Phibro reports strong sales in animal growth and nutrition sectors

Phibro Animal Health ($PAHC) reported a 12% increase in fiscal fourth-quarter sales, spurred by gains in its animal growth and mineral nutrition divisions.

The Teaneck, NJ-based maker of medicated feed additives said net sales for the period ended June 30 rose to $183.7 million from $164.2 million recorded for the same quarter the previous year. Total net sales for the fiscal year were $691.9 million versus $653.2 million, a 6% gain.

Costs associated with sales and general and administrative expenses saw an 18% increase to $21.7 million. That number, the company said, included a $5.4 million loss on an insurance claim.

"We expect to see further organic sales growth and operating margin improvements in our new fiscal year," Jack Benheim, president and CEO, said in a statement. "We remain focused on providing our customers with value-based products and solutions to help them maintain and enhance the health and productivity of their animals."

The company also provided guidance for the current fiscal year, forecasting net sales growth of $735 million to $755 million, with an adjusted EBITDA to range from $99 million to $103 million. 

In April, Phibro raised $176.5 million in its public offering.

- see the earnings release