Phibro Animal Health Corporation (Nasdaq: PAHC) (“Phibro” or the
“Company”) today announced financial results for its second quarter
ended December 31, 2023 and its updated financial guidance for the
year ending June 30, 2024.
Highlights for the three months ended December 31, 2023
(compared to the three months ended December 31, 2022)
- Net sales of $249.9 million, an increase of $5.3 million, or
2%
- Net income of $1.3 million, a decrease of $5.9 million
- Diluted earnings per share of $0.03, a decrease of $0.15
- Adjusted EBITDA of $29.5 million, a decrease of $1.5 million,
or 5%
- Adjusted net income of $13.5 million, a decrease of $0.3
million, or 2%
- Adjusted diluted EPS of $0.33, a decrease of $0.01, or 2%
We affirm our previously issued fiscal year 2024 guidance for
the following measures:
- Net sales of $980 million to $1.020 billion
- Adjusted EBITDA of $106 million to $112 million
- Adjusted net income of $42 million to $47 million, and
- Adjusted diluted EPS of $1.04 to $1.16
We have updated our fiscal year 2024 guidance for the following
measures:
- Net income of $12 million to $17 million
- Diluted EPS of $0.30 to $0.42
- Adjusted effective tax rate of 28% to 30%
COMMENTARY
“I am pleased that we once again have delivered very strong top
line growth in our core Animal Health segment, with 6% net sales
growth as compared to the same quarter last year. Equally
important, our Adjusted EBITDA growth in this segment grew at a
similar pace, as we were led by the growth of high value new
product introductions in our vaccine product line,” said Jack
Bendheim, Phibro’s Chairman, President, and Chief Executive
Officer.
Jack continued, “We expect continuing growth in our Animal
Health business in the second half of the year. We also expect to
see significant improvement in our Mineral Nutrition and
Performance Products segments in the second half of the year, as we
work through inventory imbalances and as we see a rebound in
demand.”
Jack added, “I am very excited to welcome Glenn David to Phibro
as Chief Financial Officer, as we recently announced. Glenn brings
over 30 years of experience in commercial and financial leadership
roles, including a wealth of knowledge in the animal health
industry. He brings the capabilities needed to play a key role in
Phibro’s future success and to bring value to our
shareholders.”
QUARTERLY RESULTS
Net sales
Net sales of $249.9 million for the three months ended December
31, 2023, increased $5.3 million, or 2%, as compared to the three
months ended December 31, 2022. Animal Health increased $9.3
million. Mineral Nutrition and Performance Products decreased $0.3
million and $3.7 million, respectively.
Animal Health
Net sales of $173.1 million for the three months ended December
31, 2023, increased $9.3 million, or 6%. Net sales of MFAs and
other increased $4.8 million, or 5%, due to increased demand for
our MFAs in international regions and for our processing aids used
in the ethanol fermentation industry. Net sales of nutritional
specialty products decreased $2.4 million, or 6%, mostly due to
lower domestic dairy demand. Net sales of vaccines increased $7.0
million, or 31%, primarily due to poultry product introductions in
Latin America, plus an increase in domestic demand.
Mineral Nutrition
Net sales of $61.3 million for the three months ended December
31, 2023, decreased $0.3 million, or less than 1%, primarily due to
declines in average selling prices and some reduction in sales
volume.
Performance Products
Net sales of $15.5 million for the three months ended December
31, 2023, decreased $3.7 million, or 19%, driven by decreased
demand for personal care product ingredients and industrial
chemicals.
Gross profit
Gross profit of $78.6 million for the three months ended
December 31, 2023, increased $1.2 million, or 2%, as compared to
the three months ended December 31, 2022. Gross margin decreased 10
basis points to 31.5% of net sales for the three months ended
December 31, 2023, as compared to 31.6% for the three months ended
December 31, 2022, due to decreased sales and unfavorable product
mix in Mineral Nutrition and Performance Products.
