press release

Feb. 24, 2021, 7:00 a.m. EST

Caesarstone Reports Fourth Quarter and Full Year 2020 Financial Results

– Revenue of $136.9 Million Grew 2.3% Over Prior Year Fourth Quarter –– Per Share Net Loss of ($0.07) and Adjusted Diluted EPS of $0.05 in the Fourth Quarter –– Gross Margin Expanded 200 Basis Points to 28.1% in the Fourth Quarter –– Adjusted EBITDA Grew 19.1% to $18.8 Million at a 13.7% Margin in the Fourth Quarter –– Ended 2020 With Net Cash Position(*) of $110.6 Million –– Completed Acquisition of Lioli Ceramica, Establishing Leadership Position as a Premium, Multi-Material Countertop Company –– Closed Acquisition of Omicron Granite and Tile at the end of 2020, Enhancing Go-to-Market Approach and Vertical Integration in Attractive U.S. Markets –

Caesarstone Ltd. /zigman2/quotes/207563497/composite CSTE +0.0000% , a leading developer and manufacturer of high-quality engineered surfaces, today reported financial results for its fourth quarter and full year ended December 31, 2020.

“We made significant progress streamlining the business in 2020 as we successfully executed on our business transformation during a year marked by unprecedented global economic challenges,” commented Yuval Dagim, Chief Executive Officer. “We now enter 2021 as a much stronger Company, with the right foundation in place to more effectively leverage Caesarstone’s world-class brand to pursue sustainable long-term growth. This includes further implementation of innovative go-to-market initiatives developed under our Global Growth Acceleration Plan to unlock value. Our strong financial position supported the successful execution of two accretive transactions in recent months that are directly aligned with our strategy to enhance our position as a leading premium, multi-material countertop company. With our dedicated focus on driving results, we are well situated to capture additional market share.”

“We were encouraged to finish 2020 with annual year-over-year improvement in gross margin and adjusted EBITDA margin,” added Ophir Yakovian, Chief Financial Officer. “Following two quarters of significant cost cutting, we increased operating expenses to a more normalized level to support our brand and future growth. Caesarstone’s strong balance sheet enabled us to successfully weather the challenges of 2020 and to further invest in accretive future growth. We are happy with our 2020 operating cash flow of $47.6 million and our significant net cash position(*) of $110.6 million that provides us with the confidence we can execute on our plan in 2021, to produce strong long-term returns for our shareholders.”

(*) 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.

Fourth Quarter 2020 Results

Revenue in the fourth quarter of 2020 grew 2.3% to $136.9 million compared to $133.9 million in the prior year quarter. On a constant currency basis, fourth quarter revenue was slightly lower by 0.4% year-over-year, due primarily to pandemic related disruptions, particularly in the Americas region, partially offset by the contribution from the Lioli acquisition and growth in all other regions.

Gross margin in the fourth quarter improved 200 basis points to 28.1% compared to 26.1% in the prior year quarter. Adjusted gross margin in the fourth quarter was 28.6% compared to 26.4% in the prior year quarter. The year-over-year improvement in gross margin mainly reflects lower raw material costs, more favorable currency exchange rates, better product mix, and improved efficiency partly offset by the impact of lower sales volume, lower sale prices and less favorable regional mix.

Operating expenses in the fourth quarter were $30.4 million, or 22.2% of revenue, compared to $34.5 million, or 25.8% of revenue in the prior year quarter. Excluding legal settlements and loss contingencies, operating expenses were 21.2% of revenue, compared to 20.4% in the prior year quarter, mainly due to increased investments to support the Company’s growth initiatives.

Operating income grew to $8.1 million compared to operating income of $0.5 million in the prior year quarter. The year-over-year growth mainly reflects higher gross margin and lower legal settlements and loss contingencies.

Adjusted EBITDA , which excludes expenses for share-based compensation, legal settlements and loss contingencies and for non-recurring items, grew 19.1% year-over-year to $18.8 million in the fourth quarter, representing a margin of 13.7%. This compares to adjusted EBITDA of $15.7 million, representing a margin of 11.8%, in the prior year quarter. The year-over-year margin improvement primarily reflects the higher gross margin.

