BCPC - Earnings call transcript Q3 2024

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Operator

Greetings, and welcome to the Balchem's Third Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. And it is now my pleasure to introduce to you Martin Bengtsson, CFO. Thank you, Martin.

You may begin.

Carl Bengtsson

morning, good and you, everyone. Thank joining Thank to ending call morning conference the you September results XXXX. quarter for discuss the of this for our Balchem XX, Corporation this Bengtsson, Chairman, our and CEO. Officer; is Ted President Chief name me is Martin and My hosting call with Harris, Financial

We X-K Following these of and obligation our are identified will recent including considered made from reconciliations Statements in and factors auditors call that reports. now our turn give Please to and this statements. Today's Balchem's results are forward-looking SEC, for at can Harris, statements. the I our risks differ company call expectations, would earnings that cause President our to could the to will statements. reflected details. I assumes forward-looking measures. and historical assurance in non-GAAP advice to financial not forward-looking factors our CEO. Ted include facts forward-looking time, materially Chairman, no release actual over in various commentary like XX-Q prove refer counsel, the the also update in most The call to no read and Form today's and correct, the expectations XX-K, further statements

Theodore Harris

Nutrition our from experience and earnings segment. conference & Animal we continue Nutrition operations quarter we & reported and the financial more softness Thanks, adjusted welcome strong Human to than Martin. record Products call. segments record Good Excellent within third in Health Health growth results morning, our This to in results sales, offset morning, and with Specialty EBITDA. our healthy

were prior million $XXX higher by of the revenues X.X% year. consolidated versus Our

prior with basis we adjusted the of from points of of we grew XX.X%, expanded by the up XXX record $XX percentage margin gross XX sales, XX% an prior EBITDA were points higher from quarterly of EBITDA $XX operations gross of adjusted versus year. Earnings by XX.X%. year. our X.X%, million, an Our dollars to margin million and margin And delivered XX.X% increase basis

of with share a flows $XX of and of $X.XX of of from quarterly $X.XX quarter free of were which of resilience strong Cash with on the record on million million, per performance third business third basis, operations third the earnings net per resulted highlights $XX Our an were for $XX basis. non-GAAP that an of net our resulted in increase earnings million, non-GAAP strength a model. for an a X.X%, of XX.X%, income increase basis. adjusted million. a in XXXX, Balchem flow On GAAP earnings quarter quarter cash Overall, $XX quarter our share

we quarter, systems have segment, XXXX. When out we normalized demand Nutrition excellent sequential to our Animal in to portfolio the Human see of experienced in & across the the Nutrition segment. believe third passing returning half business. we And last to in more are nutrients of for financial to results continue we customers food and seen back Health seeing XXXX. innovative detail, some make to look in overall a second businesses, a and I and the few in continue we the see to minerals and on minerals, what and our the consumer businesses. In first healthy unique market & we of and Martin In the performance we have more bottomed shared we normalization in our a similar the like call, following environment our the over and And call demand vitamins go order we XXXX launched. demand quarter volatility recently compared would to stabilization saw the about our of more in end comments of portfolio we we improvement to products patterns, steady nutrients XXXX, Health Before new

not back do from half of of improvement the healthy sequential first the and expect early XXXX in second are compared recent economics, improving in Europe the monogastric of yet levels, we half business our product we contribution demand stabilization on launch to dairy While to the AminoShure-XL.

