Caesarstone Bat Yam Ltd. (Nasdaq: CSTE) reported higher revenue and profits for the second quarter of 2012 and reiterated its full-year guidance of $292-302 million revenue and adjusted EBITDA of $67-70 million.
Revenue rose 14.2% to $75.4 million for the second quarter from $66 million for the corresponding quarter of 2011. GAAP-based net profit attributable to controlling shareholders rose to $11.7 million ($0.34 per share) for the second quarter from $7.3 million for the corresponding quarter, and non-GAAP net profit rose to $12 million ($0.35 per share) from $9.3 million.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $18 million for the second quarter from $15.8 million for the corresponding quarter.
Caesarstone attributed its growth to strong sales of its quartz surfaces in the US and Canada, which were 60% and 27.5% higher, respectively, than for the corresponding quarter. In July, the company changed its functional currency from shekels to US dollars, which should mitigate the effect of currency translation on balance sheet items.
Caesarstone's share price fell 1.7% yesterday to $11.45, giving a market cap of $314 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 8, 2012
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