Phibro Animal Health reported solid results for fiscal 2023 with Q2 net sales rising 5.1% from the prior year to $244.6 million, which was 1.4% ahead of the $241.3 million analysts had been projecting.
What’s more, while greater interest expense stemming from an increased debt level and a much higher effective income tax rate of 34.3% resulting from changes in the final foreign tax credit regulations led to an 8.1% drop in adjusted earnings to 34 cents per share, this exceeded the 30-cent consensus estimate by an even bigger margin of 13.3% thanks to an additional boost from lower production costs and a favorable product and geographical mix.
More importantly, this strong operating performance also keeps PAHC well on pace to deliver on its full-year net sales and adjusted EPS targets of $960 million to $1 billion and $1.21 to 1.31, which it reiterated. At the midpoint, this implies a much stronger second half—with net sales and adjusted earnings improving from $477.2 million and 55 cents realized in H1 to $502.
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