Balchem Corporation (NASDAQ:BCPC) Q1 2022 Earnings Conference Call April 29, 2022 11:00 AM ET

Company Participants

Martin Bengtsson – Chief Financial Officer

Ted Harris – Chairman, Chief Executive Officer and President

Conference Call Participants

Bob Labick – CJS Securities

Ram Selvaraju – H.C. Wainwright

Mitra Ramgopal – Sidoti

Operator

Greetings, and welcome to the Balchem Corporation First Quarter 2022 Financial Results 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 conference over to your host, Martin Bengtsson, Chief Financial Officer of Balchem. Thank you. You may begin.

Martin Bengtsson

Thank you, Melissa, and good morning, everyone. And just for clarity, this is the first quarter conference call and not the fourth quarter. So thank you, everyone for joining our conference call this morning to discuss the results of Balchem Corporation for the quarter ending March 31, 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, and welcome to our conference call. This morning, we reported very strong first quarter results with strong revenue and earnings growth. Our revenues of $228.9 million were up 23.3%. And our adjusted earnings from operations were $44.6 million, up 19.4% versus the prior year quarter.

Our first quarter net income of $28.9 million an increase of 23.6% resulted in earnings per share of $0.89 on a GAAP basis. On an adjusted basis, our first quarter non-GAAP net earnings were $33.4 million or $1.03 per share an increase of 17.3%. Cash from operations was $7 million for the first quarter of 2022.