Animal Health gross profit increased $4.1 million, primarily
driven by higher sales volume and favorable product mix. Mineral
Nutrition gross profit decreased $1.0 million, driven by lower
sales volume and an increase in raw material costs. Performance
Products gross profit decreased $1.6 million as a result of lower
product demand and an increase in raw material costs.
Acquisition-related cost of goods sold reduced gross profit by $0.3
million.
Selling, general and administrative expenses
Selling, general and administrative expenses (“SG&A”) of
$62.9 million for the three months ended December 31, 2023,
increased $1.4 million, or 2%, as compared to the three months
ended December 31, 2022. SG&A for the three months ended
December 31, 2023, included a $4.2 million cost for an unfavorable
litigation result related to Brazil employment taxes paid from
January 2013 through December 2015, an additional $0.3 million
true-up to the pension settlement cost and $0.1 million for
stock-based compensation. SG&A for the three months ended
December 31, 2022, included $6.6 million of environmental
remediation costs. Excluding these items, SG&A increased $3.4
million, or 6%.
Animal Health SG&A increased $2.3 million, primarily due to
an increase in employee-related costs to support increased demand
in Latin America and Asia Pacific. Mineral Nutrition and
Performance Products SG&A was comparable to the prior year.
Corporate costs increased by $1.4 million, driven by the planned
increase in strategic investments.
Interest expense, net
Interest expense, net of $4.7 million for the three months ended
December 31, 2023, increased by $0.8 million, as compared to the
three months ended December 31, 2022, as a result of higher
variable interest rates and slightly increased debt levels.
Foreign currency losses (gains), net
Foreign currency losses, net for the three months ended December
31, 2023, were $7.5 million, as compared to $(0.1) million of net
gains for the three months ended December 31, 2022. Current period
losses were driven by fluctuations in certain currencies related to
the U.S. dollar, including a major devaluation in Argentina.
Provision for income taxes
The provision for income taxes was $2.3 million and $4.9 million
for the three months ended December 31, 2023 and 2022,
respectively. The effective income tax rates were 64.3% and 40.5%
for the three months ended December 31, 2023 and 2022,
respectively. The effective income tax rate for the three months
ended December 31, 2023, increased due to an unfavorable mix of
pre-tax income and related tax provisions in the various
jurisdictions where we have operations and the relatively greater
effect of certain items such as Global Intangible Low-Taxed Income
on reduced pre-tax income.
Net income
Net income of $1.3 million for the three months ended December
31, 2023, decreased $5.9 million, as compared to net income of $7.2
million for the three months ended December 31, 2022. Operating
income decreased $0.1 million, driven by higher SG&A, offset by
favorable gross profit. Gross profit increased as a result of
higher product demand in the Animal Health segment. SG&A
included a $4.2 million cost for an unfavorable litigation result
related to Brazil employment taxes paid from January 2013 through
December 2015. Interest expense, net increased $0.8 million and
foreign currency exchange resulted in increased losses of $7.6
million. Income tax expense increased by $2.6 million.
Adjusted EBITDA
Adjusted EBITDA of $29.5 million for the three months ended
December 31, 2023, decreased $1.5 million, or 5%, as compared to
the three months ended December 31, 2022. Animal Health Adjusted
EBITDA increased $2.2 million due to gross profit from increased
sales, partially offset by higher SG&A. Mineral Nutrition
Adjusted EBITDA decreased $0.9 million, driven by lower gross
profit. Performance Products Adjusted EBITDA decreased $1.5 million
due to lower product demand and unfavorable product mix. Corporate
expenses increased $1.3 million, driven by increased strategic
investments.
Adjusted provision for income taxes
The adjusted provision for income taxes was $4.9 million and
$7.2 million for the three months ended December 31, 2023 and 2022,
respectively. The adjusted effective income tax rates were 26.7%
and 34.3% for the three months ended December 31, 2023 and 2022,
respectively. The improvement in our adjusted effective income tax
rate for the three months ended December 31, 2023, was driven by a
favorable mix of pre-tax income and the benefit of recently
implemented global tax structuring.
