Phibro Animal Health Corporation (Nasdaq: PAHC) (“Phibro” or the
“Company”) today announced financial results for its third quarter
ended March 31, 2024, and its updated financial guidance for the
year ending June 30, 2024.
Highlights for the three months ended March 31, 2024 (compared
to the three months ended March 31, 2023)
- Net sales of $263.2 million, an increase of $17.6 million, or
7%
- Net income of $8.4 million, a decrease of $1.6 million
- Diluted earnings per share of $0.21, a decrease of $0.04
- Adjusted EBITDA of $29.7 million, an increase of $2.3 million,
or 9%
- Adjusted net income of $12.7 million, an increase of $1.1
million, or 9%
- Adjusted diluted EPS of $0.31, an increase of $0.02, or 9%
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
- Adjusted diluted EPS of $1.04 to $1.16
- Adjusted effective tax rate of 28% to 30%
We have updated our fiscal year 2024 guidance for the following
measures:
- Net income of $7 million to $12 million
- Diluted EPS of $0.17 to $0.30
Our guidance is on a standalone basis without giving effect to
the acquisition of Zoetis’ Medicated Feed Additive portfolio.
COMMENTARY
“I am extraordinarily proud of our third quarter performance.
Our Animal Health segment delivered double digit top line growth,
led by 26% growth in our vaccine business and an exceptional 16%
growth in our MFAs and other business. This translated to an
overall growth of 9% in Adjusted EBITDA,” said Jack Bendheim,
Phibro’s Chairman, President, and Chief Executive Officer.
Jack continued, “This growth was achieved while at the same time
our team was heavily involved in the process that led to our
announcement last week of our signed agreement to purchase Zoetis’
Medicated Feed Additive portfolio and certain water-soluble
products. We are excited to bring the people and products included
in the transaction to Phibro and we are very confident that we have
the operational strength and focus to not only have a smooth
transition but to maximize the opportunity related to this
portfolio of products which will enhance, expand and diversify
Phibro’s species and product offerings. We anticipate this
transaction will lead to strong earnings accretion and debt paydown
and will also serve as the engine that will continue to power our
investments in the faster growing vaccines, nutritional
specialties, and companion animal product segments.”
QUARTERLY RESULTS
Net sales
Net sales of $263.2 million for the three months ended March 31,
2024, increased $17.6 million, or 7%, as compared to the three
months ended March 31, 2023. Animal Health and Mineral Nutrition
increased $16.9 million and $1.3 million, respectively. Performance
Products decreased $0.7 million.
Animal Health
Net sales of $181.3 million for the three months ended March 31,
2024, increased $16.9 million, or 10%. Net sales of MFAs and other
increased $15.0 million, or 16%, due to increased demand for our
MFAs in both domestic and international regions. Net sales of
nutritional specialty products decreased $4.8 million, or 11%,
mostly due to lower demand for microbial and dairy products. Net
sales of vaccines increased $6.7 million, or 26%, primarily due to
poultry product introductions in Latin America, plus an increase in
both domestic and international demand.
Mineral Nutrition
Net sales of $64.2 million for the three months ended March 31,
2024, increased $1.3 million, or 2%, due to increased sales volume,
partially offset by decreased average selling price.
Performance Products
Net sales of $17.7 million for the three months ended March 31,
2024, decreased $0.7 million, or 4%, due to a decrease in demand
for personal care product ingredients and industrial chemicals.
Gross profit
Gross profit of $79.6 million for the three months ended March
31, 2024, increased $4.1 million, or 5%, as compared to the three
months ended March 31, 2023. Gross margin decreased 50 basis points
to 30.2% of net sales for the three months ended March 31, 2024, as
compared to 30.7% for the three months ended March 31, 2023, due to
unfavorable product mix.
Animal Health gross profit increased $3.5 million, primarily
driven by higher sales volume, partially offset by unfavorable
product mix. Mineral Nutrition gross profit increased $0.9 million,
driven by increased sales volumes. Performance Products gross
profit was comparable to the prior year’s quarter.
Acquisition-related cost of goods sold reduced gross profit by $0.2
million.
