
|
53.3 |
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|
71.8 |
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(18.5 |
) |
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(26 |
)% |
||
Interest expense, net |
|
|
4.7 |
|
|
4.5 |
|
|
0.2 |
|
|
5 |
% |
|
18.5 |
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|
15.3 |
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|
3.2 |
|
|
21 |
% |
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Foreign currency (gains) losses, net |
|
|
7.3 |
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(2.2 |
) |
|
9.4 |
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* |
|
23.9 |
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|
2.5 |
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|
21.4 |
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|
* |
||||
Income before income taxes |
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6.4 |
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21.4 |
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(15.0 |
) |
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(70 |
)% |
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10.9 |
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|
54.1 |
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(43.2 |
) |
|
(80 |
)% |
||
Provision for income taxes |
|
|
5.7 |
|
|
9.9 |
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|
(4.3 |
) |
|
(43 |
)% |
|
8.5 |
|
|
21.5 |
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|
(13.0 |
) |
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(60 |
)% |
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Net income |
|
$ |
0.8 |
|
$ |
11.5 |
|
$ |
(10.7 |
) |
|
(93 |
)% |
$ |
2.4 |
|
$ |
32.6 |
|
$ |
(30.2 |
) |
|
(93 |
)% |
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Net income per share - basic and diluted |
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basic |
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$ |
0.02 |
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$ |
0.28 |
|
$ |
(0.26 |
) |
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(93 |
)% |
$ |
0.06 |
|
$ |
0.81 |
|
$ |
(0.75 |
) |
|
(93 |
)% |
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diluted |
|
$ |
0.02 |
|
$ |
0.28 |
|
$ |
(0.26 |
) |
|
(93 |
)% |
$ |
0.06 |
|
$ |
0.81 |
|
$ |
(0.75 |
) |
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(93 |
)% |
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Weighted average common shares outstanding |
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basic |
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40.5 |
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40.5 |
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40.5 |
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40.5 |
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diluted |
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40.6 |
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40.5 |
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40.5 |
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40.5 |
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Ratio to net sales |
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Gross profit |
|
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31.9 |
% |
|
30.1 |
% |
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|
30.8 |
% |
|
30.5 |
% |
|
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|
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Selling, general and administrative |
|
|
25.2 |
% |
|
20.7 |
% |
|
|
|
|
|
25.5 |
% |
|
23.2 |
% |
|
|
|
|
