Food manufacturer Balchem Corporation (BCPC: Quote) reported fourth-quarter net earnings of $9.5 million, slightly rising from last year's $9.4 million. Earnings per share remained flat at last year's $0.31.
Net sales for the quarter edged down to $69.7 million from $69.8 million last year.
Gross margin for the quarter declined to 29.9 percent from the prior year's 30.5 percent primarily due to lower sales volumes and increased raw material costs.
ARC Specialty Products segment sales for the quarter increased 6.9 percent as a result of strong volumes of ethylene oxide sold for medical device sterilization.
Sales in Food, Pharma and Nutrition segment declined 10.6 percent from last year. Animal Nutrition & Health segment showed mixed results with significant improvement coming from the ruminant production animal sector, flatness from the poultry markets, which was offset by softness in the industrial products end market.
by RTT Staff Writer
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