Adjusted net income
Adjusted net income of $13.5 million for the three months ended
December 31, 2023, decreased $0.3 million, or 2%, as compared to
the prior year. Increased adjusted gross profit, driven by sales
growth, was offset by higher adjusted SG&A and higher adjusted
interest expense, net, with a partial benefit from a reduced
adjusted provision for income taxes. Adjusted SG&A increased
due to strategic investments and increased employee-related costs
and adjusted interest expense, net, increased due to higher
variable interest rates.
Adjusted diluted earnings per share
Adjusted diluted earnings per share was $0.33 for the quarter, a
decrease of $0.01, or 2% as compared to the adjusted diluted
earnings per share of $0.34 in the prior year.
BALANCE SHEET AND CASH FLOWS
- Free cash flow was $37.0 million for the twelve months ended
December 31, 2023
- 4.4x gross leverage ratio as of December 31, 2023
- $476 million total debt
- $108 million Adjusted EBITDA for the twelve months ended
December 31, 2023
- Cash and short-term investments of $92.5 million as of December
31, 2023
FISCAL YEAR 2024 FINANCIAL GUIDANCE
Our affirmed or updated fiscal year 2024 financial guidance is
as shown in the table below. Comparisons are to the prior fiscal
year and year-over-year percentages are calculated using the
midpoint of the guidance ranges.
- Net sales of $980 million to $1.020 billion, growth of 2%,
affirmed
- Net income of $12 million to $17 million, a decline of 55%,
updated
- Diluted EPS of $0.30 to $0.42, a decline of 56%, updated
- Adjusted EBITDA of $106 million to $112 million, a decline of
3%, affirmed
- Adjusted net income of $42 million to $47 million, a decline of
9%, affirmed
- Adjusted diluted EPS of $1.04 to $1.16, a decline of 9%,
affirmed
- Adjusted effective tax rate of 28% to 30%, updated
The updated guidance reflects recent developments, including
expense for Brazil employment taxes, additional foreign currency
losses, primarily due to a major devaluation in Argentina,
acquisition-related expenses from a recent small acquisition and
the related effects on the provision for income taxes. Each of
these items are reflected in our GAAP guidance but are excluded
from adjusted measures.
WEBCAST & CONFERENCE CALL DETAILS
Phibro Animal Health Corporation will host a webcast and
conference call during which the Company will review its financial
results and respond to questions.
Date:
Thursday, February 8, 2024
Time:
9:00 AM Eastern
Location:
https://investors.pahc.com
U.S. Toll-Free:
+1 (888) 330-2022
International Toll:
+1 (365) 977-0051
Conference ID:
3927884
NOTE: To join this conference call, all participants will be
required to provide the Conference ID number.
A replay of the webcast will be archived and made available on
Phibro’s website.
DISCLOSURE NOTICES
Forward-Looking Statements: This communication contains
forward-looking statements that are subject to risks and
uncertainties. All statements other than statements of historical
or current fact included in this report are forward-looking
statements. Forward-looking statements discuss our current
expectations and projections relating to our financial condition,
results of operations, plans, objectives, future performance and
business. You can identify forward-looking statements by the fact
that they do not relate strictly to historical or current facts.
