Business
Caesarstone Reports Third Quarter 2022 Financial Results
– Record Third Quarter Revenue up 10.6% to $180.7 Million and up 14.9% on a Constant Currency Basis – – Net Loss Attributable to Controlling Interest of $0.5
About this update from Caesarstone Ltd.
[{"type":"text","content":"\n– Record Third Quarter Revenue up 10.6% to $180.7 Million and up 14.9% on a Constant Currency Basis –\n\n– Net Loss Attributable to Controlling Interest of $0.5 Million, or ($0.02) Per Share –\n\n– Adjusted EBITDA of $13.4 Million –\n\n– Revises 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 third quarter ended September 30, 2022.\n\nYuval Dagim, Caesarstone’s Chief Executive Officer commented, “Our third quarter results represent further progress against our multi-faceted growth strategy to transform Caesarstone into a leading premium, multi-material countertop company. We produced our 7th consecutive quarter of double-digit revenue growth on a constant currency basis, leading to another quarter of record revenue. We are implementing successful pricing actions that are helping to mitigate increasing costs of raw materials and shipping, and we plan to enact additional actions in the months ahead. We also continue to benefit from the successful integration of our acquired businesses in addition to the expansion of our innovative digital platforms across our global footprint.\n\nWhile the execution of our strategy remains effective, foreign exchange rates as a result of appreciation of the U.S Dollar against all other currencies have become an increasing headwind to our top and bottom line, as reflected in third quarter results. Price is more than offsetting softening volume attributable to the challenging macroeconomic environment, particularly in the U.S., which has weighed on renovation and new construction activity. As a result of these macroeconomic conditions, we have already taken measures to align our production and inventory levels to new conditions in the market and plan to continue to take actions to reduce costs. We have revised our full year 2022 outlook predominately to reflect unfavorable foreign exchange rate impacts that are expected to continue through year end, as well as higher shipping and other related costs. I am proud of our entire team’s efforts to execute the initiatives under our global growth acceleration plan during these complex times. I am confident that we have the right plan in place to create additional value in our business by l...