Business
Caesarstone Reports First Quarter 2022 Financial Results
– Record First Quarter Revenue up 16.7% to $170.4 Million; up 18.5% on a Constant Currency Basis – – Net Income attributable to Controlling Interest of $6.2
About this update from Caesarstone Ltd.
[{"type":"text","content":"\n– Record First Quarter Revenue up 16.7% to $170.4 Million; up 18.5% on a Constant Currency Basis –\n\n– Net Income attributable to Controlling Interest of $6.2 Million, or $0.18 Per Share –\n\n– Adjusted EPS of $0.14 –\n\n– Adjusted EBITDA of $15.7 Million –\n\n– Reiterates Full Year 2022 Outlook –\n\n MP MENASHE, Israel--(BUSINESS WIRE)--\nCaesarstone Ltd. (NASDAQ: CSTE), a leading developer and manufacturer of high-quality engineered surfaces, today reported financial results for its first quarter ended March 31, 2022.\n\n“We are thrilled to start 2022 with record first quarter revenue, up 18.5% year-over-year on a constant currency basis, led by strong performance in the U.S. and Canada,” commented Yuval Dagim, Caesarstone’s Chief Executive Officer. “Overall, our results for the first quarter were in line with our expectations as we continue to benefit from the healthy demand for our products, successful integration of our acquired businesses, expansion of our digital platforms in several regions, and the focused execution of our multi-material growth strategy. To that point, we are happy with our quartz product launch including 8 new designs in the first quarter and are excited to launch our new porcelain collection during the third quarter, further extending our innovative countertop offerings beyond quartz.”\n\nMr. Dagim continued, “We are proud of our entire team’s efforts to capture strong global demand for our best-in-class products. We continue to monitor the volatile global supply chain environment and we have taken pricing actions in the first and second quarters of 2022 which are already helping to mitigate rising shipping and raw material costs. Looking to the balance of the year, we believe that our strong brand, cutting-edge multi-material product pipeline, and strategic go-to-market initiatives collectively leave us well situated to deliver on our full year objectives as we advance further towards achieving our long-term goals.”\n\nFirst Quarter 2022 Results\n\nRevenue in the first quarter of 2022 grew 16.7% to a first quarter record of $170.4 million compared to $146.0 million in the prior year quarter. On a constant currency basis, first quarter revenue was higher by 18.5% year-over-year. Revenue growth was primarily driven by improved demand across the majority of our global footprint, particularly in North...