These statements may include words such as “aim,” “anticipate,”
“believe,” “estimate,” “expect,” “forecast,” “outlook,”
“potential,” “project,” “projection,” “plan,” “intend,” “seek,”
“may,” “could,” “would,” “will,” “should,” “can,” “can have,”
“likely,” the negatives thereof and other words and terms of
similar meaning in connection with any discussion of the timing or
nature of future operating or financial performance or other
events. These statements are not guarantees of future performance
or actions. If one or more of these risks or uncertainties
materialize, or if management’s underlying assumptions prove to be
incorrect, actual results may differ materially from those
contemplated by a forward-looking statement. Forward-looking
statements speak only as of the date on which they are made. Phibro
expressly disclaims any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. A further list and description of
risks, uncertainties and other matters can be found in our
Quarterly Report on Form 10-Q and Annual Report on Form 10-K,
including in the sections thereof captioned “Forward-Looking
Statements” and “Risk Factors.” These filings and subsequent
filings are available online at www.sec.gov, www.pahc.com, or on
request from Phibro.
Non-GAAP Financial Information: We use non-GAAP financial
measures, such as adjusted EBITDA, adjusted net income, adjusted
diluted EPS and free cash flow to assess and analyze our
operational results and trends and to make financial and
operational decisions. Management uses adjusted EBITDA as its
primary operating measure. We report adjusted net income to portray
the results of our operations prior to considering certain income
statement elements. We believe these non-GAAP financial measures
are also useful to investors because they provide greater
transparency regarding our operating performance. The non-GAAP
financial measures included in this communication should not be
considered alternatives to measurements required by GAAP, such as
net income, operating income and earnings per share, and should not
be considered measures of liquidity. These non-GAAP financial
measures are unlikely to be comparable with non-GAAP information
provided by other companies. Reconciliation of non-GAAP financial
measures and GAAP financial measures are included in the tables
accompanying this communication and/or our Quarterly Report on Form
10-Q and Annual Report on Form 10-K.
We are not providing a reconciliation of forward-looking
guidance of non-GAAP financial measures to the most directly
comparable GAAP financial measures because of the uncertainty
regarding, and the potential variability of, certain of the items
required for a reconciliation; accordingly, a reconciliation of the
non-GAAP financial measure to the corresponding GAAP financial
measure is not available without unreasonable effort.
Internet Posting of Information: We routinely post information
that may be important to investors in the “Investors” section of
our website at www.pahc.com. We encourage investors and potential
investors to consult our website regularly for important
information about us.
Phibro Animal Health
Corporation
Consolidated Results of
Operations
Three Months
Six Months
For the Periods Ended December
31
2023
2022
Change
2023
2022
Change
(in millions, except per share
amounts and percentages)
Net sales
$
249.9
$
244.6
$
5.3
2
%
$
481.3
$
477.2
$
4.1
1
%
Cost of goods sold
171.3
167.3
4.1
2
%
335.0
331.1
3.8
1
%
Gross profit
78.6
77.4
1.2
2
%
146.3
146.0
0.3
0
%
Selling, general and administrative
62.9
61.5
1.4
2
%
131.4
116.5
14.9
13
%
Operating income
15.7
15.8
(0.1
)
(1
)%
15.0
29.5
(14.6
)
*
%
Interest expense, net
4.7
3.9
0.8
20
%
9.2
7.0
2.3
33
%
Foreign currency losses (gains), net
7.5
(0.1
)
7.6
*
14.2
5.1
9.1
*
Income (loss) before income taxes
3.6
12.1
(8.5
)
(71
)%
(8.4
)
17.5
(25.9
)
*
Provision (benefit) for income taxes
2.3
4.9
(2.6
)
(53
)%
(1.7
)
6.5
(8.1
)
*
Net income (loss)
$
1.3
$
7.2
$
(5.9
)
(82
)%
$
(6.7
)
$
11.1
$
(17.8
)
*
Net income (loss) per share
basic
$
0.03
$
0.18
$
(0.15
)
(82
)%
$
(0.17
)
$
0.27
$
(0.44
)
*
diluted
$
0.03
$
0.18
$
(0.15
)
(82
)%
$
(0.17
)
$
0.27
$
(0.44
)
*
Weighted average common shares
outstanding
basic
40.5
40.5
40.5
40.5
diluted
40.5
40.5
40.5
40.5
Ratio to net sales
Gross profit
31.5
%
31.6
%
30.4
%
30.6
%
Selling, general and administrative
25.2
%
25.2
%
27.3
%
24.4
%
Operating income
6.3
%
6.5
%
3.1
%
6.2
%
Income (loss) before income taxes
1.4
%
4.9
%
(1.7
)%
3.7
%
Net income (loss)
0.5
%
2.9
%
(1.4
)%
2.3
%
Effective tax rate
64.3
%
40.5
%
19.9
%
36.9
%
Amounts and percentages may reflect rounding adjustments.