Finance (income) expenses in the fourth quarter were $8.6 million compared to finance income of $0.6 million in the prior year quarter. The difference was mainly a result of the unfavorable impact of foreign currency exchange rates.

Net loss attributable to controlling interest for the fourth quarter was $2.4 million compared to net loss of $0.3 million in the prior year quarter. Net loss per share for the fourth quarter was $0.07 compared to net loss per share of $0.01 in the prior year quarter. Adjusted diluted net income per share for the fourth quarter was $0.05 on 34.5 million shares, compared to adjusted diluted net income per share of $0.16 on 34.6 million shares in the prior year quarter.

Full Year 2020 Results

Revenue in the full year 2020 was $486.4 million compared to $546.0 million in the prior year. On a constant currency basis, 2020 revenue was lower by 11.1% year-over-year, primarily due to pandemic related disruptions impacting our business since the second quarter of 2020.

Gross margin in 2020 expanded to 27.5% compared to 27.2% in the prior year. Adjusted gross margin in 2020 was 27.7%, compared to 27.3% in the prior year. The higher adjusted gross margin mainly reflects improved efficiency, lower raw material costs and improved product mix partly offset by the impact of lower sales volume, lower sale prices and less favorable regional mix.

Operating expenses in 2020 were $111.4 million, or 22.9% of revenue compared to $124.0 million, or 22.7% of revenue in the prior year. Excluding legal settlements and loss contingencies, operating expenses were 21.6% of revenue, compared to 20.4% of revenue in the prior year mainly due to lower revenues partly offset by cost cutting efforts to mitigate pandemic related impacts.

Operating income in 2020 was $22.5 million compared to $24.7 million in the prior year.

Adjusted EBITDA , which excludes expenses for share-based compensation, legal settlements and loss contingencies and for non-recurring items, was $62.1 million in 2020, representing a margin of 12.8%. This compares to adjusted EBITDA of $69.0 million, representing a margin of 12.6% in the prior year. This year-over-year margin improvement primarily reflects the higher gross margin.

Finance expenses in 2020 were $10.2 million compared to $5.6 million in the prior year. The difference was primarily a result of the adverse impact of foreign currency exchange rates.

Net income attributable to controlling interest for the full year 2020 was $7.2 million compared to net income of $12.9 million in the prior year. Diluted net income per share for 2020 was $0.21 compared to $0.37 in the prior year. Adjusted diluted net income per share for 2020 was $0.48 compared to $0.77 in the prior year.

Balance Sheet & Liquidity

The Company's balance sheet as of December 31, 2020 remained strong, including cash, cash equivalents and short-term bank deposits and short and long-term marketable securities of $133.2 million and total debt to financial institutions of $22.6 million.

Dividend

The Company’s dividend policy provides for a quarterly cash dividend of up to 50% of reported net income on a year-to-date basis, less any amount already paid as dividend for the respective period (the “calculated dividend”), subject in each case to approval by the Company’s board of directors. No dividend is paid if it would be less than $0.10 per share. Pursuant to the Company’s dividend policy, the Company does not intend to pay a dividend for the fourth quarter of 2020, based on its reported net loss attributable to controlling interest for the period.

Outlook

The Company anticipates 2021 revenue and Adjusted EBITDA to be higher year-over-year. The company anticipates revenue to grow faster than EBITDA in 2021 mainly due to headwinds from higher shipping and raw material costs, coupled with a return to more normalized levels of sales and marketing expenses and other investments to support the Company’s growth initiatives. The Company’s outlook includes the investment costs associated with its Global Growth Acceleration Plan. The Company’s outlook also assumes the pandemic related business restrictions will fade as the year progresses.

Webcast and Conference Call Details

The Company will host a live webcast and conference call today at 8:30 a.m. ET to discuss the results, followed by a question and answer session for the investment community. The live webcast of the call can be accessed at ir.caesarstone.com . For those unable to access the webcast, the conference call will be accessible by dialing 1-877-407-4018 (domestic) or +1-201-689-8471 (international). The toll-free Israeli number is 1 80 940 6247. Upon dialing in, please request to join the Caesarstone Fourth Quarter Earnings Call.

