Balchem Corp. (BCPC) reported that its first-quarter net earnings were $10.9 million or $0.36 per share, up from $9.27 million or $0.31 per share in the year ago quarter.
Quarterly net sales were $84.7 million, which was an increase of about 11% above the $76.2 million result of the prior year comparative quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.37 per share on revenues of $83.32 million for the quarter. Analysts' estimates typically exclude special items.
Commenting further, Dino Rossi, Chairman, CEO and President of Balchem said, "These double-digit growth achievements are a reflection of strong underlying focus on generating sales growth from our core business segments. Our diversified portfolio, as noted previously, will generate certain quarterly fluctuations in any particular segment. Softness in our FPN human choline, and the noted negative effect of the decline of AminoShure products in the ANH Specialties, were offset by steady growth in ARC, double-digit growth in the other ANH Specialties, and industrial grade products."
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