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Operating income |
|
|
6.7 |
% |
|
9.3 |
% |
|
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|
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|
5.2 |
% |
|
7.3 |
% |
|
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|
||||||
Income before income taxes |
|
|
2.3 |
% |
|
8.4 |
% |
|
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|
1.1 |
% |
|
5.5 |
% |
|
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|
||||||
Net income |
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|
0.3 |
% |
|
4.5 |
% |
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|
0.2 |
% |
|
3.3 |
% |
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Effective tax rate |
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|
88.3 |
% |
|
46.4 |
% |
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|
77.9 |
% |
|
39.7 |
% |
|
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|
Amounts and percentages may reflect rounding adjustments. |
* Calculation not meaningful |
Segment |
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Three Months |
Twelve Months |
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For the Periods Ended |
|
2024 |
2023 |
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Change |
|
2024 |
|
2023 |
|
Change |
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(in millions, except percentages) |
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MFAs and other |
|
$ |
116.7 |
|
$ |
104.2 |
|
$ |
12.5 |
|
|
12 |
% |
$ |
421.0 |
|
$ |
387.3 |
|
$ |
33.6 |
|
|
9 |
% |
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Nutritional specialties |
|
|
42.8 |
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44.6 |
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(1.7 |
) |
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(4 |
)% |
|
164.7 |
|
|
172.5 |
|
|
(7.8 |
) |
|
(5 |
)% |
|||||
Vaccines |
|
|
32.0 |
|
|
28.0 |
|
|
4.0 |
|
|
14 |
% |
|
120.9 |
|
|
100.0 |
|
|
20.9 |
|
|
21 |
% |
|||||
|
|
|
191.5 |
|
|
176.8 |
|
|
14.8 |
|
|
8 |
% |
|
706.5 |
|
|
659.9 |
|
|
46.6 |
|
|
7 |
% |
|||||
Mineral Nutrition |
|
|
62.1 |
|
|
58.4 |
|
|
3.6 |
|
|
6 |
% |
|
243.7 |
|
|
242.7 |
|
|
1.0 |
|
|
0 |
% |
|||||
Performance Products |
|
|
19.6 |
|
|
19.9 |
|
|
(0.3 |
) |
|
(1 |
)% |
|
67.5 |
|
|
75.4 |
|
|
(7.8 |
) |
|
(10 |
)% |
|||||
Total |
|
$ |
273.2 |
|
$ |
255.0 |
|
$ |
18.1 |
|
|
7 |
% |
$ |
1,017.7 |
|
$ |
977.9 |
|
$ |
39.8 |
|
|
4 |
% |
|||||
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Adjusted EBITDA |
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|||||||||||||
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|
$ |
41.3 |
|
$ |
37.9 |
|
$ |
3.4 |
|
|
9 |
% |
$ |
145.6 |
|
$ |
136.1 |
|
$ |
9.5 |
|
|
7 |
% |
|||||
Mineral Nutrition |
|
|
5.4 |
|
|
3.9 |
|
|
1.5 |
|
|
40 |
% |
|
16.4 |
|
|
17.4 |
|
|
(1.0 |
) |
|
(6 |
)% |
|||||
Performance Products |
|
|
3.1 |
|
|
2.3 |
|
|
0.8 |
|
|
35 |
% |
|
7.7 |
|
|
9.3 |
|
|
(1.7 |
) |
|
(18 |
)% |
|||||
Corporate |
|
|
(16.3 |
) |
|
(11.7 |
) |
|
(4.6 |
) |
|
40 |
% |
|
(58.5 |
) |
|
(50.1 |
) |
|
(8.3 |
) |
|
17 |
% |
|||||
Total |
|
$ |
33.4 |
|
$ |
32.3 |
|
$ |
1.1 |
|
|
3 |
% |
$ |
111.2 |
|
$ |
112.8 |
|
$ |
(1.5 |
) |
|
(1 |
)% |
|||||
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|
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Ratio to segment net sales |
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|
|||||||||||||
|
|
|
21.6 |
% |
|
21.4 |
% |
|
|
|
|
|
20.6 |
% |
|
20.6 |
% |
|
|
|
|
|||||||||
Mineral Nutrition |
|
|
8.7 |
% |
|
6.6 |
% |
|
|
|
|
|
6.8 |
% |
|
7.2 |
% |
|
|
|
|
|||||||||
Performance Products |
