Balchem Corporation has recently released its 10-Q report, revealing its performance for the third quarter of 2024. The company, which develops, manufactures, and markets specialty performance ingredients and products for various markets globally, operates through three segments: Human Nutrition and Health, Animal Nutrition and Health, and Specialty Products. The Human Nutrition & Health segment supplies ingredients in the food and beverage industry, the Animal Nutrition & Health segment provides products to enhance animal health and milk production, and the Specialty Products segment distributes products primarily for use in the healthcare industry.
In the third quarter of 2024, Balchem reported consolidated net sales of $239,940 thousand, representing a 4.3% increase from the same period in 2023. The company's gross margin for the quarter was $85,361 thousand, marking an 11.5% increase from the third quarter of 2023. Additionally, the earnings from operations for the third quarter of 2024 amounted to $47,992 thousand, reflecting a 10.0% increase from the same period in 2023.
The Human Nutrition & Health segment witnessed a 5.4% increase in net sales, primarily driven by higher sales within both the minerals and nutrients business and the food and beverage markets. The Animal Nutrition & Health segment, however, experienced a 1.9% decrease in net sales, attributed to lower sales in the monogastric species markets, partially offset by higher sales in the ruminant species markets. On the other hand, the Specialty Products segment reported a 10.6% increase in net sales, mainly due to higher sales in both the performance gases business and the plant nutrition business.
For the nine months ended September 30, 2024, Balchem reported a 2.9% increase in net sales, amounting to $713,680 thousand. The company's gross margin for the period was $249,869 thousand, marking a 10.0% increase from the same period in 2023. Furthermore, the earnings from operations for the nine months ended September 30, 2024, amounted to $135,465 thousand, reflecting a 12.1% increase from the same period in 2023.
As a result of these announcements, the company's shares have moved 3.6% on the market, and are now trading at a price of $172.19. If you want to know more, read the company's complete 10-Q report here.