Specialty our our continues business, to primary Performance in well For Gases, Products a this continue. and we to stable market, segment, perform expect

strength & allow the we we look While continued believe seasonally QX to continuation year-over-year for Products in and growth will and for out of been strong year our Human Nutrition another Nutrition very is sequential weakest Balchem. in have Specialty Health quarter, will the Health & improvement as close what ongoing Animal

great share segment's Health products a enhanced offers addition Nutrition meet Health cattle. AminoShure-XL to launched optimizing Animal and to dairy newly the and Additionally, which content products AminoShure-XL, the to sustainability. feed acid precision lysine that lysine & to I'm amino next-generation performance consistently, release cow high-performing product, continue designed innovate to economically growth. support Animal portfolio encapsulated of focused our just leading recently on and a developed and bioavailability, lactating we requirements dairy when lysine a and excited stability, & is of is productivity and considering launch rumen-protected new reliably Nutrition

& Human new segment X recently Nutrition to Our Health innovative also products brought market.

from fermentation is patented a form. is first DELTA vitamin KXVITAL Fermented, in The a which microencapsulated KX

bringing in excited enhanced specifically multivitamins. year, we product & continue I'm the to Nutrition is of designed about VitaCholine recent which Animal our our an launch formulation VitaCholine previously Pro-Flo, this announced of for add earlier second, inclusion as and The both launches Health these that, Martin Human consolidated each of in segments, Optifolin+ quarter to going existing which to on the over through nutritional the and turn the for for segments. results focus business back call go the the company world. And Martin? with for results third now to health and financial the to our solutions innovative needs I'm of

Carl Bengtsson

Thank you, Ted.

the overall, adjusted growth, Ted Balchem operations EBITDA. earnings for third sales great quarter As from with and solid was a quarter record mentioned, record

by year, Our segments. strong third performance Specialty prior in million quarter net & were Products Nutrition driven Human than sales both X.X% of our Health and $XXX higher

dollars the million, compared to $XX gross XX.X% up third year. margin were Our prior quarter

of with $XX On margin year. X.X% compared gross from basis, for Our sales, an higher percent $XX million to offset quarter quarter prior Nutrition margin businesses was gross the third declined. Consolidated Products rate & expenses million, XXX were increase earnings Specialty non-GAAP to the operating Health up prior lower interest in increase Net borrowings. XX.X% of release year. Adjusted to margin million for our the operations adjusted primarily XX% of up favorable the increase & compared morning, as driven Human as and and primarily of was due quarter grew, amortization. from were $XX was $XX costs of $X Nutrition million, to prior Animal Health mix, by outstanding The GAAP a third compared year. The the to prior record an was year. were was third EBITDA prior lower year, of $XX EBITDA business earnings to points to higher-margin compared charges, the percent in transaction primarily a compared compared XX.X%. portfolio to expense due million, million adjusted increase year, an while in record the million, of detailed where basis the lower margin a earnings operations the partially an $X compensation-related the by prior of X.X% for decrease a this

compensation basis strong respectively. we increase debt, ratio at prior certain X.X. The our third quarter our XX.X% income state third quarters of taxes. Consolidated and stock-based effective flows in We primarily of continue the million by year an The in down lower million, from XXXX benefits debt debt debt XX.X%, reduced higher net tax ended tax with closed XXXX leverage and cash quarter rate $XXX a million due from $XX effective net use the year. to on prior the with the from net rates and and for up the to the tax were pay to of XX.X% quarter $XX was and the overall

earnings from $XX of balance This into to were cash earnings year. translated net share of compared $XX net an operations quarter with an adjusted an flows record $X.XX quarter X.X% a cash increase prior our closed the of out quarterly which Cash year, million, adjusted from share. of increase we prior basis, $XX sheet. the million net On million, of free $X.XX, to third on of income per the the and $X.XX $XX diluted per million, with flow translated diluted were

prior we year, higher the and million, primarily at minerals third segment the & by our of of and As markets. beverage sales Nutrition Human look business quarter perspective, driven generated Health both from food from nutrients the X.X% and increase the within sales an a $XXX segment

the operating XX.X% prior aforementioned million, compared mix, delivered record quarterly earnings year. partially expenses. Nutrition was operations sales driven This by by & increase higher segment a Human an and of the offset to of favorable Our Health higher $XX from

X.X%. Third operations quarter of segment for this from increase adjusted earnings an $XX were million,

very performance We overall pleased are and solid with from Nutrition Human segment, operations. earnings & Health of record sales delivering growth the our

normalized We business our continue food minerals picture demand more see to demand our a beverage healthy and and in in and nutrients businesses.

