- Net sales of $138.5 million, a decrease of 1.2% compared to the third quarter of 2015, with sales growth in three of our four segments, aided by the addition of Albion, offset by continued lower oil & gas sales and lower average selling prices.
- Quarterly adjusted EBITDA (a) of $36.6 million increased $0.9 million or 2.6% from the prior year.
- Adjusted EBITDA margin (a) improved to 26.4% versus 25.5% in the third quarter 2015 principally due to improved product mix and lower raw material costs.
- Quarterly adjusted net earnings (a) of $19.5 million increased $0.1 million from the prior year, while third quarter adjusted earnings per share (a) of $0.61 was flat with the prior year.
- Record third quarter free cash flow (a) was $19.8 million compared to $16.2 million for the third quarter 2015.
- Principal payments made, including accelerated payments, of $25.8 million on long-term debt and the revolving loan.
- A strategic alliance was formed with Perdue AgriBusiness, which will focus on advancing the science of precision feeding for dairy cattle and bringing new products to the dairy industry. The initial efforts will be in the area of ruminant amino acids nutrition and will evolve into creating precision feeding solutions for other nutrients such as minerals, lipids and carbohydrates.
|Results for Period Ended September 30, 2016 (unaudited) ($000 Omitted Except for Net Earnings per Share)|
|For the Three Months Ended September 30,|
|Earnings from operations||22,946||22,922|
|Earnings before income tax expense||20,771||21,189|
|Income tax expense||6,759||7,213|
|Diluted net earnings per common share||$||0.44||$||0.44|
|Adjusted net earnings||$||19,464||$||19,406|
|Adjusted net earnings per common share||$||0.61||$||0.61|
|Shares used in the calculations of diluted and adjusted net earnings per common share||31,979||31,718|
|For the Nine Months Ended September 30,|
|Earnings from operations||66,247||71,734|
|Earnings before income tax expense||60,135||66,440|
|Income tax expense||20,087||22,377|
|Diluted net earnings per common share||$||1.26||$||1.40|
|Adjusted net earnings||$||58,981||$||58,500|
|Adjusted net earnings per common share||$||1.85||$||1.85|
|Shares used in the calculation of diluted and adjusted net earnings per common share||31,887||31,580|