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Phibro Animal Health Corporation Reports Fourth Quarter and Fiscal Year Results, Presents Financial Guidance

Nachrichtenquelle: Business Wire (engl.)
27.08.2019, 22:15  |  5930   |   |   

Phibro Animal Health Corporation (NASDAQ:PAHC) today announced its financial results for its fourth quarter and fiscal year ended June 30, 2019 and presented financial guidance for the new fiscal year.

Highlights for the June 2019 quarter (compared to the June 2018 quarter)

  • Net sales of $204 million, a decrease of $8 million, or 4%
  • Net income of $9 million, a decrease of $13 million, or 60%
  • Diluted EPS of $0.22, a decrease of $0.33, or 60%
  • Adjusted EBITDA of $26 million, a decrease of $7 million, or 20%
  • Adjusted diluted EPS of $0.33, a decrease of $0.13, or 28%

Highlights for the June 2019 year (compared to the June 2018 year)

  • Net sales of $828 million, an increase of $8 million, or 1%
  • Net income of $55 million, a decrease of $10 million, or 16%
  • Diluted EPS of $1.35, a decrease of $0.26, or 16%
  • Adjusted EBITDA of $118 million, a decrease of $11 million, or 8%
  • Adjusted diluted EPS of $1.53, a decrease of $0.21, or 12%

Guidance for the June 2020 year (compared to the June 2019 year)

  • Net sales of $833 - $863 million, an increase of $5 - $35 million, or 1% - 4%
  • Net income of $34 - $37 million, a decrease of $18 - $20 million, or (33)% - (37)%
  • Diluted EPS of $0.84 - $0.90, a decrease of $0.44 to $0.50, or (33)% - (37)%
  • Adjusted EBITDA of $103- $107 million, a decrease of $11 - $15 million, or (9)% - (13)%
  • Adjusted diluted EPS of $1.08 - $1.15, a decrease of $0.38 to $0.45, or (25)% - (29)%

COMMENTARY

“The effects of African Swine Fever, as discussed last quarter, have significantly impacted our performance in the June quarter and will have an even larger impact in the new fiscal year,” said Jack Bendheim, Phibro's Chairman, President and Chief Executive Officer. “We have made the strategic decision to continue to accelerate our new product initiatives despite the challenges posed by ASF, recognizing the short-term impact on our financial results.

Overall, we continue to be bullish on the long-term potential of the animal health industry. That is why we have invested, and intend to continue to invest, in major strategic initiatives to support future growth. Our recent acquisition of the Osprey Biotechnics business aligns with this belief, and we are excited by this acquisition and confident that their products and expertise can drive profitable growth. While still far from certain, we are encouraged by our ASF vaccine development project. Other initiatives include the continuing build-out of our Irish vaccine facility, the introduction of an automated vaccine delivery system, our companion animal projects, and the launch of several new products. These investments require significant P&L expense dollars and are a major factor in reduced profitability in fiscal 2020.”

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