in higher segment to $XX year. higher operating driven The lower sales million, the offset from to decrease primarily Health in decrease the delivered The the species, the a year. & ruminant Nutrition Our decrease was prior million, quarterly sales prior a of species generated Animal Health earnings XX.X% sales by of the Nutrition expenses. lower by $X compared of was & sales X.X% of monogastric aforementioned operations markets. due and Animal helped from decrease partially

this from XX.X%. earnings segment were decrease adjusted a million, for quarter of operations Third $X

and feed has market dynamics be a particularly been relates the imports protein In Health combined we costs feed with case. North feed and while low-cost encapsulated discussed competition market. In see Animal continued we've American U.S. our it lower segment, in at Nutrition for now. As flooding to the earlier market, improving the animal challenging we our this soft farm market, a market. to And & relatively Improved trend, nutrients. creating are animal market, continues going additives prices, as dairy from along see for demand with a the the level, through dairy milk healthier rumen-protected milk the broader market an are starting calls, European market to

quarter. a growth in the were to our pleased delivered see result, we As ruminant prior versus third business year

expect were quarter, second to For of Nutrition sequential total to we in the be first half. we the half pleased to XXXX also Health, the the second better and quarter the third compared & improvement Animal than see

from million, XX.X% compared Our performance Products plant driven sales year, higher offset and operations nutrition Specialty operating expenses. higher sales a million, quarterly an of favorable by driven by gases segment the increase prior the $XX Specialty the XX.X% higher by partially in both primarily of of aforementioned delivered the increase year, quarterly delivered Products businesses. $XX versus earnings prior to an and sales of mix,

this for increase of $XX were operations from segment Third million, earnings quarter adjusted XX.X%. an

We And in to from margin performance of are follow very the performance second expect Products with seasonality quarter, remain Specialty in perspective. the our our demand. growth usual gases And healthy business. and third pleased half lower sales demand both nutrition the of plant business will a we

overall, Balchem. I'm for to over third was now to for quarter call the some the closing solid back another going Ted So quarter turn remarks.

Theodore Harris

Thanks, well again, as morning, are year-to-date the Martin. results very this third with pleased quarter Once performance. we as financial our reported earlier

to a an a for call remain deliver value-added to as market conditions, call up now in Balchem And our growth long-term who questions. ability the over products. in As we a the market company, of for strong company. I hand continue we open variety show back will portfolio outlook positions will of given the confident and Martin, results our to

Carl Bengtsson

formal Ted. questions. for this you, concludes point, now up will portion This Thank conference the At conference. of open the call the we

Operator

with Securities. first the Labick question CJS from line the And comes Instructions] of [Operator Robert

Unknown Analyst

for Congrats This on on Bob. great is Will quarter. another

Carl Bengtsson

Thanks, Will.

Theodore Harris

Will. Thanks,

Unknown Analyst

products So just X guys on call, acid. new in announced last and you the about rumen-protected talked ANH Optifolin+ And the guys amino new you HNH.

us here develop is product question what tell the Where about and new your pipeline right your my for you now? So customers? And the time How or development your process? get you do more launch? to is, Is you it ideas from? stuff can is long

Theodore Harris

years of with pleased our X developing new in development mentioned, Nutrition I we've only the work Nutrition think process. but Thanks, doing this that X product as in launches, from product stems Will. not & that really last Health, Yes. to been process, even -- Health. And recent over are really lot our pipeline We Human a the and I & Animal

of ideas proud have blends process of We can. in-house to that And very an pipeline kind we we're development process market. also speeds of from really anywhere kind that get we but our

years. talking about, the marketing last also been customers, So yes, efforts few investing also but that in our over we've significant

more like a to the takes food sometimes marketing at in and we about of process. So of would I think, also that the taste It's we say, bit the and stage much products we time investments given requirements limited think, of external is faster a as hopper to about. we've I R&D, innovation represented It our offers. of normally been really because with say, and an portfolio that the of put would that and feel a market. these you really little some for it kind adds few making ultimately really a in done And faster, couple job of typically years, when products, brought along. to healthy last need to each ideation It pipeline. But over meeting help that a we result as have takes, have, recently both new our pleased texture bring well speed years. of in part very good idea And talked kind X healthy I we've But our process. for about to things year, in nonfood feel I aside, using fruition of the developing good products