To listen to a telephonic replay of the conference call, dial toll-free 1-844-512-2921 (domestic) or +1-412-317-6671 (international) and enter pass code 13715282. The replay will be available beginning at 11:30 a.m. ET on Wednesday, February 24, 2021 and will last through 11:59 p.m. ET on Wednesday, March 3, 2021.

About Caesarstone

Caesarstone is a concept and lifestyle-driven company with a customer-centered approach to designing, developing, and producing high-end engineered stone countertops, used in residential and commercial buildings. Our products offer superior aesthetic appeal and perfected functionality through a distinct variety of colors, styles, textures, and finishes used in diverse countertop applications, marked by inherent longevity. Strong commitment to service has fostered growing customer loyalty in over 50 countries where the Caesarstone product collections are available: Classico, Supernatural, Metropolitan and Outdoor. For more information please visit our website: www.caesarstone.com .

Non-GAAP Financial Measures

The non-GAAP measures presented by the Company should be considered in addition to, and not as a substitute for, comparable GAAP measures. Reconciliations of GAAP gross profit to adjusted gross profit, GAAP net income (loss) to adjusted net income (loss) and net income (loss) to Adjusted EBITDA are provided in the schedules to this release. To calculate revenues growth rates that exclude the impact of changes in foreign currency exchange rates, the Company converts actual reported results from local currency to U.S. dollars using constant foreign currency exchange rates in the current and comparable period. The Company provides these non-GAAP financial measures because it believes that they present a better measure of the Company's core business and management uses the non-GAAP measures internally to evaluate the Company's ongoing performance. Accordingly, the Company believes that they are useful to investors in enhancing an understanding of the Company's operating performance.

Forward-Looking Statements

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to the Company's plans, objectives and expectations for future operations, including estimations relating to the impact of the COVID-19 pandemic and mitigation measures in connection thereto, expectations of the results of the Company’s business optimization initiative and its projected results of operations. These forward-looking statements are based upon management's current estimates and projections of future results or trends. Actual results may differ materially from those projected as a result of certain risks and uncertainties, both known or unknown. These factors include, but are not limited to: the impact of the COVID-19 pandemic on end-consumers, the global economy and the Company’s business and results of operations; the ability of the company to realign aspects of its business based on the business optimization initiative, the strength of the home renovation and construction sectors; intense competitive pressures; the outcome of silicosis and other bodily injury claims; regulatory requirements relating to hazards associated with exposure to silica dust; manufacturing of existing products and managing required changes in production and supply chain; economic conditions within any of our key existing markets changes in raw material prices; fluctuations in currency exchange rates; the success of our expansion efforts in the United States; unpredictability of seasonal fluctuations in revenues; disturbances to the Company’s operations or the operations of its suppliers, distributors, customers or other third parties and other factors discussed under the heading "Risk Factors" in our most recent annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Caesarstone Ltd. and its subsidiariesCondensed consolidated balance sheets
 
As of
U.S. dollars in thousands December 31, 2020 December 31, 2019
(Unaudited) (Audited)
ASSETS
 
CURRENT ASSETS:
 
Cash and cash equivalents and short-term bank deposits $ 114,248   $ 139,372  
Short-term available for sale marketable securities   8,112     -  
Trade receivables, net   84,822     78,282  
Other accounts receivable and prepaid expenses   26,481     34,066  
Inventories   152,073     122,686  
 
Total current assets   385,736     374,406  
 
LONG-TERM ASSETS:
 
Severance pay fund   4,007     3,475  
Other long-term receivables   3,837     3,176  
Deferred tax assets, net   8,359     7,881  
Long-term deposits and prepaid expenses   1,675     2,887  
Operating lease right-of-use assets   123,928     72,047  
Long-term available for sale marketable securities   10,926     -  
Property, plant and equipment, net   222,883     204,776  
Goodwill and intangible assets, net   59,570     35,218  
 