*
Calculation not meaningful
Phibro Animal Health
Corporation
Segment Net Sales and Adjusted
EBITDA
Three Months
Six Months
For the Periods Ended December
31
2023
2022
Change
2023
2022
Change
(in millions, except
percentages)
Net Sales
MFAs and other
$
101.9
$
97.2
$
4.8
5
%
$
196.0
$
190.0
$
6.1
3
%
Nutritional specialties
41.4
43.9
(2.4
)
(6
)%
81.6
82.9
(1.3
)
(2
)%
Vaccines
29.7
22.8
7.0
31
%
55.9
45.8
10.2
22
%
Animal Health
173.1
163.8
9.3
6
%
333.6
318.7
15.0
5
%
Mineral Nutrition
61.3
61.6
(0.3
)
(0
)%
117.4
121.3
(3.9
)
(3
)%
Performance Products
15.5
19.2
(3.7
)
(19
)%
30.3
37.2
(6.9
)
(19
)%
Total
$
249.9
$
244.6
$
5.3
2
%
$
481.3
$
477.2
$
4.1
1
%
Adjusted EBITDA
Animal Health
$
39.3
$
37.1
$
2.2
6
%
$
67.8
$
64.0
$
3.8
6
%
Mineral Nutrition
3.5
4.4
(0.9
)
(20
)%
6.4
9.7
(3.3
)
(34
)%
Performance Products
0.8
2.3
(1.5
)
(64
)%
2.2
4.7
(2.4
)
(52
)%
Corporate
(14.2
)
(12.8
)
(1.3
)
10
%
(28.3
)
(25.3
)
(3.0
)
12
%
Total
$
29.5
$
30.9
$
(1.5
)
(5
)%
$
48.1
$
53.0
$
(4.9
)
(9
)%
Ratio to segment net sales
Animal Health
22.7
%
22.6
%
20.3
%
20.1
%
Mineral Nutrition
5.7
%
7.1
%
5.4
%
8.0
%
Performance Products
5.3
%
11.9
%
7.4
%
12.5
%
Corporate (1)
(5.7
)%
(5.2
)%
(5.9
)%
(5.3
)%
Total (1)
11.8
%
12.6
%
10.0
%
11.1
%
Reconciliation of GAAP Net Income
(Loss) to Adjusted EBITDA
Net income (loss)
$
1.3
$
7.2
$
(5.9
)
(82
)%
$
(6.7
)
$
11.1
$
(17.8
)
*
Interest expense, net
4.7
3.9
0.8
20
%
9.2
7.0
2.3
33
%
Provision (benefit) for income taxes
2.3
4.9
(2.6
)
(53
)%
(1.7
)
6.5
(8.1
)
*
Depreciation and amortization
8.9
8.5
0.4
5
%
17.8
16.9
0.8
5
%
EBITDA
17.1
24.5
(7.4
)
(30
)%
18.6
41.4
(22.8
)
(55
)%
Acquisition-related cost of goods sold
0.3
—
0.3
*
0.3
—
0.3
*
Pension settlement cost
0.2
—
0.2
*
10.7
—
10.7
*
Brazil employment taxes
4.2
—
4.2
*
4.2
—
4.2
*
Stock-based compensation
0.1
—
0.1
*
0.2
—
0.2
*
Environmental remediation costs
—
6.6
(6.6
)
*
—
6.6
(6.6
)
*
Foreign currency losses (gains), net
7.5
(0.1
)
7.6
*
14.2
5.1
9.1
*
Adjusted EBITDA
$
29.5
$
30.9
$
(1.5
)
(5
)%
$
48.1
$
53.0
$
(4.9
)
(9
)%
Amounts and percentages may reflect rounding adjustments.
