Business
Caesarstone Reports 2019 Fourth Quarter and Full Year Financial Results
- Revenue of $133.9 Million for the Fourth Quarter - - Net Loss of $0.3 Million, or ($0.01) Per Share for the Fourth Quarter - - Adjusted Net Income of $5.5
About this update from Caesarstone Ltd.
[{"type":"text","content":"\n- Revenue of $133.9 Million for the Fourth Quarter -\n- Net Loss of $0.3 Million, or ($0.01) Per Share for the Fourth Quarter -\n- Adjusted Net Income of $5.5 Million, or $0.16 Per Share for the Fourth Quarter -\n- Adjusted EBITDA of $15.7 Million for the Fourth Quarter -\n- Cash Flow from Operating Activities of $83.0 Million for the Full Year -\n- Expect to Return to Full Production in all Factories by the End of the Second Quarter 2020 -\n- Introduced Caesarstone Branded Products in all U.S. Home Depot Stores -\n- Launched Groundbreaking Outdoor Collection of Durable Luxury Surfaces -\n- Provides Full Year 2020 Outlook -\n\n MP MENASHE, Israel--(BUSINESS WIRE)--\nCaesarstone Ltd. (NASDAQ: CSTE), a leading developer and manufacturer of high-quality engineered quartz surfaces, today reported financial results for its fourth quarter and full year ended December 31, 2019.\n\n\n“We continue to make targeted investments in our products, people and brand to improve our global position with customers,” commented Yuval Dagim, Chief Executive Officer. “2020 is off to an encouraging start. We reached an important milestone in our strategy to enter the U.S. big box channel as we recently introduced Caesarstone branded products at all U.S. Home Depot stores. In addition, we debuted our new durable outdoor luxury product line, which marks an exciting evolution of our quartz applications in a relatively underpenetrated market segment. More broadly, we are on pace to launch a range of new models in 2020 that are intended to boost growth initiatives in our global markets. The Global Growth Acceleration Plan that we launched in mid-2019 has already positively impacted our business and allowed us to better deploy resources. I am proud of our team’s efforts and the stronger foundation that we are building through the Plan. These actions, along with the many other projects that we have initiated under the Global Growth Acceleration Plan give us confidence in our ability to accomplish our objectives in 2020.”\n\n\nOphir Yakovian, Chief Financial Officer, added, “We were pleased to grow our core U.S. business for the 6th straight quarter and deliver significant cash flow during 2019. Fourth quarter results were below our expectations primarily due to temporary supply chain delays, which we expect to resolve in the coming months. While we expect u...