Balchem Corporation (NASDAQ:BCPC) Q2 2022 Earnings Conference Call July 29, 2022 11:00 AM ET
Company Participants
Martin Bengtsson - Chief Financial Officer
Ted Harris - Chairman, Chief Executive Officer & President
Conference Call Participants
Bob Labick - CJS Securities
Ram Selvaraju - H.C. Wainwright
Mitra Ramgopal - Sidoti
Operator
Greetings, and welcome to the Balchem Corporation Second Quarter 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 this conference over to your host Mr. Martin Bengtsson, Chief Financial Officer. Thank you, sir. You may begin.
Martin Bengtsson
Thank you, Laura. Good morning, everyone. Thank you for joining our conference call this morning to discuss the results of Balchem Corporation for the quarter ending June 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. This release does contain or likely will contain forward-looking statements, which reflect Balchem's expectation or belief concerning future events that involve risks and uncertainties. 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 Form 10-K. Forward-looking statements are qualified in their entirety by this cautionary statement.
I will now turn the call over to Ted Harris our Chairman, CEO and President.
Ted Harris
Thanks, Martin. Good morning. Welcome to our conference call. This morning we reported very strong second quarter results with both strong revenue and earnings growth. Our revenues of $236.7 million were up 17% and our adjusted earnings from operations were $46.7 million, up 13.6% versus the prior year quarter.
Our second quarter net income of $29.8 million, an increase of 31% resulted in earnings per share of $0.92 on a GAAP basis. On an adjusted basis, our second quarter non-GAAP net earnings were $34.4 million, an increase of 13.3% resulting in earnings per share of $1.07 on a non-GAAP basis. Cash flows from operations were $48.2 million for the second quarter of 2022, with quarterly free cash flow of $37.8 million. Overall, a great second quarter for Balchem with performance that highlights the strength and resilience of our business model.