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Dec 31, 2022
Phibro Q2 2023 Earnings Report
Phibro reported a net sales increase of 5% and a net income decrease of 59% compared to the same quarter last year.
Key Takeaways
Phibro Animal Health Corporation reported a 5% increase in net sales, reaching $244.6 million, but a 59% decrease in net income, which fell to $7.2 million. The company saw growth in its Animal Health and Performance Products segments, while Mineral Nutrition experienced a decline. Increased SG&A expenses, including environmental remediation costs, impacted profitability.
Net sales increased by 5% to $244.6 million.
Net income decreased by 59% to $7.2 million.
Animal Health segment net sales increased by 9%.
Performance Products segment net sales increased by 27%.
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 updated guidance for GAAP Net Income and Diluted EPS primarily to reflect the unfavorable impact of non-operational environmental remediation costs recorded in the quarter ended December 31, 2022, but reiterated guidance for other financial metrics.
Positive Outlook
- Net sales of $960 million - $1 billion (unchanged)
- Adjusted EBITDA of $113 - $118 million (unchanged)
- Adjusted net income of $49 - $53 million (unchanged)
- Adjusted diluted EPS of $1.21 - $1.31 (unchanged)
- Adjusted effective tax rate of 33% (unchanged)
Challenges Ahead
- Net income of $34 - $38 million, from $39 - $43 million
- Diluted EPS of $0.84 - $0.94, from $0.96 - $1.06
Revenue & Expenses
Visualization of income flow from segment revenue to net income