Unknown Analyst

HNH then strong. subsegment And minerals the in Great. and nutrition been has particularly

I think over is little. the a in have and been lagged fine, flavors each but the for What the outlook months? powders XX next maybe growth

Theodore Harris

has would we've the happier over growth But we year-over-year, continuing a minerals growth do marketplace. business their really difficult. could said. And few Human and continue becoming and are I healthy. has years performance last that year Health particularly portfolio delivered to We year-over-year muted we been over our driven growth nutrients, The more grow business. that Nutrition And as by our the because then of bit the overall. with & that, level will been certainly, the Yes. nutrients increasing a believe say, products last, business, of by strong, or so not And at although just the led for a be comps the in that really bit market we specific partly have see healthy penetration minerals of

the as a faster So rates market growing at than whole.

recovering at minerals been we and business that food and the more lower pointed we're of continue rates, bit somewhat. performing well, business for again, a So focused to on products see the accelerate think formulation forth, see nutrients. And the rates. growth portfolio growth is good you And out, of beverages nutritional I feel, market and we in our our has that as broader news with food growing at to and the but kind we faster so that the like subsegments starting

faster food year-over-year though nutrients has forward, as bit we continue will comps. while then quarters, that go be has feel slower about products that do a we have the given we grow, minerals So Health. market business positions Human few at the the the & a a it within But have, the dynamics it of Nutrition and to will, been we do feel pace business a growing good than at the last for pace but and the we bit than perhaps as overall of really

Unknown Analyst

in Very to helpful. then reacted product? rebound. just ANH on How prices farmers one for dairy Milk And demand have your of more continuing terms are side. the

Theodore Harris

one. that I'll let take Yes. Martin Maybe

Carl Bengtsson

deliver. so the down making where farmer we of feed them for costs, farmer, net positive, the been a right? And this have also efficiency. And number biggest they're feed That the into milk dairy again, invest and out, dairy the also that the is they encapsulates productivity certainly the input is for for in rumen-protected it's but milk margin the prices expense about and starting is come to has Well, over terms more for the that Yes. demand of the right? what their they're one positive increased last thinking money additives where translated again they they're months of their the terms development end in and really and prices sell combination and

a order can that. lag have delay the to dairy before where we've appears a is in around a that we usually in can change because sustainable an it's -- farmers it it's for turn that will We they short-term see from starting sustainable, be and very and books. order blip. But about it immediately is There's not market, month orders. the last, the of we is healthier improvement, So a that see time our be to want convinced a that to that foreseeable We a There now positive. in it's what be the and the not much will market it bit future. be books. see can reflected they seen And first which that see talked and place

from a that it's very So perspective. positive outlook

Operator

Ram And from the question comes next of Wainwright. Selvaraju the line with H.C.

Raghuram Selvaraju

margins the performance the how could been some HNH in of you of doing around franchise us change also, regarding going new going Optifolin+ impact how helpful. forward? so additional to commentary might products you and how its And in to you gross forward has overall reach that particular, provide Also, qualitative this give be introduction ask on very if I Congrats about and if might Pro-Flo in evolution far? the to how that quarter. VitaCholine broadening wanted the the be expect of terms achieved, color VitaCholine the any had would

Theodore Harris

part. that Okay. I'll latter Great. And question. take parts We to got maybe the X

in hydroscopic exciting really of that is is as Pro-Flo one complexities is we've a And encapsulated. product historically, probably actually is product an talked nature. of patent-pending it's the choline VitaCholine a -- It's So for us.

