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Sep 30, 2022
Phibro Q1 2023 Earnings Report
Phibro's financial performance reflects typical seasonality trends and was in line with internal expectations.
Key Takeaways
Phibro Animal Health Corporation reported an 8% increase in net sales, reaching $232.5 million for the first quarter ended September 30, 2022. However, net income decreased by 41% to $3.9 million, and adjusted EBITDA saw a slight decrease of 1% to $22.1 million. The company reiterated its full-year net sales guidance of $960 million to $1 billion and adjusted EBITDA guidance of $113 million to $118 million.
Net sales increased by 8% to $232.5 million, driven by growth in Animal Health and Mineral Nutrition segments.
Net income decreased by 41% to $3.9 million due to higher SG&A expenses and foreign currency losses.
Adjusted EBITDA decreased slightly by 1% to $22.1 million.
Company reiterates full-year net sales and Adjusted EBITDA guidance, but revised guidance for Net income, Diluted EPS, Adjusted net income, Adjusted diluted EPS and Adjusted effective tax rate.
Phibro
Phibro
Phibro Revenue by Segment
Revenue by Segment
Animal Health Revenue
CapyFin.comMFAs and Other Revenue
CapyFin.comNutritional Specialties Revenue
CapyFin.comVaccines Revenue
CapyFin.comMineral Nutrition Revenue
CapyFin.comPerformance Products Revenue
CapyFin.com Forward Guidance
The Company reiterated its guidance for Net sales and Adjusted EBITDA and revised its guidance for Net income, Diluted EPS, Adjusted net income, Adjusted diluted EPS and Adjusted effective tax rate.
Positive Outlook
- Net sales of $960 million - $1 billion (unchanged)
- Adjusted EBITDA of $113 - $118 million (unchanged)
Challenges Ahead
- Net income of $39 - $43 million, from $45 - $49 million
- Diluted EPS of $0.96 - $1.06, from $1.11 - $1.21
- Adjusted net income of $49 - $53 million, from $52 - $56 million
- Adjusted diluted EPS of $1.21 - $1.31, from $1.28 - $1.38
- Adjusted effective tax rate of 33%, from 30%
Revenue & Expenses
Visualization of income flow from segment revenue to net income