Business
Caesarstone Reports Third Quarter 2020 Financial Results
- Revenue of $123.9 Million - - Net Income of $12.8 Million, or $0.37 Per Share - - Adjusted Net Income of $14.1 Million, or $0.41 Per Share - - Adjusted
About this update from Caesarstone Ltd.
[{"type":"text","content":"\n- Revenue of $123.9 Million -\n\n- Net Income of $12.8 Million, or $0.37 Per Share -\n\n- Adjusted Net Income of $14.1 Million, or $0.41 Per Share -\n\n- Adjusted EBITDA of $23.7 Million -\n\n- Global Growth Acceleration Plan Drove Higher Adjusted EBITDA and Margin -\n\n- Generated Cash Flow From Operations of $28.2 Million, Enhancing Cash Position (*) to $155.7 Million -\n\n- Completed Majority Stake Acquisition of Lioli Ceramica in October, Establishing Position as Leading Premium, Multi-Material Countertop Company -\n\n- Declares Dividend of $0.14 per share -\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 third quarter ended September 30, 2020.\n\n“I am encouraged by the ongoing disciplined execution of our Global Growth Acceleration Plan to improve our business over the long-term,” commented Yuval Dagim, Chief Executive Officer. “The benefits of our team’s collective efforts are emerging, with visible progress in our third quarter results, as we realized our highest adjusted EBITDA and margin in over two years. In addition, we are encouraged with the improvement in year-over-year sales trends compared to the second quarter 2020. Most importantly, we delivered this performance while maintaining the health and safety of our employees, customers and partners across the globe.”\n\nMr. Dagim continued, “We have also kept a sharp focus on executing strategic investments to further solidify our position as a leading premium, multi-material countertop Company. Our recent majority stake acquisition of Lioli Ceramica is directly aligned with this strategy that leverages our brand, distribution, sales and global scale to efficiently enlarge our addressable market. As we integrate Lioli and make additional progress on other initiatives, we remain confident in the prospects for our business as the recovery continues.”\n\nOphir Yakovian, Chief Financial Officer, added, “Our diligent efforts to improve our operations allowed us to generate further cost savings and create additional efficiencies to mitigate the COVID-19 pandemic related business disruptions, primarily in our Americas region. We are extremely pleased with our ability to improve our results while carefully managing our working capit...