Selling, general and administrative expenses
Selling, general and administrative expenses (“SG&A”) of
$59.7 million for the three months ended March 31, 2024, increased
$2.7 million, or 5%, as compared to the three months ended March
31, 2023. SG&A for the three months ended March 31, 2024,
included $0.5 million in acquisition-related costs and $0.1 million
of stock-based compensation, partially offset by a gain from
insurance proceeds of $0.3 million. SG&A for the three months
ended March 31, 2023, included $0.3 million of environmental
remediation costs. Excluding these items, SG&A increased $2.6
million, or 5%.
Animal Health SG&A increased $2.0 million, primarily due to
an increase in employee-related costs to support increased demand
and new product launches in Latin America. Mineral Nutrition and
Performance Products SG&A was comparable to the prior year.
Corporate costs increased by $0.7 million, due to an increase in
employee-related costs.
Interest expense, net
Interest expense, net of $4.6 million for the three months ended
March 31, 2024, increased by $0.7 million, as compared to the three
months ended March 31, 2023, as a result of higher variable
interest rates and increased debt levels.
Foreign currency losses (gains), net
Foreign currency losses, net for the three months ended March
31, 2024, were $2.4 million, as compared to $0.4 million of net
gains for the three months ended March 31, 2023. Current period
losses were driven by fluctuations in certain currencies related to
the U.S. dollar.
Provision for income taxes
The provision for income taxes was $4.5 million and $5.1 million
for the three months ended March 31, 2024, and 2023, respectively.
The effective income tax rates were 35.0% and 33.5% for the three
months ended March 31, 2024, and 2023, respectively. The effective
income tax rate for the three months ended March 31, 2024,
increased due to the relatively greater effect of certain items
such as Global Intangible Low-Taxed Income (“GILTI”) on reduced
pre-tax income.
Net income
Net income of $8.4 million for the three months ended March 31,
2024, decreased $1.6 million, as compared to net income of $10.0
million for the three months ended March 31, 2023. Operating income
increased $1.4 million, driven by favorable gross profit, partially
offset by higher SG&A. Gross profit increased primarily as a
result of higher product demand in the Animal Health segment.
SG&A increased due to higher employee-related costs. Interest
expense, net increased $0.7 million and foreign currency exchange
resulted in increased losses of $2.8 million. This was partially
offset by a $0.5 million decrease in income tax expense.
Adjusted EBITDA
Adjusted EBITDA of $29.7 million for the three months ended
March 31, 2024, increased $2.3 million, or 9%, as compared to the
three months ended March 31, 2023. Animal Health Adjusted EBITDA
increased $2.3 million due to gross profit from increased sales,
partially offset by higher SG&A. Mineral Nutrition Adjusted
EBITDA increased $0.8 million, driven by higher gross profit.
Performance Products Adjusted EBITDA remained relatively the same.
Corporate expenses increased $0.7 million, driven by increased
employee-related costs.
Adjusted provision for income taxes
The adjusted provision for income taxes was $5.7 million and
$5.8 million for the three months ended March 31, 2024, and 2023,
respectively. The adjusted effective income tax rates were 30.8%
and 33.2% for the three months ended March 31, 2024, and 2023,
respectively. The improvement in our adjusted effective income tax
rate for the three months ended March 31, 2024, was driven by a
favorable mix of pre-tax income.
Adjusted net income
Adjusted net income of $12.7 million for the three months ended
March 31, 2024, increased $1.1 million, or 9%, as compared to the
prior year. Increased adjusted gross profit, driven by sales
growth, was partially 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 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 $0.31 for the quarter,
an increase of $0.02, or 9% as compared to the adjusted diluted
earnings per share of $0.29 in the prior year.
BALANCE SHEET AND CASH FLOWS
- Free cash flow was $40.3 million for the twelve months ended
March 31, 2024
- 4.4x gross leverage ratio as of March 31, 2024
- $487.0 million total debt
- $110.1 million Adjusted EBITDA for the twelve months ended
March 31, 2024
- Cash and short-term investments of $98.7 million as of March
31, 2024
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 $7 million to $12 million, a decline of 70%,
updated
- Diluted EPS of $0.17 to $0.30, a decline of 70%, 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%, affirmed
The updated guidance reflects recent developments, including
additional acquisition-related expenses, a gain from insurance
proceeds 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.