|
|
15.6 |
% |
|
11.5 |
% |
|
|
|
|
|
11.3 |
% |
|
12.4 |
% |
|
|
|
|
|||||||||
Corporate (1) |
|
|
(6.0 |
)% |
|
(4.6 |
)% |
|
|
|
|
|
(5.7 |
)% |
|
(5.1 |
)% |
|
|
|
|
|||||||||
Total (1) |
|
|
12.2 |
% |
|
12.7 |
% |
|
|
|
|
|
10.9 |
% |
|
11.5 |
% |
|
|
|
|
|||||||||
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|
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Reconciliation of GAAP Net Income to Adjusted EBITDA |
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|||||||||||||
Net income |
|
$ |
0.8 |
|
$ |
11.5 |
|
$ |
(10.7 |
) |
|
(93 |
)% |
$ |
2.4 |
|
$ |
32.6 |
|
$ |
(30.2 |
) |
|
(93 |
)% |
|||||
Interest expense, net |
|
|
4.7 |
|
|
4.5 |
|
|
0.2 |
|
|
5 |
% |
|
18.5 |
|
|
15.3 |
|
|
3.2 |
|
|
21 |
% |
|||||
Provision for income taxes |
|
|
5.7 |
|
|
9.9 |
|
|
(4.3 |
) |
|
(43 |
)% |
|
8.5 |
|
|
21.5 |
|
|
(13.0 |
) |
|
(60 |
)% |
|||||
Depreciation and amortization |
|
|
9.2 |
|
|
8.6 |
|
|
0.6 |
|
|
7 |
% |
|
36.2 |
|
|
34.0 |
|
|
2.2 |
|
|
6 |
% |
|||||
EBITDA |
|
|
20.3 |
|
|
34.5 |
|
|
(14.2 |
) |
|
(41 |
)% |
|
65.6 |
|
|
103.4 |
|
|
(37.8 |
) |
|
(37 |
)% |
|||||
Acquisition-related cost of goods sold |
|
|
— |
|
|
— |
|
|
— |
|
|
* |
|
0.5 |
|
|
— |
|
|
0.5 |
|
|
* |
|||||||
Acquisition-related transaction costs |
|
|
5.9 |
|
|
— |
|
|
5.9 |
|
|
* |
|
6.4 |
|
|
— |
|
|
6.4 |
|
|
* |
|||||||
Pension settlement cost |
|
|
— |
|
|
— |
|
|
— |
|
|
* |
|
10.7 |
|
|
— |
|
|
10.7 |
|
|
* |
|||||||
|
|
|
— |
|
|
— |
|
|
— |
|
|
* |
|
4.2 |
|
|
— |
|
|
4.2 |
|
|
* |
|||||||
Stock-based compensation |
|
|
0.2 |
|
|
— |
|
|
0.2 |
|
|
* |
|
0.5 |
|
|
— |
|
|
0.5 |
|
|
* |
|||||||
Phibro Forward income growth initiatives implementation costs (2) |
|
|
0.4 |
|
|
— |
|
|
0.4 |
|
|
* |
|
0.4 |
|
|
— |
|
|
0.4 |
|
|
* |
|||||||
Insurance proceeds |
|
|
(0.6 |
) |
|
— |
|
|
(0.6 |
) |
|
* |
|
(0.9 |
) |
|
— |
|
|
(0.9 |
) |
|
* |
|||||||
Environmental remediation costs |
|
|
— |
|
|
— |
|
|
— |
|
|
* |
|
— |
|
|
6.9 |
|
|
(6.9 |
) |
|
* |
|||||||
Foreign currency (gains) losses, net |
|
|
7.3 |
|
|
(2.2 |
) |
|
9.4 |
|
|
* |
|
23.9 |
|
|
2.5 |
|
|
21.4 |
|
|
* |
|||||||
Adjusted EBITDA |
|
$ |
33.4 |
|
$ |
32.3 |
|
$ |
1.1 |
|
|
3 |
% |
$ |
111.2 |
|
$ |
112.8 |
|
$ |
(1.5 |
) |
|
(1 |
)% |
Amounts and percentages may reflect rounding adjustments. |
|
* |
Calculation not meaningful |
(1) |
Reflects ratio to total net sales |
(2) |
Phibro Forward is a company-wide initiative focused on unlocking additional areas of revenue growth and cost savings |
Adjusted Net Income |
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Three Months |
Twelve Months |
|||||||||||||||||||||||||||
For the Periods Ended |
|
2024 |
2023 |
Change |
2024 |
2023 |
Change |
|||||||||||||||||||||||
|
|
(in millions, except per share amounts and percentages) |
||||||||||||||||||||||||||||
Reconciliation of GAAP Net Income to Adjusted Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net income |
|
$ |
0.8 |
|
$ |
11.5 |
|
$ |
(10.7 |
) |
|
(93 |
)% |
$ |
2.4 |
|
$ |
32.6 |
|
$ |
(30.2 |
) |
|
(93 |
)% |
|||||
Acquisition-related intangible amortization(1) |
|
|
1.7 |
|
|
1.7 |
|
|
(0.0 |
) |
|
(1 |
)% |
|
6.7 |
|
|
6.7 |
|
|
0.0 |
|
|
0 |
% |
|||||
Acquisition-related intangible amortization(2) |
|
|
0.7 |
|
|
0.8 |
|
|
(0.1 |
) |
|
(13 |
)% |
|
3.0 |
|
|
3.0 |
|
|
(0.1 |
) |
|
(2 |
)% |
|||||
Acquisition-related cost of goods sold(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
* |
|
0.5 |
|
|
— |
|
|
0.5 |
|
|
* |
|||||||
Acquisition-related transaction costs(2) |
|
|
5.9 |
|
|
— |
|
|
5.9 |
|
|
* |
|
6.4 |
|
|
— |
|
|
6.4 |
|
|
* |
|||||||
Pension settlement costs(2) |
