ICL (TASE: ICL: NYSE: ICL Group) (formerly Israel Chemicals) maintained profitability in the third quarter of 2020, despite the challenging economic climate worldwide created by the Covid-19 pandemic. The company says it will pay shareholders an overall dividend of $29 million for the third quarter.
ICL's revenue in the first quarter was $1.2 billion, similar to the preceding quarter but down 9% from the corresponding quarter of 2019. Revenue beat the analysts' consensus by $30 million. Operating income was $100 million and adjusted operating income was $106 million, down 50% and 47%, respectively, compared with the third quarter of 2019. Adjusted EBITDA was $226 million, down 26% compared with the third quarter of 2019. Non-GAAP earnings per share of $0.05, beat the analysts' estimates by $0.02. GAAP earnings per share of $0.04, was in line with analysts' estimates.
The company reported operating cash flow of $203 million, up $26 million compared with the previous quarter, and free cash flow of $60 million.
ICL President and CEO Raviv Zoller said, "ICL's ability to execute on strategic priorities is reflected in our consistent delivery of positive results in all operating segments, as well as continuous solid cash generation, while commodity prices remain at cyclically low levels and dislocations persist in many of our end markets. The diversity and breadth of our products, as well as our continued cost efficiency initiatives, partly offset the impact of COVID-19 and lower commodity prices in the third quarter of 2020.
ICL's share price was up 4.1% in late morning trading after rising 3.21% on the NYSE yesterday to $3.86, giving a market cap of $4.912 billion.
Published by Globes, Israel business news - en.globes.co.il - on November 12, 2020
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