it So attracts water.

in unique been one of allow VitaCholine easily more more always difficult the that to really And efficiently has that included with. that's And this bit encapsulated for makes will areas very to be been a and deal multivitamins. And sometimes difficult us. product it

to and we're what excited with, we able trying in technical it. to by products the tend oftentimes a And have Pro-Flo that that that to you VitaCholine get to choline VitaCholine includes about growth form pleased multivitamin So deliver it see a over. And issue, this is of particularly themselves. despite when we've hurdle been kind formulate singular in does that addresses choline

up market market, really largely we we've a the have kind can and excluded fairly we're a from significant So now that that, opens of excited multivitamin solution that been address and for us. it

And like been able that be able in we do not to so past. market we will that to have we're penetrate optimistic the

So been for we've and again, is that's really that, of really us. infant is health the available the what been formula, benefits does market what it years has awareness us. And building prenatal, the penetrating doing really for of and And that importance nutritional beverage. to around not market, part multivitamin choline

opens the market that of that's a market. and it significant up So somewhat, side fairly

higher As products, products. of our these margin gross gross goes, far are the than as margin gate, typical out

So margin accretive they certainly on gross you percent, margin. drain would will, not to and if be a be gross would

it So that say been I market the that pleased on product. hasn't think we're selling that's long, can we we the positive. And but are very really that Optifolin+, very

a our We up rate have orders of on and say sales which early think million, very $X the adds book. is And the good an in total, it bit days. annualized ahead I I of in expectations about to about would

We conference huge have West very Las next important us. Vegas. a It's SupplySide to week, in industry

as showcasing today on talked the products about that Optifolin+. be these as call we will well We new

new excitement the So innovations. But so far, so with that, further these Optifolin+. will around good that we're hopeful accelerate

Raghuram Selvaraju

of pertains and on, going assets. how comment employing you marketing the sales contemplating and comment things. was channels And if long-term in yield particular, could that I marketing new it is looking capital speaking, we to so then could you in if additional product sales support the commercial are and strategy in you any of as what to wondering side the are on burgeoning terms in involved allocating become the you And more interest at you marketing anti-aging Great. of the to potentially new weight forward? And segment? Balchem lines? you're allocating respect there broadly secondly, what HNH, as potentially to and see then how in if support, for forward, particularly sales expenses consumer HNH product particular, in you if any Okay. healthcare expect accretive see areas results, One for within X And with going that loss? to HNH capital And and extent the to speak? in anticipate X meaningfully that opportunities more to on investments,

Theodore Harris

HNH, again are we increased our Great. dollars. as Thanks, we Ram. getting feel well our good marketing increased a for Thanks R&D the dollars Relative to like as on return questions.

to marketing to want to to capital allocate HNH. an R&D, don't going we're in increasing that. and overstate So particularly continue for way I

the there. kind it's our going but if spending than of spend faster a think not growing our will we material perspective, it's marketing We'll R&D faster will, overall our sea be I be be from than spend But spend. growing change, to you spend. our in overall our

to those kind toes last think allocating We've there. think, media capital over channels. good though will to we've capital far, is that will because marketing. in the so a where results marketing in now been that be sponsoring that. And feel we're and talked and pilot the real doing we're getting dipping as our of We receiving for see there. of recent something Jets. spend us about have opportunity we we and do that. do our on other a to that increased kind of situations X around going find like And allocation awareness. more opportunity for efforts relative be mentioned do things a some we investment. And social relative talking And Europe that feel We're believe continue of seeing And the months. been, to to an be will go be investment XX really ways things past building like to good the some about you we're We to increasing continuing to from return like also I plan us the of going similar, I will

the a for increased marketing loss, of of kind infant and weight towards We've overall, prenatal so us. R&D of kind being to the been nutrition, infant forth. overly will has capital. Relative and anti-aging and nutrition, that I think sports sort receive specifically, cognition weighted in about adult and past focus nutrition of kind So talked

into of categories. a category so R&D marketing these So does KX our very that and is efforts many some I Anti-aging are broad think other squarely MSM efforts from and us well moving to forth. to products, with work of choline

