Phibro Animal Health Corporation (PAHC) has reported 35.11 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $12.20 million, or $0.31 a share in the quarter, compared with $18.80 million, or $0.47 a share for the same period last year. On an adjusted basis, net profit for the quarter was $14.60 million, when compared with $13.80 million in the last year period.
Revenue during the quarter went up marginally by 0.48 percent to $188 million from $187.10 million in the previous year period. Gross margin for the quarter expanded 81 basis points over the previous year period to 32.45 percent. Total expenses were 88.40 percent of quarterly revenues, up from 88.30 percent for the same period last year. That has resulted in a contraction of 11 basis points in operating margin to 11.60 percent.
Operating income for the quarter was $21.80 million, compared with $21.90 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $29.80 million compared with $27.70 million in the prior year period. At the same time, adjusted EBITDA margin improved 105 basis points in the quarter to 15.85 percent from 14.80 percent in the last year period.
"Our core Animal Health segment delivered solid top and bottom line results this quarter," said Jack Bendheim, Phibro's chairman, president and chief executive officer, "and in light of some of the headwinds we faced, our performance really is a testament to the strength of our category as a whole and our business plan in particular. This quarter's performance came despite challenging economics in Brazil, one of our largest markets, continued weakness in the worldwide dairy market and the ongoing consumer driven transition away from certain antibacterials in the United States."
For the fiscal year 2017, Phibro Animal Health projects adjusted revenue to be in the range of $750 million to $770 million. The company forecasts adjusted net income to be in the range of $55 million to $58 million. The company projects adjusted operating income to be in the range of $95 million to $99 million. The company forecasts diluted earnings per share to be in the range of $1.38 to $1.45 on adjusted basis.
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