*
Calculation not meaningful
(1)
Reflects ratio to total net sales
Phibro Animal Health
Corporation
Adjusted Net Income
Three Months
Six Months
For the Periods Ended December
31
2023
2022
Change
2023
2022
Change
(in millions, except per share
amounts and percentages)
Reconciliation of GAAP Net Income
(Loss) to Adjusted Net Income
Net income (loss)
$
1.3
$
7.2
$
(5.9
)
(82
)%
$
(6.7
)
$
11.1
$
(17.8
)
*
Acquisition-related intangible
amortization (1)
1.7
1.7
0.0
1
%
3.3
3.3
0.0
1
%
Acquisition-related intangible
amortization (2)
0.8
0.8
0.0
3
%
1.6
1.5
0.0
3
%
Acquisition-related cost of goods sold
(1)
0.3
—
0.3
*
0.3
—
0.3
*
Pension settlement cost (2)
0.2
—
0.2
*
10.7
—
10.7
*
Brazil employment taxes (2)
4.2
—
4.2
*
4.2
—
4.2
*
Stock-based compensation (2)
0.1
—
0.1
*
0.2
—
0.2
*
Environmental remediation costs (2)
—
6.6
(6.6
)
*
—
6.6
(6.6
)
*
Foreign currency losses (gains), net
(3)
7.5
(0.1
)
7.6
*
14.2
5.1
9.1
*
Adjustments to income taxes (4)
(2.6
)
(2.3
)
(0.3
)
*
(8.7
)
(5.4
)
(3.3
)
*
Adjusted net income
$
13.5
$
13.8
$
(0.3
)
(2
)%
$
19.0
$
22.1
$
(3.1
)
(14
)%
Statement of Operations Line Items -
adjusted
Adjusted cost of goods sold (1)
$
169.3
$
165.6
$
3.7
2
%
$
331.3
$
327.8
$
3.5
1
%
Adjusted gross profit
80.6
79.0
1.6
2
%
150.0
149.3
0.7
0
%
Adjusted selling, general and
administrative (2)
57.6
54.2
3.4
6
%
114.8
108.4
6.3
6
%
Adjusted interest expense, net
4.7
3.9
0.8
20
%
9.2
7.0
2.3
33
%
Adjusted income before income taxes
18.4
21.0
(2.6
)
(12
)%
26.0
34.0
(8.0
)
(23
)%
Adjusted provision for income taxes
(4)
4.9
7.2
(2.3
)
(32
)%
7.0
11.9
(4.9
)
(41
)%
Adjusted net income
$
13.5
$
13.8
$
(0.3
)
(2
)%
$
19.0
$
22.1
$
(3.1
)
(14
)%
Adjusted net income per share
diluted
$
0.33
$
0.34
$
(0.01
)
(2
)%
$
0.47
$
0.55
$
(0.08
)
(14
)%
Weighted average common shares
outstanding
diluted
40.5
40.5
40.5
40.5
Ratio to net sales
Adjusted gross profit
32.2
%
32.3
%
31.2
%
31.3
%
Adjusted selling, general and
administrative
23.0
%
22.2
%
23.8
%
22.7
%
Adjusted income before income taxes
7.3
%
8.6
%
5.4
%
7.1
%
Adjusted net income
5.4
%
5.6
%
3.9
%
4.6
%
Adjusted effective tax rate
26.7
%
34.3
%
27.0
%
34.9
%
Amounts and percentages may reflect rounding adjustments.
