Business
Caesarstone Reports Fourth Quarter and Full Year 2022 Financial Results
- Full Year Record Revenue Up 7.3% to $690.8 Million; Up 10.8% on Constant Currency Basis - - Fourth Quarter Revenues Down 6.8% to $159.4 Million; Down 2.1%
About this update from Caesarstone Ltd.
[{"type":"text","content":"\n- Full Year Record Revenue Up 7.3% to $690.8 Million; Up 10.8% on Constant Currency Basis -\n\n- Fourth Quarter Revenues Down 6.8% to $159.4 Million; Down 2.1% on Constant Currency Basis -\n\n- Full Year Net Loss Attributable to Controlling Interest of $57.1 Million, or Loss per share of $1.66, Including a Non-cash Pretax Impairment Charge of $71.3 Million -\n\n- Full Year Adjusted Net Income of $10.6 Million, or Adjusted Diluted EPS of $0.31 -\n\n- Full Year Adjusted EBITDA of $51.9 Million -\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 fourth quarter and full year ended December 31, 2022.\n\nYuval Dagim, Caesarstone’s Chief Executive Officer commented, “I am proud of the entire Caesarstone team’s efforts as we finished 2022 with record full year revenue of approximately $691 million despite softer macro-economic conditions in the second half of 2022. During the year, we focused diligently on executing our multi-pronged growth strategy as we navigated through a challenging demand environment that remains soft. While we expect market volumes to be lower in the near-term, we believe long-term renovation and remodel fundamentals in our key markets remain strong. With this in mind, we are focused on optimizing our global structure during 2023 to operate more efficiently and improve our scalability for new growth opportunities.”\n\n“We are carefully monitoring our costs as we work to improve our margins while also investing for future growth. In order to do so effectively, we are focused on leveraging the projects within our Global Growth Acceleration Plan. This includes actions to rationalize our costs through headcount reductions and closely monitoring expenses. We have already reduced global headcount by 9% during the second half of 2022. We are more efficiently managing our working capital by balancing production at our facilities and reducing SKUs to align inventory levels to current demand. We have increased the portion of our products that are produced by 3rd parties in lower cost countries, enabling us to better capture incremental demand for products at various price points. We are intensifying our marketing efforts to reinforce the Caesarstone brand, in part by reinvesting proc...