Business
Caesarstone Reports Third Quarter 2021 Financial Results
– Record Third Quarter Revenue of $163.3 Million, Up 31.8% Over Prior Year Quarter – – Net Income of $5.9 Million, or $0.17 Per Share – – Adjusted Net Income
About this update from Caesarstone Ltd.
[{"type":"text","content":"\n– Record Third Quarter Revenue of $163.3 Million, Up 31.8% Over Prior Year Quarter –\n\n– Net Income of $5.9 Million, or $0.17 Per Share –\n\n– Adjusted Net Income of $6.8 Million, or $0.20 Per Share –\n\n– Adjusted EBITDA of $17.7 Million –\n\n– Strong Cash Position(*) of $91.5 Million at Quarter End –\n\n– Declares Dividend of $0.10 per share –\n\n– Published Inaugural Global ESG Report in October –\n\n– Reiterates Outlook for 2021 Revenue and Adjusted EBITDA Growth –\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, 2021.\n\nYuval Dagim, Caesarstone’s Chief Executive Officer commented, “I am encouraged to report third quarter results that were in-line with our expectations as we further executed towards the goals set out in our Global Growth Acceleration Plan. To that extent, we were very pleased to rollout our innovative digital CS Connect platform nationally across the U.S., which has received positive feedback and represents a critical milestone in our efforts to transform the way we communicate with our customers and consumers. Additionally, the integrations of our Omicron and Lioli acquisitions continue to drive positive momentum in our results, helping us to achieve record third quarter revenue of $163.3 million. We were also excited to publish our inaugural ESG report in October, which provides Caesarstone with a prudent framework to help create a more sustainable future for all. Overall, we are happy with the progress in our business as we continue to address the cost environment with additional announced price increases and execute on our previously communicated initiatives to drive long-term value for all of our stakeholders.”\n\n(*) Cash position is defined as cash and cash equivalents and short-term bank deposits and long and short-term investment in marketable securities less debt from financial institutions.\n\nThird Quarter 2021 Results\n\nRevenue in the third quarter of 2021 grew 31.8% to a third quarter record of $163.3 million compared to $123.9 million in the prior year quarter. On a constant currency basis, third quarter revenue was higher by 29.2% year-over-year. Sales growth was primarily driven by improved demand across the major...