Our guidance is on a standalone basis without giving effect to
the acquisition of Zoetis’ Medicated Feed Additive portfolio.
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, May 9, 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
Nine Months
For the Periods Ended March 31
2024
2023
Change
2024
2023
Change
(in millions, except per share
amounts and percentages)
Net sales
$
263.2
$
245.7
$
17.6
7
%
$
744.5
$
722.8
$
21.7
3
%
Cost of goods sold
183.6
170.1
13.5
8
%
518.6
501.3
17.3
3
%
Gross profit
79.6
75.5
4.1
5
%
225.9
221.6
4.4
2
%
Selling, general and administrative
59.7
57.0
2.7
5
%
191.0
173.5
17.6
10
%
Operating income
19.9
18.6
1.4
7
%
34.9
48.1
(13.2
)
*
%
Interest expense, net
4.6
3.9
0.7
18
%
13.8
10.8
3.0
27
%
Foreign currency losses (gains), net
2.4
(0.4
)
2.8
*
16.6
4.6
12.0
*
Income before income taxes
12.9
15.1
(2.2
)
(14
)%
4.5
32.6
(28.1
)
*
Provision for income taxes
4.5
5.1
(0.5
)
(11
)%
2.8
11.5
(8.7
)
*
Net income
$
8.4
$
10.0
$
(1.6
)
(16
)%
$
1.7
$
21.1
$
(19.4
)
*
Net income per share
basic
$
0.21
$
0.25
$
(0.04
)
(16
)%
$
0.04
$
0.52
$
(0.48
)
*
diluted
$
0.21
$
0.25
$
(0.04
)
(16
)%
$
0.04
$
0.52
$
(0.48
)
*
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
30.2
%
30.7
%
30.3
%
30.7
%
Selling, general and administrative
22.7
%
23.2
%
25.7
%
24.0
%
Operating income
7.6
%
7.6
%
4.7
%
6.7
%
Income before income taxes
4.9
%
6.1
%
0.6
%
4.5
%
Net income
3.2
%
4.1
%
0.2
%
2.9
%
Effective tax rate
35.0
%
33.5
%
63.1
%
35.3
%
Amounts and percentages may reflect
rounding adjustments.
* Calculation not meaningful
Phibro Animal Health
Corporation
Segment Net Sales and Adjusted
EBITDA
Three Months
Nine Months
For the Periods Ended March 31
2024
2023
Change
2024
2023
Change
(in millions, except
percentages)
Net Sales
MFAs and other
$
108.2
$
93.2
$
15.0
16
%
$
304.3
$
283.2
$
21.1
7
%
Nutritional specialties
40.2
45.0
(4.8
)
(11
)%
121.8
127.9
(6.1
)
(5
)%
Vaccines
32.9
26.2
6.7
26
%
88.9
72.0
16.9
23
%
Animal Health
181.3
164.4
16.9
10
%
515.0
483.1
31.9
7
%
Mineral Nutrition
64.2
62.9
1.3
2
%
181.6
184.2
(2.6
)
(1
)%
Performance Products
17.7
18.3
(0.7
)
(4
)%
47.9
55.5
(7.6
)
(14
)%
Total
$
263.2
$
245.7
$
17.6
7
%
$
744.5
$
722.8
$
21.7
3
%
Adjusted EBITDA
Animal Health
$
36.5
$
34.2
$
2.3
7
%
$
104.3
$
98.2
$
6.1
6
%
Mineral Nutrition
4.7
3.9
0.8
21
%
11.1
13.6
(2.5
)
(18
)%
Performance Products
2.4
2.4
(0.0
)
(2
)%
4.6
7.1
(2.5
)
(35
)%
Corporate
(13.9
)
(13.1
)
(0.7
)
6
%
(42.2
)
(38.5
)
(3.7
)
10
%
Total
$
29.7
$
27.4
$
2.3
9
%
$
77.8
$
80.4
$
(2.6
)
(3
)%
Ratio to segment net sales
Animal Health
