Balchem Corporation (NASDAQ:BCPC) Q3 2022 Earnings Conference Call November 4, 2022 11:00 AM ET
Company Participants
Martin Bengtsson - Chief Financial Officer
Ted Harris - Chairman, Chief Executive Officer and President
Conference Call Participants
Mitra Ramgopal - Sidoti
Bob Labick - CJS Securities
Ram Selvaraju - H.C. Wainwright
Operator
Greetings and welcome to Balchem Corporation’s Third Quarter Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.
I will now turn the conference over to Martin Bengtsson, Chief Financial Officer. Mr. Bengtsson, you may begin.
Martin Bengtsson
Good morning, everyone. Thank you for joining our conference call this morning to discuss the results of Balchem Corporation for the quarter ending September 30, 2022. My name is Martin Bengtsson, Chief Financial Officer. And hosting this call with me is Ted Harris, our Chairman, CEO and President.
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. This morning, we reported our third quarter results with both strong revenue and earnings growth. Our revenues of $244.3 million were up 23.4% and our adjusted earnings from operations were $44.8 million, up 13.3% versus the prior year quarter.
Our third quarter net income of $25.2 million, an increase of 0.9% resulted in earnings per share of $0.78 on a GAAP basis. On an adjusted basis, our third quarter non-GAAP net earnings were $32.4 million, an increase of 8%, resulting in earnings per share of $1 on a non-GAAP basis. Cash flows from operations were $41.6 million for the third quarter of 2022 with quarterly free cash flow of $26.8 million, overall another solid growth quarter for Balchem with performance that highlights the strength and resilience of our business model in a very challenging market environment.