Total long-term assets   435,185     329,460  
 
Total assets $ 820,921   $ 703,866  
 
LIABILITIES AND EQUITY
 
CURRENT LIABILITIES:
 
Short-term bank credit $ 13,122   $ -  
Trade payables   55,063     53,072  
Related parties and other loans   2,221     2,212  
Short term legal settlements and loss contingencies   31,039     28,300  
Accrued expenses and other liabilities   55,570     42,782  
 
Total current liabilities   157,015     126,366  
 
LONG-TERM LIABILITIES:
 
Long-term loan and financing liability of land from a related party   20,706     7,915  
Legal settlements and loss contingencies long-term   21,910     21,505  
Deferred tax liabilities, net   6,943  
Long-term lease liabilities   112,719     64,638  
Accrued severance pay   5,303     4,333  
Long-term warranty provision   1,274     1,385  
 
Total long-term liabilities   168,855     99,776  
 
REDEEMABLE NON-CONTROLLING INTEREST   7,701     -  
 
EQUITY:
 
Ordinary shares   371     371  
Treasury shares - at cost   (39,430 )   (39,430 )
Additional paid-in capital   160,083     157,225  
Capital fund related to non-controlling interest   (5,587 )   (5,587 )
Accumulated other comprehensive loss   1,083     (3,288 )
Retained earnings   370,830     368,433  
 
Total equity   487,350     477,724  
 
Total liabilities and equity $ 820,921   $ 703,866  
 
Caesarstone Ltd. and its subsidiaries Condensed consolidated statements of income
Three months endedDecember 31, Twelve months endedDecember 31,
U.S. dollars in thousands (except per share data)     2020   2019   2020   2019
(Unaudited) (Audited) (Unaudited) (Audited)
 
Revenues $ 136,896 $ 133,867 $ 486,412 $ 545,974
Cost of revenues 98,381 98,884 352,470 397,335
 
Gross profit 38,515 34,983 133,942 148,639
 
Operating expenses:
Research and development 1,501 962 3,974 4,146
Marketing and selling 17,752 16,698 62,047 66,770
General and administrative 9,779 9,625 39,081 40,681
Legal settlements and loss contingencies, net 1,392 7,201 6,319 12,359
 
Total operating expenses 30,424 34,486 111,421 123,956
 
Operating income 8,091 497 22,521 24,683
Finance (income) expenses, net 8,613 (622) 10,199 5,578
 
Income (loss) before taxes (522) 1,119 12,322 19,105
Taxes on income 1,459 1,394 4,700 6,243
 
Net income (loss) $ (1,981) $ (275) $ 7,622 $ 12,862
 
Net Income attributable to non-controlling interest (404) - (404) -
 
Net income (loss) attributable to controlling interest $ (2,385) $ (275) $ 7,218 $ 12,862
Basic net income (loss) per ordinary share $ (0.07) $ (0.01) $ 0.21 $ 0.37
Diluted net income (loss) per ordinary share $ (0.07) $ (0.01) $ 0.21 $ 0.37
Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share 34,436,345 34,397,410 34,419,129 34,383,895
Weighted average number of ordinary shares used in computing diluted income (loss) per ordinary share 34,436,345 34,397,410 34,473,911 34,459,599
Caesarstone Ltd. and its subsidiariesSelected Condensed consolidated statements of cash flows
 
Twelve months endedDecember 31,
U.S. dollars in thousands   2020     2019  
(Unaudited) (Audited)
Cash flows from operating activities:
 
Net income $ 7,622   $ 12,862  
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization   29,460     28,587  
Share-based compensation expense   2,858     3,632  
Accrued severance pay, net   (14 )   (246 )
Changes in deferred tax, net   (895 )   (1,509 )
Capital loss   340     326  
Legal settlemnets and loss contingencies, net   6,319     12,359  
Decrease (increase) in trade receivables   6,070     (5,032 )
Decrease (increase) in other accounts receivable and prepaid expenses   9,318     (6,346 )
Decrerase in inventories   313     35,303  
Decrease in trade payables   (17,938 )   (6,663 )
Increase (decrease) in warranty provision   (371 )   69  
Changes in right of use assets   (26,738 )   1,319  
Changes in lease liabilities   30,710     2,602  
Amortization of premium and accretion of discount on marketable securities, net   161     -  
Changes in Accrued interest related to Marketable Securities   (1 )   -  
Increase in accrued expenses and other liabilities including related parties   404     5,786  
 