*
Calculation not meaningful
(1)
Adjusted cost of goods sold excludes
acquisition-related intangible amortization and acquisition-related
cost of goods sold
(2)
Adjusted selling, general and
administrative excludes acquisition-related intangible
amortization, pension settlement cost, Brazil employment taxes,
stock-based compensation and environmental remediation costs
(3)
Foreign currency losses (gains), net, are
excluded from adjusted net income
(4)
Adjusted provision for income taxes
excludes the income tax effect of pre-tax income adjustments and
certain income tax items
Phibro Animal Health
Corporation
Operating, Investing and Free
Cash Flows
Three Months
Six Months
For the Periods Ended December
31
2023
2022
Change
2023
2022
Change
(in millions)
EBITDA
$
17.1
$
24.5
$
(7.4
)
$
18.6
$
41.4
$
(22.8
)
Adjustments
Acquisition-related cost of goods sold
0.3
—
0.3
0.3
—
0.3
Pension settlement cost
0.2
—
0.2
10.7
—
10.7
Brazil employment taxes
4.2
—
4.2
4.2
—
4.2
Stock-based compensation
0.1
—
0.1
0.2
—
0.2
Environmental remediation costs
—
6.6
(6.6
)
—
6.6
(6.6
)
Foreign currency losses (gains), net
7.5
(0.1
)
7.6
14.2
5.1
9.1
Interest paid, net
(4.4
)
(3.7
)
(0.7
)
(8.7
)
(6.6
)
(2.1
)
Income taxes paid
(4.5
)
(5.5
)
1.1
(9.1
)
(9.3
)
0.2
Changes in operating assets and
liabilities and other items
11.0
(24.2
)
35.1
17.5
(50.3
)
67.8
Net cash provided (used) by operating
activities
$
31.6
$
(2.5
)
$
34.0
$
47.8
$
(13.2
)
$
60.9
Short-term investments, net
$
(11.5
)
$
—
$
(11.5
)
$
(19.5
)
$
7.0
$
(26.5
)
Capital expenditures
(11.0
)
(9.8
)
(1.1
)
(18.4
)
(33.0
)
14.6
Business acquisition
(3.3
)
—
(3.3
)
(3.3
)
—
(3.3
)
Other investing, net
0.9
—
0.9
1.1
0.0
1.0
Net cash used by investing activities
$
(24.9
)
$
(9.8
)
$
(15.0
)
$
(40.2
)
$
(26.0
)
$
(14.3
)
Free cash flow:
Net cash provided (used) by operating
activities
$
31.6
$
(2.5
)
$
34.0
$
47.8
$
(13.2
)
$
60.9
Capital expenditures
(11.0
)
(9.8
)
(1.1
)
(18.4
)
(33.0
)
14.6
Building purchase (1)
—
—
—
—
15.0
(15.0
)
Free cash flow (adjusted)
$
20.6
$
(12.3
)
$
32.9
$
29.3
$
(31.2
)
$
60.5
Amounts and percentages may reflect rounding adjustments.
(1)
Adjusted free cash flow for the six months
ended December 31, 2022, excludes a $15 million purchase of
property financed in part by a secured term loan
About Phibro Animal Health Corporation Phibro
Animal Health Corporation is a leading global diversified animal
health and mineral nutrition company. We strive to be a trusted
partner with livestock producers, farmers, veterinarians and
consumers who raise or care for farm and companion animals by
providing solutions to help them maintain and enhance the health of
their animals. For further information, please visit
www.pahc.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240207615458/en/
Phibro Animal Health Corporation Richard G. Johnson Chief
Financial Officer +1-201-329-7300 Or
investor.relations@pahc.com
Phibro Animal Health (NASDAQ:PAHC)
過去 株価チャート
から 4 2024 まで 5 2024
Phibro Animal Health (NASDAQ:PAHC)
過去 株価チャート
から 5 2023 まで 5 2024