Balchem Corporation (NASDAQ:BCPC) Q1 2023 Earnings Conference Call April 28, 2023 11:00 AM ET
Company Participants
Martin Bengtsson - Chief Financial Officer
Ted Harris - Chairman, Chief Executive Officer & President
Conference Call Participants
Mitra Ramgopal - Sidoti
Bob Labick - CJS Securities
Operator
Greetings and welcome to Balchem's First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Martin Bengtsson, Chief Financial Officer. Thank you Martin. You may begin.
Martin Bengtsson
Thank you and good morning everyone. Thank you for joining our conference call this morning to discuss the results of Balchem Corporation for the quarter ending March 31st 2023. My name is Martin Bengtsson, Chief Financial Officer and hosting this call with me is Ted Harris, our Chairman President and CEO.
Following the advice of our counsel, auditors and the SEC at this time I would like to read our forward-looking statement. Statements made in today's call that are not historical facts are considered forward-looking statements. We can give no assurance that the expectations reflected in forward-looking statements will prove correct and various factors could cause actual results to differ materially from our expectations including risks and factors identified in Balchem's most recent Form 10-K, 10-Q and 8-K reports. The company assumes no obligation to update these forward-looking statements. Today's call and commentary include non-GAAP financial measures. Please refer to the reconciliation in our earnings release for further details.
I will now turn the call over to Ted Harris, our Chairman, President and CEO.
Ted Harris
Thanks Martin. Good morning and welcome to our conference call. This morning, we reported our first quarter financial results with record first quarter revenues of $233 million, which were up 1.6% versus the prior year's very strong quarterly results. These higher sales drove higher adjusted earnings from operations of $45 million, which were up 1.2% versus the prior year quarter.
Our record first quarter adjusted EBITDA of $56 million was $3 million higher, an increase of 4.8% versus the $54 million achieved in the prior year. And adjusted EBITDA margin was 24.1% of sales, up 73 basis points from the prior year results. Our first quarter net income of $23 million, a decrease of 21.5% resulted in earnings per share of $0.70 on a GAAP basis.