Q1 2024 Highlights:
- Net Sales: $260.4 million, up 13% YoY
- Net Income: $7 million, compared to a net loss of $8 million in Q1 2023
- Adjusted EBITDA: $30.7 million, up 64%
- Adjusted Net Income: $14.1 million, up $8.6 million
- Adjusted EPS: $0.35, a $0.21 increase from the prior year
Segment Performance:
- Animal Health: Sales rose 14% to $182.5 million, driven by growth in medicated feed additives (MFAs) and vaccines. Increased demand for companion animal and microbial products also contributed.
- Mineral Nutrition: Sales grew 5% to $59.1 million due to higher trace mineral demand.
- Performance Products: Sales rose 27% to $18.8 million, boosted by demand for personal care product ingredients.
Operational Highlights:
- Gross Profit: $83.5 million (32.1% of net sales), up from 29.3% last year, reflecting favorable product mix and reduced input costs.
- SG&A Expenses: Decreased 4% to $65.8 million, due to reduced pension costs, partially offset by acquisition-related expenses.
- Interest Expense: Increased by $3.1 million, largely due to refinancing activities and higher interest rates.
- Foreign Currency Losses: Lower losses at $0.4 million compared to $6.7 million last year.
Guidance for Fiscal Year 2025 (Ending June 30, 2025):
- Net Sales: $1.05 billion to $1.10 billion, reflecting 6% growth
- Adjusted EBITDA: $124 million to $132 million, a 15% increase
- Adjusted Net Income: $55 million to $60 million, up 18%
- Adjusted EPS: $1.34 to $1.48
- Adjusted Tax Rate: 24% to 26%
Strategic Notes:
- Phibro is integrating Zoetis’ Medicated Feed Additive portfolio, expecting this acquisition to enhance its scale and product diversity.
- The company discontinued its atopic dermatitis project but remains committed to the companion animal market with other pipeline projects.
Further Information: For more details, visit Phibro’s Investor Page.
