Phibro Animal Health Corporation · Q1 2024 earnings

Briefing

Phibro reported a net loss and a decrease in net sales for the first quarter of fiscal year 2024.

Phibro Animal Health Corporation reported a decrease in net sales by 1% to $231.3 million and a net loss of $8.0 million for the first quarter ended September 30, 2023. The company's Animal Health segment saw a 4% increase in net sales, while Mineral Nutrition and Performance Products experienced declines. Updated financial guidance for fiscal year 2024 includes net sales of $980 million to $1.02 billion and adjusted EBITDA of $106 million to $112 million.

• Net sales decreased by 1% to $231.3 million.
• Net loss was $8.0 million, a decrease of $11.9 million.
• Animal Health net sales increased by 4%, driven by growth in vaccines and nutritional specialty products.
• Updated FY24 guidance includes net sales of $980 million to $1.02 billion and adjusted EBITDA of $106 million to $112 million.

Headline financials

Revenue & EPS history

The updated guidance reflects reduced expectations for the fiscal year, compared with our previous guidance, reflecting difficult fundamentals in certain parts of our business, including international beef feedlots, the U.S. and China dairy sectors and the pace of recovery in the Mineral Nutrition and Performance Products segments and the costs of manufacturing disruptions and inefficiencies due to the current conflict in Israel.