20.1
%
20.8
%
20.3
%
20.3
%
Mineral Nutrition
7.3
%
6.1
%
6.1
%
7.4
%
Performance Products
13.4
%
13.2
%
9.6
%
12.7
%
Corporate (1)
(5.3
)%
(5.3
)%
(5.7
)%
(5.3
)%
Total (1)
11.3
%
11.1
%
10.5
%
11.1
%
Reconciliation of GAAP Net Income to
Adjusted EBITDA
Net income
$
8.4
$
10.0
$
(1.6
)
(16
)%
$
1.7
$
21.1
$
(19.4
)
*
Interest expense, net
4.6
3.9
0.7
18
%
13.8
10.8
3.0
27
%
Provision for income taxes
4.5
5.1
(0.5
)
(11
)%
2.8
11.5
(8.7
)
*
Depreciation and amortization
9.2
8.5
0.7
8
%
27.0
25.4
1.5
6
%
EBITDA
26.7
27.5
(0.8
)
(3
)%
45.3
68.9
(23.6
)
(34
)%
Acquisition-related cost of goods sold
0.2
—
0.2
*
0.5
—
0.5
*
Acquisition-related other
0.5
—
0.5
*
0.5
—
0.5
*
Pension settlement cost
—
—
—
*
10.7
—
10.7
*
Insurance proceeds
(0.3
)
—
(0.3
)
*
(0.3
)
—
(0.3
)
*
Brazil employment taxes
—
—
—
*
4.2
—
4.2
*
Stock-based compensation
0.1
—
0.1
*
0.3
—
0.3
*
Environmental remediation costs
—
0.3
(0.3
)
*
—
6.9
(6.9
)
*
Foreign currency losses (gains), net
2.4
(0.4
)
2.8
*
16.6
4.6
12.0
*
Adjusted EBITDA
$
29.7
$
27.4
$
2.3
9
%
$
77.8
$
80.4
$
(2.6
)
(3
)%
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
Nine Months
For the Periods Ended March 31
2024
2023
Change
2024
2023
Change
(in millions, except per share
amounts and percentages)
Reconciliation of GAAP Net Income to
Adjusted Net Income
Net income
$
8.4
$
10.0
$
(1.6
)
(16
)%
$
1.7
$
21.1
$
(19.4
)
*
Acquisition-related intangible
amortization (1)
1.7
1.7
0.0
1
%
5.0
5.0
0.0
1
%
Acquisition-related intangible
amortization (2)
0.8
0.8
(0.0
)
(1
)%
2.3
2.3
0.0
2
%
Acquisition-related cost of goods sold
(1)
0.2
—
0.2
*
0.5
—
0.5
*
Acquisition-related other (2)
0.5
—
0.5
*
0.5
—
0.5
*
Pension settlement cost (2)
—
—
—
*
10.7
—
10.7
*
Brazil employment taxes (2)
—
—
—
*
4.2
—
4.2
*
Insurance proceeds (2)
(0.3
)
—
(0.3
)
*
(0.3
)
—
(0.3
)
*
Stock-based compensation (2)
0.1
—
0.1
*
0.3
—
0.3
*
Environmental remediation costs (2)
—
0.3
(0.3
)
*
—
6.9
(6.9
)
*
Foreign currency losses (gains), net
(3)
2.4
(0.4
)
2.8
*
16.6
4.6
12.0
*
Adjustments to income taxes (4)
(1.1
)
(0.7
)
(0.4
)
*
(9.8
)
(6.1
)
(3.7
)
*
Adjusted net income
$
12.7
$
11.6
$
1.1
9
%
$
31.7
$
33.8
$
(2.1
)
(6
)%
Statement of Operations Line Items -
adjusted
Adjusted cost of goods sold (1)
$
181.7
$
168.5
$
13.3
8
%
$
513.0
$
496.3
$
16.7
3
%
Adjusted gross profit
81.5
77.2
4.3
6
%
231.5
226.5
4.9
2
%
Adjusted selling, general and
administrative (2)
58.5
55.9
2.6
5
%
173.3
164.3
9.0
5
%
Adjusted interest expense, net
4.6
3.9
0.7
18
%
13.8
10.8
3.0
28
%
Adjusted income before income taxes
18.4
17.4
0.9
5
%
44.4
51.4
