Finished quartz counter surfaces maker Caesarstone Sdot Yam Ltd. (Nasdaq: CSTE) has raised its full-year earnings before interest, taxes, depreciation and amortization (EBITDA) guidance and reaffirmed its revenue guidance after reporting strong second quarter financial results, which handily beat the analysts' consensus.
US and Canadian sales boosted revenue 18% to a record $89 million for the second quarter of 2013 from $75.4 million for the corresponding quarter of 2012. US sales rose 33.6% and Canadian sales rose 35%.
GAAP-based net profit rose to 19.7 million ($0.56 per share) for the second quarter from $11.7 million for the corresponding quarter, and non-GAAP net profit rose 55.2% to $18.6 million ($0.53 per share) from $12 million. The analysts' consensus was non-GAAP earnings per share of $0.41 on $84.5 million revenue.
On the basis of what it called its strong financial results in the first half, Caesarstone raised its full-year adjusted EBITDA guidance to $82-85 million from $76-80 million, and reaffirmed its revenue guidance of $330-340 million. The analysts' consensus is earnings per share of $1.57 on $335 million revenue.
Caesarstone raised its capital expenditure forecast for its planned US production facility to $100 million from $75 million to "reflect capability enhancements and greater efficiency."
Published by Globes [online], Israel business news - www.globes-online.com - on August 7, 2013
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