Net cash provided by operating activities   47,618     83,049  
 
 
Cash flows from investing activities:
 
Net cash paid for acquisitions   (28,962 )   -  
Purchase of property, plant and equipment   (19,824 )   (23,590 )
Proceeds from sale of property, plant and equipment   13     66  
Investment in marketable securities   (19,185 )   -  
Increase in long term deposits   (347 )   (63 )
 
Net cash used in investing activities   (68,305 )   (23,587 )
 
 
Cash flows from financing activities:
 
Dividend paid   (4,821 )   (5,160 )
Changes in short-term bank credit and loans, net   (18 )   (7,771 )
Repayment of a financing leaseback related to Bar-Lev transaction   (1,245 )   (1,196 )
 
Net cash used in financing activities   (6,084 )   (14,127 )
 
 
Effect of exchange rate differences on cash and cash equivalents   1,647     475  
 
Increase (decrease) in cash and cash equivalents and short-term bank deposits   (25,124 )   45,810  
Cash and cash equivalents and short-term bank deposits at beginning of the period   139,372     93,562  
 
Cash and cash equivalents and short-term bank deposits at end of the period $ 114,248   $ 139,372  
 
Non - cash investing:
Changes in trade payables balances related to purchase of fixed assets   (356 )   (3,235 )
 
Caesarstone Ltd. and its subsidiaries
 
Three months endedDecember 31, Twelve months endedDecember 31,
U.S. dollars in thousands   2020   2019   2020   2019  
(Unaudited) (Unaudited)
Reconciliation of Gross profit to Adjusted Gross profit:
Gross profit $ 38,515 $ 34,983 $ 133,942 $ 148,639  
Share-based compensation expense (a)   63   10   416   285  
Non-recurring import related income   -   -   -   (1,501 )
Amortization of assets related to acquisitions   529   -   529   -  
Other non-recurring items (b)   -   294   -   1,661  
Adjusted Gross profit (Non-GAAP) $ 39,107 $ 35,287 $ 134,887 $ 149,084  
(a) Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company.
(b) In 2019, relates mainly to one time amortization of machinery equipment with no future alternative use, and one time inventory write down due to
discontinuation of certain product group manufacturing.
Caesarstone Ltd. and its subsidiaries
 
Three months endedDecember 31, Twelve months endedDecember 31,
U.S. dollars in thousands   2020     2019     2020   2019  
(Unaudited) (Unaudited)
Reconciliation of Net Income (loss) to Adjusted EBITDA:
Net income (loss) $ (1,981 ) $ (275 ) $ 7,622 $ 12,862  
Finance (income) expenses, net   8,613     (622 )   10,199   5,578  
Taxes on income   1,459     1,394     4,700   6,243  
Depreciation and amortization related to acquisitions   8,300     6,970     29,460   28,587  
Legal settlements and loss contingencies, net (a)   1,392     7,201     6,319   12,359  
Share-based compensation expense (b)   523     779     2,858   3,632  
Non-recurring import related income   -     -     -   (1,501 )
Acquisitions related expenses   444     -     921   -  
Other non-recurring items (c)   -     294     -   1,286  
 
Adjusted EBITDA (Non-GAAP) $ 18,750   $ 15,741   $ 62,079 $ 69,046  

(a) Consists of legal settlements expenses and loss contingencies, net, related to product liability claims and other adjustments to on-going legal claims, including related legal fees.
(b) Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company.   
(c) In 2019, relates mainly to non-recurring expenses related to North American region establishment, one time charge related to reduction in headcount and certain activities including discontinuation of certain product group manufacturing.  