(7.0
)
(14
)%
Adjusted provision for income taxes
(4)
5.7
5.8
(0.1
)
(2
)%
12.7
17.7
(5.0
)
(28
)%
Adjusted net income
$
12.7
$
11.6
$
1.1
9
%
$
31.7
$
33.8
$
(2.1
)
(6
)%
Adjusted net income per share
diluted
$
0.31
$
0.29
$
0.02
9
%
$
0.78
$
0.83
$
(0.05
)
(6
)%
Weighted average common shares
outstanding
diluted
40.5
40.5
40.5
40.5
Ratio to net sales
Adjusted gross profit
31.0
%
31.4
%
31.1
%
31.3
%
Adjusted selling, general and
administrative
22.2
%
22.8
%
23.3
%
22.7
%
Adjusted income before income taxes
7.0
%
7.1
%
6.0
%
7.1
%
Adjusted net income
4.8
%
4.7
%
4.3
%
4.7
%
Adjusted effective tax rate
30.8
%
33.2
%
28.6
%
34.3
%
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
Nine Months
For the Periods Ended March 31
2024
2023
Change
2024
2023
Change
(in millions)
EBITDA
$
26.7
$
27.5
$
(0.8
)
$
45.3
$
68.9
$
(23.6
)
Adjustments
Acquisition-related cost of goods sold
0.2
—
0.2
0.5
—
0.5
Acquisition-related other
0.5
—
0.5
0.5
—
0.5
Pension settlement cost
—
—
—
10.7
—
10.7
Brazil employment taxes
—
—
—
4.2
—
4.2
Insurance proceeds
(0.3
)
—
(0.3
)
(0.3
)
—
(0.3
)
Stock-based compensation
0.1
—
0.1
0.3
—
0.3
Environmental remediation costs
—
0.3
(0.3
)
—
6.9
(6.9
)
Foreign currency losses (gains), net
2.4
(0.4
)
2.8
16.6
4.6
12.0
Interest paid, net
(4.3
)
(3.7
)
(0.6
)
(13.0
)
(10.3
)
(2.7
)
Income taxes paid
(2.5
)
(6.8
)
4.4
(11.6
)
(16.2
)
4.6
Changes in operating assets and
liabilities and other items
(11.5
)
(10.6
)
(1.0
)
5.9
(60.9
)
66.8
Net cash provided (used) by operating
activities
$
11.4
$
6.3
$
5.1
$
59.2
$
(6.9
)
$
66.1
Short-term investments, net
$
11.0
$
(30.0
)
$
41.0
$
(8.5
)
$
(23.0
)
$
14.5
Capital expenditures
(9.7
)
(7.9
)
(1.8
)
(28.2
)
(40.9
)
12.7
Business acquisition
0.0
—
0.0
(3.3
)
—
(3.3
)
Other investing, net
(0.2
)
0.1
(0.3
)
0.9
0.2
0.7
Net cash provided (used) by investing
activities
$
1.1
$
(37.8
)
$
38.9
$
(39.1
)
$
(63.7
)
$
24.7
Free cash flow:
Net cash provided (used) by operating
activities
$
11.4
$
6.3
$
5.1
$
59.2
$
(6.9
)
$
66.1
Capital expenditures
(9.7
)
(7.9
)
(1.8
)
(28.2
)
(40.9
)
12.7
Building purchase (1)
—
—
—
—
15.0
(15.0
)
Free cash flow (adjusted)
$
1.7
$
(1.6
)
$
3.3
$
31.0
$
(32.8
)
$
63.8
Amounts and percentages may reflect rounding adjustments.
(1)
Adjusted free cash flow for the nine
months ended March 31, 2023, 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/20240508241426/en/
Phibro Animal Health Corporation Glenn C. David 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 12 2024 まで 1 2025
Phibro Animal Health (NASDAQ:PAHC)
過去 株価チャート
から 1 2024 まで 1 2025
