Balchem Corporation (NASDAQ:BCPC) Q4 2022 Results Conference Call February 24, 2023 11:00 AM ET
Company Participants
Martin Bengtsson - Chief Financial Officer
Ted Harris - Chairman, Chief Executive Officer and President
Conference Call Participants
Lee Jagoda - CJS Securities
Ram Selvaraju - H.C. Wainwright
Mitra Ramgopal - Sidoti
Operator
Greetings and welcome to Balchem’s Fourth Quarter Year-End 2022 Earnings Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
I would now like to turn the call over to Martin Bengtsson, Chief Financial Officer. Thank you. 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 December 31, 2022. My name's 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 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 their 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. Before we get into the quarter, I would like to reflect for a few minutes on some of the significant accomplishments the Balchem achieved over the last year. Overall, 2022 was another strong year for Balchem. Financially, we achieved record sales of $942 million, growing almost 18% year-over-year with record sales in all three of our business segments. We also delivered record adjusted net earnings of $131 million, an increase of 12%, and record adjusted EBITDA of $216 million, an increase of 14% from the prior year.
In addition, we generated free cash flow of $89 million while at the same time investing $49 million in capital projects to support our continued growth. Strategically, we had a very good year as well. In 2022, we strengthened our company with the acquisitions of Kappa Bioscience and Bergstrom Nutrition.