Business
Caesarstone Reports Second Quarter 2020 Financial Results
- Revenue of $99.0 Million, With Encouraging Demand Improvement in All Regions During June - - Net Loss of $5.9 Million, or ($0.17) Per Share - - Adjusted
About this update from Caesarstone Ltd.
[{"type":"text","content":"\n- Revenue of $99.0 Million, With Encouraging Demand Improvement in All Regions During June -\n\n\n- Net Loss of $5.9 Million, or ($0.17) Per Share -\n\n\n- Adjusted Net Loss of $3.5 Million, or ($0.10) Per Share -\n\n\n- Adjusted EBITDA of $6.5 Million -\n\n\n- Strong Liquidity Position With $130.1 Million in Cash and Marketable Securities -\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 second quarter ended June 30, 2020.\n\n\nYuval Dagim, Chief Executive Officer, commented, “Our proactive actions taken in March allowed us to effectively right size our resources and mitigate the impact of the unprecedented environment brought on by the COVID-19 pandemic. At the same time, we continue to focus on factors that are in our control, such as executing our Global Growth Acceleration Plan and making strategic investments to strengthen our position as a leading premium countertop Company. With our strong cash position, we will continue to execute this strategy to improve our business over the long-term, most particularly in areas of product innovation, production processes, technology, and go-to-market capabilities. Looking ahead, we are fortunate to have a talented workforce, leading products and solid financial resources to deliver on our focused approach to value creation in the quarters and years ahead.”\n\n\nOphir Yakovian, Chief Financial Officer, added, “Second quarter sales in all of our four global regions were better than initially expected at the onset of the pandemic. We experienced the majority of adverse impacts in our Americas region during April and May. Since that time, we have been encouraged to see sequential improvement in June as more customers opened for business and demand began to return. As we look to the balance of 2020, we recognize that there is potential for additional limitations through national and local government orders aimed to safeguard the public from the pandemic. That said, we will continue to focus on managing cash, controlling costs and adjusting our production as needed to appropriately manage our inventory in this volatile environment. We remain committed to our strategy and continue allocating resources to enhance our position as a global, premium cou...