Exhibit 99.1
For Immediate Release
Phibro Animal Health Corporation Reports Fourth Quarter and Fiscal Year Results, Provides Financial Guidance
TEANECK, N.J., August 30, 2023 (Business Wire) – Phibro Animal Health Corporation (Nasdaq: PAHC) (“Phibro” or the “Company”) today announced financial results for its fourth quarter and fiscal year ended June 30, 2023 and provided guidance for the year ending June 30, 2024.
Highlights for the three months ended June 30, 2023 (compared to the three months ended June 30, 2022)
-Net sales of $255.0 million, a decrease of $0.2 million, or less than 1%
-Net income of $11.5 million, an increase of $4.0 million, or 54%
-Diluted EPS of $0.28, an increase of $0.10, or 54%
-Adjusted EBITDA of $32.3 million, an increase of $0.8 million, or 3%
-Adjusted net income of $15.2 million, an increase of $0.7 million, or 5%
-Adjusted diluted EPS of $0.38, an increase of $0.02, or 5%
Highlights for the year ended June 30, 2023 (compared to the year ended June 30, 2022)
-Net sales of $977.9 million, an increase of $35.6 million, or 4%
-Net income of $32.6 million, a decrease of $16.6 million, or 34%
-Diluted EPS of $0.81, a decrease of $0.40, or 34%
-Adjusted EBITDA of $112.8 million, an increase of $1.7 million, or 2%
-Adjusted net income of $49.0 million, a decrease of $4.2 million, or 8%
-Adjusted diluted EPS of $1.21, a decrease of $0.10, or 8%
We are providing full fiscal year 2024 guidance, which includes:
| - | Net sales of $1.0 to $1.05 billion |
| - | Adjusted EBITDA of $115 to $121 million |
This guidance reflects assumed projected foreign exchange rates applicable to fiscal year 2024. Additional details on guidance are included below and will be discussed on the Company’s upcoming conference call.
COMMENTARY
“I am pleased that our business continues to grow year-over-year and we delivered fiscal year 2023 net sales and adjusted EBITDA results in line with our guidance,” said Jack Bendheim, Phibro’s Chairman, President, and Chief Executive Officer.
Jack continued, “I am excited about the opportunities on the horizon in fiscal year 2024, particularly related to vaccines and nutritional specialties. I am confident we have the team in place to grow the business and continue to realize a return on our ongoing strategic investments in key Animal Health product categories.”