 

Caesarstone Ltd. and its subsidiaries
 
Three months ended December 31, Twelve months ended December 31,
U.S. dollars in thousands (except per share data)   2020     2019     2020   2019  
(Unaudited) (Unaudited)
Reconciliation of net income (loss) attributable to controlling interest to adjusted net income attributable to controlling interest:
Net income (loss) attributable to controlling interest $ (2,385 ) $ (275 ) $ 7,218 $ 12,862  
Legal settlements and loss contingencies, net (a)   1,392     7,201     6,319   12,359  
Amortization of assets related to acquisitions, net of tax   446     -     446   -  
Share-based compensation expense (b)   523     779     2,858   3,632  
Non cash revaluation of lease liabilities (c)   3,177     266     3,189   3,615  
Non-recurring import related income (d)   -     -     -   (1,501 )
Acquisitions related expenses   444     -     921   -  
Other non-recurring items (e)   -     294     -   2,486  
Total adjustments   5,982     8,540     13,733   20,591  
Less tax on non-tax adjustments (f)   1,955     2,791     4,488   6,729  
Total adjustments after tax   4,027     5,749     9,245   13,862  
 
Adjusted net income attributable to controlling interest (Non-GAAP) $ 1,642   $ 5,474   $ 16,463 $ 26,724  
Adjusted diluted EPS (g) $ 0.05   $ 0.16   $ 0.48 $ 0.77  

(a) Consists of legal settlements expenses and loss contingencies, net, related to product liability claims and other adjustments to on-going legal claims, including related legal fees.
(b) Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company.
(c) Exchange rate diffrences deriving from revaluation of lease contracts in accoradance with FASB ASC 842.
(d) In 2019, relates mainly to non-recurring import related expenses and relocation expenses of Caesarstone USA headquarters, the Company's subsidiary.
(e) In 2019, relates to non-recurring expenses related to North American region establishment, one time charge related to reduction in headcount and certain activities including discontinuation of certain product group manufacturing  and one time amortization of machinery equipment with no future alternative use.
(f) Tax adjustments for the three and twelve months ended December 31, 2020, based on the effective tax rates of the comparative periods.
(g) In calculating adjusted diluted (Non-GAAP) EPS for the three and twelve months ended December 31, 2020, the diluted weighted average number of shares outstanding excludes the effects of share-based compensation expense in accordance with FASB ASC 718.                                                                                        

Caesarstone Ltd. and its subsidiaries
Geographic breakdown of revenues by region
 
Three months endedDecember 31, Twelve months endedDecember 31,
U.S. dollars in thousands     2020     2019     2020     2019
(Unaudited) (Unaudited)
 
USA $ 53,618 $ 64,659 $ 207,496 $ 250,471
Canada   20,325   20,575   72,492   85,979
Latin America   1,387   735   2,149   4,115
America's   75,330   85,969   282,137   340,565
 
Australia   29,953   26,002   103,587   108,149
Asia   7,122   3,931   14,566   15,514
APAC   37,075   29,933   118,153   123,663
 
EMEA   14,408   9,463   45,201   43,054
 
Israel   10,083   8,502   40,921   38,692
 
Total Revenues $ 136,896 $ 133,867 $ 486,412 $ 545,974
Caesarstone Ltd. and its subsidiaries
Geographic breakdown of revenues by region - Supplemental data
 
Three months ended
U.S. dollars in thousands 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019 3/30/2019 12/31/2018 9/30/2018 6/30/2018
(Unaudited)
 
USA $ 53,618 $ 52,097 $ 41,726 $ 60,055 $ 64,659 $ 64,805 $ 64,590 $ 56,417 $ 60,200 $ 61,933 $ 60,358
Canada   20,325   19,174   14,435   18,558   20,575   21,881   23,341   20,178   23,834   25,140   27,349
Latin America   1,387   124   132   506   735   1,434   1,351   596   1,212   1,635   1,738
America's   75,330   71,395   56,293   79,119   85,969   88,120   89,282   77,191   85,246   88,708   89,445
 
