Balchem Corporation reported a net sales increase of 3.4% for the fiscal year 2024, reaching $953.7 million compared to $922.4 million in 2023. The company's gross margin improved by 11.3% to $336.2 million, driven by higher sales and a favorable product mix. Operating expenses rose by 7.3% to $153.3 million, resulting in earnings from operations of $182.9 million, a 14.9% increase from the previous year. Net earnings also saw an 18.4% rise, totaling $128.5 million, with diluted earnings per share increasing to $3.93 from $3.35 in 2023.
The Human Nutrition and Health segment was a significant contributor to this growth, with sales increasing by 9.0% to $600.3 million, attributed to higher demand in both nutrients and food ingredients. Conversely, the Animal Nutrition and Health segment experienced a decline of 9.9% in sales, totaling $214.7 million, primarily due to lower sales in the monogastric and ruminant markets. The Specialty Products segment reported a 5.4% increase in sales, reaching $132.7 million, bolstered by higher performance gases sales.
Strategically, Balchem made notable acquisitions in 2022, including Bergstrom Nutrition and Kappa Bioscience, which have enhanced its product offerings in MSM and vitamin K2, respectively. These acquisitions are expected to accelerate growth in the Human Nutrition and Health segment. The company also reported a total backlog of $50.4 million as of December 31, 2024, up from $42.9 million a year earlier, indicating strong future demand across its segments.
Operationally, Balchem employed approximately 1,361 full-time employees as of December 31, 2024, reflecting a commitment to maintaining a skilled workforce amid competitive labor market conditions. The company continues to invest in research and development, with expenses rising to $16.8 million in 2024, aimed at enhancing product offerings and operational efficiencies. Looking ahead, Balchem anticipates continued growth driven by strategic investments, product innovation, and geographic expansion, despite potential challenges from market conditions and competition.
About BALCHEM CORP
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