So some if kind our I important in even to anti-aging, products -- there for square weight I think a more when necessarily roles that think, clear loss so loss overall, mineral major nutrient And the a play for sort, sometimes drug, in I ancillary middle is significant of have role becomes a a somebody of area. Not there's vitamin, play been there. weight example, supplementation think into in. is do weight program. on much, of our focus focus in one loss. That that not comes has nor But role played area, that this us

very So to sure, I of in anti-aging, weight both well, the today. which for role think, category ancillary obviously and are as play, loss of sort important an overall

Raghuram Selvaraju

you Great. Martin. of the interest X just the do think any side, possibility all tax change go a the believe in lower is just on respect that, the you continued standard for on modeling to think you that is to secondly, then the the and the question manner XXXX. cost effective assumption reasonable effective is capital questions if and repayment? going XX% And likely of where long-term of course quickly, having rates very rate that And for Balchem debt in is which rate debt still access to evolution One over to quick then tax way, the of you with prioritizes

Carl Bengtsson

Ram. Thank Yes. you,

the part of I the to XX% feel for to right of do number XX% that, rate, tax the the second question sort use. is think I on that

over good always been basic of We've little bit. on end things end XX% lowering we it a find we've to in think but rate I I you'll range. of to for to that that sort at the work proven I year and bit. that at closer XX%, little to and think we're just sort in to creative do a will you If that XX% range we'll the believe, But be XX% sure. Year-to-date, lower time tend math, XX.X%, that XX%

big wouldn't based change cetera. based So and and in the a I we expect et on jurisdictions, the there what regulation the seeing on geographies operate I'm different

In the debt so there access an and ongoing of meet terms players debt changing markets various it. some forth, to with and keep the on the and of the we assessing basis. environment We

we So happening assess of constantly available that's what's our yet a get not updated some say what's it and what's that. won't have we is and at what's if favorable to not, we us behaviors, to it but and changing None on that triggered and think change point something in that more to us.

believe to varies attractive the credit we well like, it that M&A revolving strategy. now, have in fairly rate looks debt a have compared facility a also as burden depends it we what that alternatives. But our and with at happy the place and overall structure we with we're For hand-in-hand that goes lot our as

terms timing and of is of to of -- source that what structure point terms in unpredictable transaction some optimize at then on that puts more And size. debt into for should sort debt the we our balance certainly can sheet, M&A and right of So enter be in also some assess we is will Balchem.

around insights on good think table, discussions we and have So good But the relationships options good constant are it. all it's and evaluation. I and a just the

along. we as decide we'll So go

Operator

line next question from of the with the Kyle comes Sidoti. May And

Kyle May

Maybe for Martin, the on up follow to last question.

then the areas for you're is the sense seeing opportunities. sheet given you nothing additional give uses if maybe you of of in deploy arise what sheet now, the that Just where cash were wondering any balance of of if flow that there good those to deal kind keep -- that could and in a to are market, try shareholders? you us But return place of and balance and M&A appreciate I get secondly, could to a us interest? kind And

Carl Bengtsson

Yes.

bit. flow, very just is deal to any I terms improving market of the terms to activity it like of deal and and a been of of willingness M&A initiate years for assets up not first, that last owners improving There would a it the pick see and come that, of but on our say sure activity market. we call discuss. trend X the desks an have in still or in sort The in out there quiet sellers in booming is the So anything a little it's for discussions. starting I flow market hot quality would the sort across to terms or

So you that, you if my market, that be that trend would XXXX, think it this would or active be as into would fairly a go continues, expectation.