Australia   29,953   27,746   23,534   22,354   26,000   28,642   28,294   25,214   33,484   33,968   34,731
Asia   7,122   2,881   1,732   2,831   3,932   3,675   3,311   4,596   4,929   4,189   4,221
APAC   37,075   30,627   25,266   25,185   29,932   32,317   31,605   29,810   38,413   38,157   38,952
 
EMEA   14,408   11,422   8,031   11,340   9,464   11,719   11,418   10,455   9,954   11,115   11,721
 
Israel   10,083   10,478   9,447   10,913   8,502   10,683   8,766   10,741   9,268   9,709   9,125
 
Total Revenues $ 136,896 $ 123,922 $ 99,037 $ 126,557 $ 133,867 $ 142,839 $ 141,071 $ 128,197 $ 142,881 $ 147,689 $ 149,243
 
Year-over-year % change
12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019
(Unaudited)
 
USA -17.1 % -19.6 % -35.4 % 6.4 % 7.4 % 4.6 % 7.0 %
Canada -1.2 % -12.4 % -38.2 % -8.0 % -13.7 % -13.0 % -14.7 %
Latin America 88.8 % -91.4 % -90.2 % -15.1 % -39.4 % -12.3 % -22.3 %
America's -12.4 % -19.0 % -36.9 % 2.5 % 0.8 % -0.7 % -0.2 %
 
Australia 15.2 % -3.1 % -16.8 % -11.3 % -22.3 % -15.7 % -18.5 %
Asia 81.1 % -21.6 % -47.7 % -38.4 % -20.2 % -12.3 % -21.5 %
APAC 23.9 % -5.2 % -20.1 % -15.5 % -22.1 % -15.3 % -18.9 %
 
EMEA 52.2 % -2.5 % -29.7 % 8.5 % -4.9 % 5.4 % -2.6 %
 
Israel 18.6 % -1.9 % 7.8 % 1.6 % -8.3 % 10.0 % -3.9 %
 
Total Revenues 2.3 % -13.2 % -29.8 % -1.3 % -6.3 % -3.3 % -5.5 %
 
 
Year-over-year % change in constant currency (*)
12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019
(Unaudited)
 
USA -17.1 % -19.6 % -35.4 % 6.4 % 7.4 % 4.6 % 7.0 %
Canada -2.4 % -11.7 % -36.0 % -7.1 % -13.6 % -12.1 % -11.6 %
Latin America 88.7 % -91.3 % -90.2 % -15.2 % -39.4 % -12.3 % -22.3 %
America's -12.7 % -18.8 % -36.4 % 2.7 % 0.9 % -0.4 % 0.7 %
 
Australia 7.9 % -7.1 % -11.5 % -3.3 % -18.2 % -10.0 % -12.0 %
Asia 80.7 % -21.2 % -45.9 % -37.1 % -14.7 % -8.8 % -18.6 %
APAC 17.5 % -8.7 % -15.1 % -8.5 % -17.8 % -9.9 % -12.7 %
 
EMEA 45.8 % -5.9 % -26.9 % 11.4 % -4.4 % 10.9 % 2.8 %
 
Israel 9.4 % -4.5 % 4.5 % -1.5 % -14.0 % 7.8 % -3.5 %
 
Total Revenues -0.4 % -14.4 % -28.3 % 0.5 % -5.5 % -1.5 % -2.9 %
(*) Change in revenues at constant currency is calculated so that revenues can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of business performance. Change in revenues adjusted for currency are calculated by translating current period activity in local currency using the comparable prior-year period’s currency conversion rate. Exchange rates used, are the representative exchange rate published by the Bank of Israel for the relevant periods.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210224005133/en/

SOURCE: Caesarstone Ltd.

Investor Relations:
ICR, Inc. - Rodny Nacier
CSTE@icrinc.com
+1 646 277-1237

COMTEX_381647940/2456/2021-02-24T07:00:21

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/zigman2/quotes/207563497/composite
US : U.S.: Nasdaq
$ 13.05
+0.0000 +0.0000%
Volume: 20,430
July 23, 2021 12:22p
P/E Ratio
24.07
Dividend Yield
6.43%
Market Cap
$449.38 million
Rev. per Employee
$243,328
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