Phibro Animal Health (PAHC) FY2024 results: revenue $1.0 billion, up 4.1% on the year

Phibro Animal Health Corp. (PAHC) reported revenue of $1.0 billion for fiscal 2024, the year ended 30 June 2024, up 4.1% on the year before. Net income was $2 million, down 92.6%, and diluted earnings per share $0.06. The figures are the company's own, from the 10-K it filed with the SEC on 28 August 2024.

Revenue

$1.0 billion

+4.1% on the year

FY2017FY2024

Operating margin

5.2%

7.3% a year earlier

FY2017FY2024

Net income

$2 million

-92.6% on the year

FY2017FY2024

Diluted EPS

$0.06

-92.6% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,018	978	942	+4.1%
Cost of revenue	705	680	657	+3.7%
Gross profit	313	298	285	+5.0%
Gross margin	30.8%	30.5%	30.3%
Research and development	29.2	24.4	20.8	+19.7%
Selling, general and administrative	260	226	206	+14.7%
Operating income	53.3	71.8	79.0	-25.8%
Operating margin	5.2%	7.3%	8.4%
Interest expense	23.0	18.7	12.7	+23.2%
Pre-tax income	10.9	54.1	72.3	-79.8%
Income tax	8.5	21.5	23.2	-60.4%
Effective tax rate	77.9%	39.7%	32.0%
Net income	2.4	32.6	49.2	-92.6%
Net margin	0.2%	3.3%	5.2%
Diluted EPS	$0.06	$0.81	$1.21	-92.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	87.6	13.3	31.6	+558.1%
Capital expenditure	41.2	51.8	37.0	-20.4%
Free cash flow	46.4	-38.5	-5.4
Free cash flow margin	4.6%	-3.9%	-0.6%
Cash from investing	-48.2	-74.0	-22.6
Cash from financing	-6.8	27.0	16.3
Depreciation and amortisation	36.2	34.0	32.7	+6.4%
Share-based compensation	0.5	n/a	n/a
Dividends paid	19.4	19.4	19.4	0.0%
Dividend per share	$0.48	$0.48	$0.48	0.0%
Diluted shares, weighted	41m	41m	41m	+0.0%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	257	283	262	-9.2%
Debt	488	475	433	+2.8%
Operating lease liabilities	29.9	29.1	31.5	+2.9%
Other liabilities	208	185	205	+12.2%
Total liabilities and equity	982	971	932	+1.1%
Fixed assets	203	196	165	+4.0%
Goodwill	54.6	53.3	53.2	+2.4%
Intangible assets	45.0	55.0	63.9	-18.1%
Investments	44.0	40.0	17.0	+10.0%
Cash and equivalents	70.6	41.3	74.2	+71.1%
Receivables	169	163	167	+3.7%
Inventory	266	278	259	-4.2%
Other assets	129	145	132	-11.0%
Total assets	982	971	932	+1.1%

10-K for the year ended 30 June 2024, filed 28 August 2024: the filing.