Phibro Animal Health (PAHC) Tops Q1 EPS by 7c, Revenues Beat; Offers 2Q Revenue Guidance Below Consensus, 2Q EPS Mid-Point Guidance Below Consensus

February 3, 2021 4:48 PM EST

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Phibro Animal Health (NASDAQ: PAHC) reported Q1 EPS of $0.34, $0.07 better than the analyst estimate of $0.27. Revenue for the quarter came in at $206 million versus the consensus estimate of $205.48 million.

Highlights for the December 31, 2020 quarter (compared to the quarter ended December 31, 2019)

  • Net sales of $206 million, a decrease of $8 million, or 4%
  • Net income of $13 million, an increase of $1 million, or 8%
  • Diluted EPS of $0.32, an increase of $0.03, or 10%.
  • Adjusted EBITDA of $29 million, comparable to the prior year
  • Adjusted Net Income of $14 million, comparable to the prior year
  • Adjusted diluted EPS of $0.34, comparable to the prior year

COMMENTARY

“Our financial results for the quarter ended December 31, 2020 were strong. Although sales declined, profitability improved in comparison to the same quarter last year,” said Jack Bendheim, Phibro’s Chairman, President and Chief Executive Officer. Jack continued, “We are encouraged by signs the industry is stabilizing, despite the continued pandemic, and we continue to invest in the future in both our production and pet business. We recently announced an upgrade of our Omaha mineral nutrition plant and development continues on two early-stage opportunities in our pet business. We are cautiously optimistic about the near term and, as detailed in our updated guidance, are projecting solid third quarter financial results.”

GUIDANCE:

Phibro Animal Health sees Q2 2021 EPS of $0.30-$0.33, versus the consensus of $0.33. Phibro Animal Health sees Q2 2021 revenue of $205-208 million, versus the consensus of $212.68 million.

Our expected financial results for the three months ending March 31, 2021 are:

  • Net sales of approximately $205 - 208 million
  • Net income of approximately $11 - 12 million
  • Diluted EPS of approximately $0.27 - $0.30
  • Adjusted EBITDA of approximately $27 - 29 million
  • Adjusted Net Income of approximately $12 – 13.5 million
  • Adjusted diluted EPS of approximately $0.30 - $0.33

Although there are signs that the Animal Health industry is stabilizing, we continue to forecast only near-term expectations given the uncertainty of the future course of the COVID-19 pandemic and the potential for demand and production disruptions.

For earnings history and earnings-related data on Phibro Animal Health (PAHC) click here.



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