|
|
— |
|
|
— |
|
|
— |
|
|
* |
|
10.7 |
|
|
— |
|
|
10.7 |
|
|
* |
|||||||
|
|
|
— |
|
|
— |
|
|
— |
|
|
* |
|
4.2 |
|
|
— |
|
|
4.2 |
|
|
* |
|||||||
Stock-based compensation(2) |
|
|
0.2 |
|
|
— |
|
|
0.2 |
|
|
* |
|
0.5 |
|
|
— |
|
|
0.5 |
|
|
* |
|||||||
Phibro Forward income growth initiatives implementation costs(2) |
|
|
0.4 |
|
|
— |
|
|
0.4 |
|
|
* |
|
0.4 |
|
|
— |
|
|
0.4 |
|
|
* |
|||||||
Insurance proceeds(2) |
|
|
(0.6 |
) |
|
— |
|
|
(0.6 |
) |
|
* |
|
(0.9 |
) |
|
— |
|
|
(0.9 |
) |
|
* |
|||||||
Environmental remediation costs(2) |
|
|
— |
|
|
— |
|
|
— |
|
|
* |
|
— |
|
|
6.9 |
|
|
(6.9 |
) |
|
* |
|||||||
Foreign currency (gains) losses, net(3) |
|
|
7.3 |
|
|
(2.2 |
) |
|
9.4 |
|
|
* |
|
23.9 |
|
|
2.5 |
|
|
21.4 |
|
|
* |
|||||||
Adjustments to income taxes(4) |
|
|
0.5 |
|
|
3.4 |
|
|
(2.9 |
) |
|
* |
|
(9.3 |
) |
|
(2.7 |
) |
|
(6.6 |
) |
|
* |
|||||||
Adjusted net income |
|
$ |
16.7 |
|
$ |
15.2 |
|
$ |
1.5 |
|
|
10 |
% |
$ |
48.4 |
|
$ |
49.0 |
|
$ |
(0.6 |
) |
|
(1 |
)% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Adjusted cost of goods sold(1) |
|
$ |
184.4 |
|
$ |
176.7 |
|
$ |
7.6 |
|
|
4 |
% |
$ |
697.4 |
|
$ |
673.0 |
|
$ |
24.4 |
|
|
4 |
% |
|||||
Adjusted gross profit |
|
|
88.8 |
|
|
78.3 |
|
|
10.5 |
|
|
13 |
% |
|
320.3 |
|
|
304.9 |
|
|
15.4 |
|
|
5 |
% |
|||||
Adjusted selling, general and administrative(2) |
|
|
62.3 |
|
|
52.1 |
|
|
10.1 |
|
|
19 |
% |
|
235.6 |
|
|
216.5 |
|
|
19.1 |
|
|
9 |
% |
|||||
Adjusted interest expense, net |
|
|
4.7 |
|
|
4.5 |
|
|
0.2 |
|
|
5 |
% |
|
18.5 |
|
|
15.3 |
|
|
3.2 |
|
|
21 |
% |
|||||
Adjusted income before income taxes |
|
|
21.8 |
|
|
21.7 |
|
|
0.1 |
|
|
0 |
% |
|
66.2 |
|
|
73.1 |
|
|
(6.9 |
) |
|
(9 |
)% |
|||||
Adjusted provision for income taxes(4) |
|
|
5.1 |
|
|
6.5 |
|
|
(1.4 |
) |
|
(21 |
)% |
|
17.8 |
|
|
24.2 |
|
|
(6.3 |
) |
|
(26 |
)% |
|||||
Adjusted net income |
|
$ |
16.7 |
|
$ |
15.2 |
|
$ |
1.5 |
|
|
10 |
% |
$ |
48.4 |
|
$ |
49.0 |
|
$ |
(0.6 |
) |
|
(1 |
)% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Adjusted net income per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
diluted |
|
$ |
0.41 |
|
$ |
0.38 |
|
$ |
0.03 |
|
|
10 |
% |
$ |
1.19 |
|
$ |
1.21 |
|
$ |
(0.02 |
) |
|
(1 |
)% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
diluted |
|
|
40.6 |
|
|
40.5 |
|
|
|
|
|
|
40.5 |
|
|
40.5 |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Ratio to net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Adjusted gross profit |
|
|
32.5 |
% |
|
30.7 |
% |
|
|
|
|
|
31.5 |
% |
|
31.2 |
% |
|
|
|
|
|||||||||
Adjusted selling, general and administrative |
|
|
22.8 |
% |
|
20.4 |
% |
|
|
|
|
|
23.1 |
% |
|
22.1 |
% |
|
|
|
|
|||||||||
Adjusted income before income taxes |
|
|
8.0 |
% |
|
8.5 |
% |
|
|
|
|
|
6.5 |
% |
|
7.5 |
% |
|
|
|
|
|||||||||
Adjusted net income |
|
|
6.1 |
% |
|
6.0 |
% |
|
|
|
|
|
4.8 |
% |
|
5.0 |
% |
|
|
|
|
|||||||||
Adjusted effective tax rate |
|
|
23.6 |
% |
|
29.9 |
% |
|
|
|
|
|
26.9 |
% |
|
33.0 |
% |
|
|
|
|
Amounts and percentages may reflect rounding adjustments. | |
* |
Calculation not meaningful |
(1) |
Adjusted cost of goods sold excludes acquisition-related intangible amortization and acquisition-related cost of goods sold |
(2) |
Adjusted selling, general and administrative excludes acquisition-related intangible amortization, pension settlement cost, |
(3) |
Foreign currency losses (gains), net, are excluded from adjusted net income |
(4) |
Adjusted provision for income taxes excludes the income tax effect of pre-tax income adjustments and certain income tax items |
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