part our returning your in had stock or the of no of So cash there's and and antidilution flow periods where to M&A other flat shareholders, past buybacks the we've value for generation. strong done have cash share keep in to been terms when we question count

equation, you've our take pay serving philosophy augmenting now and we and how that the back, with our last strategic consistently shareholders. But any So we we in I our buyback always you sort capital of in day, our as doing then change being decade sort an how I step first assess allocation sort operate this think continue. of in which done the the returning fundamental of over stock the if that the seen alternative dividend, think really philosophy. of our and organic and a growth will and not investing deploy or to debt in continuing lever value the that at to of and what We're grow a we've capital for M&A to of our end past

should expect probably more same. So of I you think the

Kyle May

That's of better even Operating strong, maybe then Got continue housekeeping. last margins And remain Okay. to just it. helpful. kind than quarter.

Just thoughts what guidance you provide we can in any or about could see XQ?

Carl Bengtsson

-- we're seeing very well, The with moment. the the we're at obviously, margin pleased rates

ANH, bit declining. remarks, segments, margin, lower mentioned a Products favorable speaking I Specialty in to mix we're from being benefiting HNH are briefly As the the a And and prepared X other portfolio relatively where little growing.

nutrients, and if nutrients favorable being a margins. So the impact you minerals impact relatively speaking, that's the that, mix faster and as HNH, margin ingredients look at higher has positive growing having than food even minerals and within to right, well. And overall

So we're that. from benefiting

think So it enter returning to will and a little we of faster as a ingredients will the minerals necessarily grow. will moderate, The but bit into nutrients, grow rate margin will that look forward, food XXXX. growth as result and minerals we of right, versus we contract than some ANH the not as

So little there perspective. be moderation rate I a of from think bit there'll a a

time where that materials an also is were from for a decreasing this input perspective, gone has sequential and materials, we've deflationary thing stopped other sort sort cost and of raw a raw year-over-year and and The from that through period of plateaued.

materials we down. anymore input have raw benefit that of costs and So coming sort of don't

will lag bit that will I that So favorable margin which have of go also think that scenario pressure away, put timing a you on the little in a rate.

but I a remain a healthy little and So strong contract perspective. think if bit, it look historic it will you at from still

Kyle May

if European apologies perspective stabilizing. to going and one food on last or one maybe about then me, how think market feed And we helpful. ANH, really for the Any you this, for that's additional I but I that, that mentioned XXXX? or missed pointed believe market into That's Great. should

Carl Bengtsson

Yes.

you primarily the that's in we market. by international will that products into in think feed driven sort being where year, of saw and market big -- flooded this I a decline low-cost Europe, that

in down, of this last last, And and stable of that a prices sort down somewhat significantly volumes our remained we've the stabilized then defended market. balance of came right? We have the of call So when but late as at change. the sort of more saw a early it, prices flooding part that as share, humming result this year, year So X, for and along early level. it's saw really and or the quarter the big found is we year part it's of came

some rebound, the an EU do I wanting the situation. think of a anything unless intervention it look think after So driving of you demand you big that any relatively as the I perspective market from a I of XXXX, see, I to or or to remain sort big nor to future market barring of unchanged. in see the end structural into stop don't flooding look as expect change, market there's -- change that's

getting think remain plateaued. change, kind just of either, structural but of it Not any better will getting the worse, same. not barring So sort I

Operator

over the Harris would floor There comments. are turn back no like closing And time. more questions Ted to at any to this for I

Theodore Harris

meantime, for Thanks, today. much XXXX, and very John. some November really it's call out. today, believe results Chicago appreciate support year. to there. hope We and in be next in you Industrial on your we going In participating thank Once hard XXXX to will we to you again, be Conference XXXX the and of time reporting to joining our XX, QX as your Baird's see as in well look February of we our XX certainly It's but forward

today. So for joining thanks again

Operator

today's And gentlemen, conclude ladies and does teleconference. that

lines time. rest the at You Have day. of great this a your may disconnect

Balchem (BCPC) 25 Oct 242024 Q3 Earnings call transcript